Nonprofit Bookkeeping & Accounting For Dummies

Nonprofit Bookkeeping & Accounting For Dummies


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Nonprofit Bookkeeping & Accounting For Dummies by Sharon Farris, Dummies Press Staff, Farris

Your hands-on guide to keeping great records and keeping yournonprofit running smoothly

Need to get your nonprofit books in order? This practical guidehas everything you need to know to operate your nonprofit accordingto generally accepted accounting principles (GAAP) — fromdocumenting transactions and budgeting to filing taxes, preparingfinancial statements, and much more. You'll see how to stayorganized, keep records, and be prepared for an audit.

  • Begin with the basics — understand common financial terms,choose your accounting methods, and work with financialstatements
  • Balance your nonprofit books — set up a chart of accounts,record transactions, plan your budget, and balance your cashflow

  • Get the 4-1-1 on federal grants — find grants and apply forthem, track and account for federal dollars, and prepare for agrant audit

  • Stay in good standing with Uncle Sam — set up payrollaccounts for employees, calculate taxes and deductions, andcomplete tax forms

  • Close out your books — prepare the necessary financialstatements, know which accounts to close, and prepare for the nextaccounting cycle

  • Know what to do if you get audited — form an internal auditcommittee, follow IRS rules of engagement, and keep an immaculatepaper trail

Open the book and find:

  • The difference between bookkeeping and accounting
  • How to maintain a manual or computer record-keeping system

  • Ten vital things to know when keeping the books

  • Do's and don'ts of managing federal grant money

  • How to prepare for an audit of your financial statements

  • IRS Form 990 good practices

  • The most common errors found during nonprofit audits

  • How to figure out employee payroll deductions and taxes

Product Details

ISBN-13: 9780470432365
Publisher: Wiley
Publication date: 05/04/2009
Series: For Dummies Series
Pages: 368
Sales rank: 122,910
Product dimensions: 7.30(w) x 9.20(h) x 0.90(d)

About the Author

Sharon Farris has been involved in the grants industry for morethan ten years. She is the president of Farris Accounting &Consulting Training Services (FACT$) as well as the formerpresident of the American Association of Grant Professionals (AAGP)Montgomery.

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Table of Contents


Part I: Accounting and Bookkeeping Nonprofit Style.

Chapter 1: The Nuts and Bolts of Nonprofi t Bookkeeping andAccounting.

Chapter 2: Starting with Basic Bookkeeping and Accounting.

Chapter 3: Introducing Financial Statements.

Chapter 4: Keeping Good Records: Using a Manual System orComputer System.

Part II: Balancing Your Nonprofit Books.

Chapter 5: Setting up the Chart of Accounts for Nonprofits.

Chapter 6: Recording Transactions and Journal Entries.

Chapter 7: Balancing the Checkbook: Donations and Expenses.

Chapter 8: Balancing Cash Flow: Creating an OperatingBudget.

Chapter 9: Staying in Nonprofi t Compliance.

Part III: Accounting for Nonprofit Situations.

Chapter 10: Introducing Federal Grants.

Chapter 11: Tracking and Accounting for Federal Dollars.

Chapter 12: Getting Ready for the Grant Audit.

Chapter 13: Accounting for Payroll and Payroll Taxes.

Chapter 14: Doing the Accounting for Tax Form 990.

Part IV: Wrapping Up the Books.

Chapter 15: Analyzing the Statement of Activities.

Chapter 16: Reporting Financial Condition on a Statement ofFinancial Position.

Chapter 17: Eyeing the Cash Flow Statement.

Chapter 18: Organizing the Statement of Functional Expense.

Chapter 19: Closing the Nonprofi t Books.

Chapter 20: Preparing for an Accounting Audit.

Part V: The Part of Tens.

Chapter 21: Ten Important Things to Know When Keeping NonprofitBooks.

Chapter 22: Ten Tips to Keep Your Nonprofit Viable.


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Nonprofit Bookkeeping & Accounting For Dummies 3.8 out of 5 based on 0 ratings. 4 reviews.
Anonymous More than 1 year ago
This book is highly recommended for anyone starting a new nonprofit or already established this book is a must read, this hands on guide gives step by step, easy to understand instructions. Ms Farris has done an exceptional job in detailing the day to day operations, explaining the latest tax changes and the nonprofit laws and regulations. It has been very helpful to me in my home based business, it simply makes everything easier. There is everything from balancing your books to applying for federal grants. This is a must read for every nonprofit business! Great job, Ms Farris. EM
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