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Description
No trained bookkeeper on staff? No problem.
Many nonprofits don't have a trained bookkeeper on staff. This crucial function goes to whoever has the time and the willingness to do it. Lack of formal accounting training or background is not only frustrating for the individual, but also potentially risky for the nonprofit.
Written in plain language, complete with step-by-step instructions, detailed examples, and handy reproducible forms, Bookkeeping Basics will enable you to successfully meet the basic bookkeeping requirements of your nonprofit organization. You'll find enough knowledge and skills to track the financial activity of your nonprofit in a way that brings order out of chaos, safeguards the organization's assets, and provides useful information for making sound decisions.
Authors Debra L. Ruegg and Lisa M. Venkatrathnam guide you through the concepts and processes you most need to know, including:
- Single- vs. double-entry bookkeeping
- Cash vs. accrual basis accounting
- Posting financial transactions
- Keeping a "paper trail" of source documents
- Preparing a trial balance
- Creating financial statements
- Establishing internal controls
- Preparing for your annual audit
- Closing out the fiscal year
The authors clearly define such terms as debits and credits, assets and liabilities, charts of accounts, segregation of duties, and more, and then add a glossary at the back for ready reference. Reproducible charts and forms include an accounts payable register, accounts receivable register, general ledger, financial summary form, grant-tracking form, and internal controls activity process flow chart.
Bottom line: If you're the bookkeeper for your nonprofit—by choice, assignment or default—Bookkeeping Basics is for you.
Authors and contributors
Author Debra L. Ruegg is a principal and senior consultant with the nonprofit and government group, a leading financial management consulting firm for nonprofits, foundations, and entrepreneurial government entities. She is co-author (with Susan Kenny Stevens) of Budgeting Your Way to Financial Stability.
Author Lisa M. Venkatrathnam is a freelance writer and owner of White Fence Communications. She previously served as a consultant at LarsonAllen. She is co-author of several books and studies.
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"Bookkeeping Basics is a 'must have.' It's a valuable resource for your bookkeeper, and essential for synchronizing the efforts of all your staff members. It allows your whole organization, including the board and your CPA, to understand and share common financial goals."
Dawn Scranton, administrator
Accounting Directors Inc.
"Short, concise and not intimidating, with many reproducible forms. The internal control sections are wonderful, with good explanations and everyday relevance."
Gloria Nedved, CEO
Ripple Creek Business Solutions, Inc.
"Bookkeeping Basics is very methodical in its approach, introducing one concept at a time. This book will apply to many types of nonprofits and community groups because it is so elemental in nature and because the examples are from these types of groups."
Matt Karl, senior research associate
Charities Review Council
"Answers the what, when, why and how questions non-accountants have about bookkeeping. The checklists help explain the bookkeeper's roles and responsibilities."
Anita Moreno-Navarro, office manager
Texas Nonprofit Network
"The step-by-step approach combined with tips, sample forms and the audit preparation checklist are of tremendous value."
William K. Flowers, CPA, financial consultant
Nonprofit Financial Center
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