The ABCs of Nonprofit Finances: Nonprofit Bookkeeping

The ABCs of Nonprofit Finances What is nonprofit bookkeeping? The activities to track what's coming in and going out. Includes tasks such as: Maintaining accounting software Creating invoices/pledges Making deposits Tracking/paying bills Payroll Grant Management Reimbursements There are tasks that are commonly missed such as submitting 990, bank/credit card reconciliation, and grant reporting. Why Important? The second key to financial statements. To have clean financial statements documents have to be organized and transactions entered into an accounting system. Bookkeeping is recording the financial transactions. Without bookkeeping a nonprofit cannot apply for a grant or understand how much it cost to run programs. Call to Action Create a list of bookkeeping tasks for the organization. This will help identify what needs to be done and any gaps. Use the checklist as the to do list. Make sure to LIKE, SHARE, or COMMENT! Keeping Accounting Simple Access free resources and sign up for our blog: https://insightfinancialindy.com/ https://insightbusiness.thinkific.com/ Follow us on social media platforms: @insightfinancialgrp #nonprofitaccounting #nonprofits #financialliteracy #bookkeeping #smallbusiness #accounting #accountingcoach #quickbooks #cannabisaccounting #cannabis