Nonprofit Bookkeeping and Accounting For Dummies 1st Edition by Sharon Farris (PDF)

Description

Your hands-on guide to keeping great records and keeping your nonprofit running smoothlyNeed to get your nonprofit books in order? This practical guide has everything you need to know to operate your nonprofit according to generally accepted accounting principles (GAAP) — from documenting transactions and budgeting to filing taxes, preparing financial statements, and much more. You’ll see how to stay organized, keep records, and be prepared for an audit. Begin with the basics — understand common financial terms, choose your accounting methods, and work with financial statements Balance your nonprofit books — set up a chart of accounts, record transactions, plan your budget, and balance your cash flowGet the 4-1-1 on federal grants — find grants and apply for them, track and account for federal dollars, and prepare for a grant audit Stay in good standing with Uncle Sam — set up payroll accounts for employees, calculate taxes and deductions, and complete tax formsClose out your books — prepare the necessary financial statements, know which accounts to close, and prepare for the next accounting cycleKnow what to do if you get audited — form an internal audit committee, follow IRS rules of engagement, and keep an immaculate paper 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 booksDo’s and don’ts of managing federal grant moneyHow to prepare for an audit of your financial statements IRS Form 990 good practicesThe most common errors found during nonprofit auditsHow to figure out employee payroll deductions and taxes

User’s Reviews

Editorial Reviews: From the Inside Flap Your hands-on guide to keeping great records and keeping your nonprofit running smoothlyNeed to get your nonprofit books in order? This practical guide has everything you need to know to operate your nonprofit according to generally accepted accounting principles (GAAP) — from documenting transactions and budgeting to filing taxes, preparing financial statements, and much more. You’ll see how to stay organized, keep records, and be prepared for an audit. Begin with the basics — understand common financial terms, choose your accounting methods, and work with financial statements Balance your nonprofit books — set up a chart of accounts, record transactions, plan your budget, and balance your cash flowGet the 4-1-1 on federal grants — find grants and apply for them, track and account for federal dollars, and prepare for a grant audit Stay in good standing with Uncle Sam — set up payroll accounts for employees, calculate taxes and deductions, and complete tax formsClose out your books — prepare the necessary financial statements, know which accounts to close, and prepare for the next accounting cycleKnow what to do if you get audited — form an internal audit committee, follow IRS rules of engagement, and keep an immaculate paper 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 booksDo’s and don’ts of managing federal grant moneyHow to prepare for an audit of your financial statements IRS Form 990 good practicesThe most common errors found during nonprofit auditsHow to figure out employee payroll deductions and taxes From the Back Cover Your hands-on guide to keeping great records and keeping your nonprofit running smoothlyNeed to get your nonprofit books in order? This practical guide has everything you need to know to operate your nonprofit according to generally accepted accounting principles (GAAP) — from documenting transactions and budgeting to filing taxes, preparing financial statements, and much more. You’ll see how to stay organized, keep records, and be prepared for an audit. Begin with the basics — understand common financial terms, choose your accounting methods, and work with financial statements Balance your nonprofit books — set up a chart of accounts, record transactions, plan your budget, and balance your cash flowGet the 4-1-1 on federal grants — find grants and apply for them, track and account for federal dollars, and prepare for a grant audit Stay in good standing with Uncle Sam — set up payroll accounts for employees, calculate taxes and deductions, and complete tax formsClose out your books — prepare the necessary financial statements, know which accounts to close, and prepare for the next accounting cycleKnow what to do if you get audited — form an internal audit committee, follow IRS rules of engagement, and keep an immaculate paper 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 booksDo’s and don’ts of managing federal grant moneyHow to prepare for an audit of your financial statements IRS Form 990 good practicesThe most common errors found during nonprofit auditsHow to figure out employee payroll deductions and taxes About the Author Sharon Farris has been involved in the grants industry for more than ten years. She is the president of Farris Accounting & Consulting Training Services (FACT$) as well as the former president of the American Association of Grant Professionals (AAGP) Montgomery. Read more

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐The first five chapters are basically an introduction to accounting which is useful, but not really geared towards nonprofits.Chapter 6 is the only chapter that provides any “hands-on” advice. After reading the first five chapters, I was extremely excited to finally be reading something useful. However, there was a major let down at the end of chapter 6.First off, the author clearly starts off by saying that you need to approach accounting with the end in mind. The end being the financial statements and the statements to the donors. The author gives you an overview of how to get there: Journal Entries, posting to the ledger, Creating a Trial Balance, adjusting entries, and then Financial Statements.Well Chapter 6 starts off explaining the journal entries. We’re talking real live examples. Finally, something useful. The author then shows you how to post to the ledger. Very helpful indeed!At this point, the author seems to run out of steam. She never shows you how to do the other steps! No idea on how to post to the trial balance or adjusting entries. Then the author does NOT show you how to go from the trial balance to the financial statements!When Chapter 6 ended and the author started talking about balancing your checkbook and grants I was very angry!! Don’t tell us to keep the end in mind and then not show us how to get there! It seriously felt like something was left out.The author has a love affair with grants. Not how to do the accounting for grants, but how to obtain grants. If I wanted a book about how to obtain grants, then I would have ordered one! This book probably has more information in it about grants than it does about accounting.One final, glaring error: The author briefly mentions unrestricted, temporarily restricted, and permanently restricted funds! All nonprofits are required to have these funds in their financial statements. The author seems almost oblivious to the matter. She does mention that they are necessary but she never shows any examples of journal entries using temporary or permanently restricted transactions.In short, if you just want a gentle introduction to nonprofit accounting, then this might be a good book for you. If you actually need to do some nonprofit accounting (make journal entries, post to the ledger, create a trial balance, generate financial statements in accordance with generally accepted accounting principles) then this book will not get you there. Like I said, it will show you some very easy/basic journal entries, but avoids the journal entries necessary for non profits.I still haven’t found a book that takes a nonprofit from journal entry to financial statements. This book was promising, but ultimately petered out in the end.

⭐So far, I really like this book. I took an accounting class for non profits and have been doing bookkeeping for a few years. This is helping me to get a better grasp of the materials for when I start my own nonprofit and have a better understanding of what accountants do.My book was bought used and Chapters 11 to 13 are all jumbled together. The pages are correct with the chapter they correspond to but it goes from Chapter 11 pg 182 to Chapter 13 of 213. I have to skip 20+ pages ahead to get to Chapter 11 of 183. Such a strange thing to have happened.

⭐The entire book is a cheerleading book to get money from the government. I had no experience with a nonprofit or business bookkeeping and the book did not help me at all! Had some common sense statements that anyone might already guess themselves but had no useful technical information. It is a waste of trees.

⭐The book had printer errors where 1/2 the page on several pages were missing. Of course missing in the chapter I needed. I was working so much I didn’t have time to return it so I threw it away.

⭐Mostly about grants and keeping track of a bunch of grant related stuff so you are ready for an audit. I work for a church. Not as helpful for me. Maybe there was a church accounting for dummies that I missed…

⭐Very easy to follow, good explanations and examples. I think I can actually use the Quickbooks software now that I understand the basic principles of accounting. As a non-profit with a very lean staff, this info lets us do more with less.

⭐This helped explain the laws regarding nonprofit accounting,etc. I was in need of more direction, and QuickBooks for Churches helped me a lot more than this book. But, this book really is more general,and I was starting from ground zero. This book is useful for all different types of accounting software.

⭐Nonprofit Bookkeeping and Accounting For Dummies is an easy to read book that is very helpful to a person wishing to start a nonprofit organization. Each chapter builds upon the next chapter; in essence, it repeats the important hi-lights from the previous chapter. This book explains the terminology in laymen’s terms, which makes it easy to understand the material. I would highly recommend this book as well as any book within the series (For Dummies).

⭐My question is “Why sell it in the UK without this warning”.I bought this as part of my preparation for an interview.What a waste of money that was.I feel unable to complain because it covers exactly what it says on the title IF you are in America and subject to their tax/accounting systems and laws.If you are in the UK then my advice is not to buy this.

⭐great book for American Charity,not for UK charity,well written,useful

⭐I really enjoy the book. It’s a good refresher and go to book.

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