123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Bookkeeping Essentials For Non-profit Organizations That You Must Know

By Author: Lunna Walker
Total Articles: 20

There comes a point for executives at a high level when they shift, or get involved in a non-profit organization. If you are going through the same situation, you need to understand the similarities and differences between for-profit and nonprofit sector. Every organization has its own set of financial requirements. As nonprofits function on a tight budget, buying an accounting software to manage cash-flow is not always within reach. Cloud computing provides an ingenious alternative, hosting QuickBooks remotely. By hosting QuickBooks on a Server, you get a reliable accounting software with cloud benefits minus the hassle of maintaining technical equipment.

Nonprofits focus on demonstrating the organization’s charitable purposes through their use of finances. They have different requirements and terminologies. For example; they have donors and volunteers instead of customers and sales. Most leaders are busy throughout the year in generating revenues and serving their mission of helping people, they may not be able to pay much attention to financial records and bookkeeping. But when it is time for the annual audit, they will have to pause their efforts and work on audit-books. Here are a few bookkeeping essentials that you must know.

1. Accounting Standards to be Followed

This may seem obvious, but you might be surprised to know that many organizations do not strictly follow current accounting industry standards. The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Standards Board (FASB) outline some generally accepted accounting principles (GAAP) for nonprofits and serve as reliable, up-to-date resources for non- and for-profit businesses and organizations.

2. Keeping Track of All Contributions

It is not unusual for a nonprofit to receive donations in the form of goods and services. Keeping track of all grants made, whether monetary or in-kind is essential. Some businesses or foundations match contributions made by their employees or their subsidiaries with grants. These kinds of donations also must be tracked by the nonprofit for the application of matching funds.

3. Accurate and Up-to-date Financial Reports

Compiling all your financial data in the year-end is not a healthy practice. One should keep a few hours aside every week for this task. Every nonprofit organization should have an annual budget and as its leader, you should know where and how the money is being spent. Nonprofit bookkeeping profit & loss statements also play a major role in helping leaders understand profit within programs, as well as to make informed decisions about fundraising and spending needs.


Cloud hosting of QuickBooks is a great way to enjoy the benefits of the famous software. QuickBooks is widely used across the globe by businesses of all kinds and sizes to streamline their accounting practice. It offers a perfect, user-friendly interface for working, it is easily customizable and has evolved as a brilliant tool to uplift the overall performance and efficiency of organizations.

More About the Author

Lunna Walker is well skilled in all forms of QuickBooks hosting Help and has also written several blogs & articles. He basically writes about QuickBooks cloud, sage hosting and so on.

Total Views: 15Word Count: 463See All articles From Author

Business Articles

1. Looking For Accurate And Highly Responsive Hospital Mailing List To Enhance Business Revenue?
Author: Jane Cannon

2. Eglobedata Launches Reliable Email List Of 431,426 Manufacturing Industry Database To Better Leads
Author: Brayden Tyler

3. Massage Therapy For Optimal Health
Author: Adriana Albritton

4. Relationship Therapy Nederland Can Help You Learn Some Vital Things!
Author: Angelika Matthias

5. An Updated Guide To Recently Effective Osha Rules
Author: Micheal Shawn

6. How To Bitcoin Benefit And Profitable For You
Author: Oliva Nat

7. High Profit Business Opportunity
Author: NEHA BHANDARI

8. All That May Be Making Your Customers Unhappy
Author: Surabhi Joshi

9. Select The Best Women’s Fragrances As A Gift!
Author: Sheleena Sultan

10. Biotropin Fitness [hgh Somatropin 100 Iu] – 10 Vials – Lifetech Labs
Author: For more details :- Buy Steroids USA, Buy Steroids

11. Benefits Of Business Software For The Business Customers
Author: Philip hauges

12. Trace The Issues In Your Roofing And Call A Roofing Contractor Today
Author: Fred Lydick

13. A Door To Jewels World With Verities Of Collection
Author: Luis Marius

14. The Advantage Of Arranging Your Own Wedding Flowers
Author: Albert K Miller

15. Somapure [hgh 100iu]10 Amps – Meditech
Author: For more details :- Buy steroids, Buy Steroids Onl

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: