Bookkeeping Basics: What Every Nonprofit Bookkeeper Needs to Know, will enable nonprofits to successfully meet the basic bookkeeping requirements of their organization.
This hands-on guide gives the novice bookkeeper the knowledge and skills to track the financial activity of their nonprofit in a way that brings order out of chaos, safeguards the organization’s assets, and provides useful information for making sound decisions.
Authors Debra L. Ruegg and Lisa M. Venkatrathnam guide readers through the concepts and processes that every bookkeeper needs to know, including:
• Single- vs. double-entry bookkeeping
• Cash vs. accrual basis accounting
• Posting financial transactions
• Keeping a "paper trail" of source documents
• Preparing a trial balance
• Creating financial statements
• Establishing internal controls
• Preparing for your annual audit
• Closing out your fiscal year
The authors clearly define such terms as debits and credits, assets and liabilities, charts of accounts, segregation of duties, and more, then add a glossary at the back for ready reference. Reproducible charts and forms include an accounts payable register, accounts receivable register, general ledger, financial summary form, grant tracking form, internal controls activity flow chart, and an audit preparation checklist.
