Copyright © 2014 by The University of Kansas Handling Accounting.

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Copyright © 2014 by The University of Kansas Handling Accounting

Copyright © 2014 by The University of Kansas Accounting: A system for providing financial information about an organization.

Copyright © 2014 by The University of Kansas Accounting includes: Documenting Classifying Analyzing Interpreting financial records Auditing Taxes

Copyright © 2014 by The University of Kansas Audit Tests accuracy and completeness of financial records Cover letter Financial statements GAAP notes Fiscal year comparisons

Copyright © 2014 by The University of Kansas Reasons to audit Funder request Board reassurance Confirm finances Develop financial systems

Copyright © 2014 by The University of Kansas Not-for-Profit differences Accounting for contributions Capitalizing and depreciating assets Modified cash-basis accounting Functional expense Development financial statements

Copyright © 2014 by The University of Kansas Accounting system Procedures for recording Chart of accounts General ledger Journals & subsidiary Checkbook Accounting procedures manual

Copyright © 2014 by The University of Kansas Why do accounting? Meet government requirements Understand financial status Effective resource use Prevent overspending

Copyright © 2014 by The University of Kansas Not-for-Profit accounting steps Find an accountant Choose software Conduct transactions Analyze transactions Record in journals Post to ledger Analyze ledger Make corrections