Handling Accounting. Accounting: A system for providing financial information about an organization.

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Presentation transcript:

Handling Accounting

Accounting: A system for providing financial information about an organization.

Accounting includes: Documenting Classifying Analyzing Interpreting financial records Auditing Taxes

Audit Tests accuracy and completeness of financial records Cover letter Financial statements GAAP notes Fiscal year comparisons

Reasons to audit Funder request Board reassurance Confirm finances Develop financial systems

Not-for-Profit differences Accounting for contributions Capitalizing and depreciating assets Modified cash-basis accounting Functional expense Development financial statements

Accounting system Procedures for recording Chart of accounts General ledger Journals & subsidiary Checkbook Accounting procedures manual

Why do accounting? Meet government requirements Understand financial status Effective resource use Prevent overspending

Not-for-Profit accounting steps Find an accountant Choose software Conduct transactions Analyze transactions Record in journals Post to ledger Analyze ledger Make corrections