• Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact
    • Facebook
    • Instagram
    • Twitter

When Parents Text

When Parents Text

Accounting For Non Profits: A Handy Guide

February 18, 2020 by Annie

Whether you’ve already established a non profit organization or you’re interested in starting a non profit foundation, if you’re unsure of how to handle a non profit’s accounting obligations, continue reading. As you’ll discover a wide variety of accounting tips which have been designed especially for non profit organizations.

Many individuals falsely believe that non profit organizations don’t have any tax obligations. However, non profit organizations still have to adhere by tax regulations which have been set out specifically to govern non profit organizations. So it’s important to ensure that you’re well aware of your non profit organization’s tax obligations.

As an example, non profit organizations are required to submit financial statements each year, in order to prove that they are in fact non profit organizations. So as the leader of a non profit organization, you’ll be responsible for ensuring that every cent which your business acquires and spends is documented in your business’ financial books.

Make sure that you record all of your organization’s receipts and invoices:

In order to meet your legal obligations as a non profit organization, you’ll be required to keep track of each receipt and invoice which you’ve received. As well as any invoices which you may have sent to contractors who have provided your foundation with an essential service.

Use non profit friendly accounting software to keep on top of your business’ finances:

The easiest way to keep track of all of your non profit organisation’s transactions is to purchase non profit friendly accounting software. As an example, you can’t go wrong purchasing and downloading the best non profit accounting software, which you can find. As there are accounting programs which have been created specially for non profit organizations and foundations. Some of which are easy enough to use if you have no background in accountancy.

Ensure that you’re able to provide 100% reliable financial statements:

One of the benefits of using accounting software is that if you keep on top of your foundation’s expenditure, you’ll be able to easily print out reliable financial statements. Which will come in handy if your organization has to undergo a financial audit. To ensure that you’ve properly balanced your non profit foundation’s books. As unfortunately there are some for profit businesses which try to masquerade themselves as non profit organizations. In order to pay a lesser amount of tax, then a for profit business would be expected to pay.

Make sure to track every donation which your foundation receives:

It’s also critical to ensure that your foundation properly documents every donation which your foundation receives. As an example, you may want to record all of your business‘ online donations in your computer based, accounting program.

Hopefully you now have a far better idea of your non profit organization’s accounting responsibilities and tax obligations. So that you’ll be able to manage your foundation’s expenditure on your own.

About Me

Hi! I'm Annie and I have 3 kids (all in their teens - yikes!). My mommy blog isn't all about lunches and DIY - it's also about humour. Like how my kids make fun of my texts as if I don't know how to use emojis (I DO!). Now that I have a bit more time - since my kids don't want to hang out with me (teenagers), I have taken up blogging.

ONE: Assisting Financially-Strapped Families With Inflation Pressures

May 24, 2022 By Annie

Some Questions That You Want to Ask About From A Residential Structural Engineer

May 20, 2022 By Annie

What does a pillow protector do that makes it useful?

May 19, 2022 By Annie

What is the best step for better beard care?

May 19, 2022 By Annie

img

The Basics of Home Warranties and What They Cover

May 19, 2022 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Google+
  • Twitter

ONE: Assisting Financially-Strapped Families With Inflation Pressures
  • Business

ONE: Assisting Financially-Strapped Families With Inflation Pressures

By Annie  / May 24, 2022
During the past few years, simply securing money to cover household expenses and family needs has been hard enough. With...
Read More
Some Questions That You Want to Ask About From A Residential Structural Engineer
  • Tips

Some Questions That You Want to Ask About From A Residential Structural Engineer

By Annie  / May 20, 2022
Structural Engineers are specialized people that determine the integrity of homes and buildings. When it comes to questions about buildings...
Read More
What does a pillow protector do that makes it useful?
  • Health

What does a pillow protector do that makes it useful?

By Annie  / May 19, 2022
If you have recently come across pillow protector then you may not entirely be familiar with the concept and all...
Read More
What is the best step for better beard care?
  • Health

What is the best step for better beard care?

By Annie  / May 19, 2022
If you are passionate about starting your journey towards better beard care then you might be wondering what the best...
Read More
The Basics of Home Warranties and What They Cover
  • Business

The Basics of Home Warranties and What They Cover

By Annie  / May 19, 2022
There is no doubt that your home is a valuable investment. It is likely the largest purchase you will ever...
Read More
Newborn Photography Tips for New Parents
  • Tips

Newborn Photography Tips for New Parents

By Annie  / May 18, 2022
Newborn photography is an art form that takes perfecting- but you may only have one chance per child- so it's...
Read More
Can a Chapter 7 Bankruptcy Ruin Your Credit Score?
  • Uncategorized

Can a Chapter 7 Bankruptcy Ruin Your Credit Score?

By Annie  / May 17, 2022
The short answer is no it will not ruin your credit scores, but the longer answer is that of course...
Read More
5 Ways That Digital Tech Can Help Mums
  • Family

5 Ways That Digital Tech Can Help Mums

By Annie  / May 16, 2022
If you are approaching motherhood, this is an exciting time for sure! Of course, it is perfectly normal to be...
Read More
Styles in tee shirts!
  • Life Style

Styles in tee shirts!

By Annie  / May 11, 2022
Tee shirts are more famous than they ever had been earlier than. They have the precise potential to give your...
Read More
How Moms Can Plan a Memorable Northeast Family Vacation
  • Tips

How Moms Can Plan a Memorable Northeast Family Vacation

By Annie  / May 6, 2022
Going on vacation can be a great way to spend time together as a family, and there is plenty to...
Read More

About Us

Hi! I’m Annie and I have 3 kids (all in their teens – yikes!). My mommy blog isn’t all about lunches and DIY – it’s also about humour. Like how my kids make fun of my texts as if I don’t know how to use emojis (I DO!)... Read More…

When Parents Text

  • Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact

© 2022 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design