Bookkeeping

For example, Doctors Without Borders allocates a significant portion of its budget (over 80%) to direct program expenses, ensuring most donations fund medical care in crisis zones. Your budget will be unique to your organization, but we’ll give you...

Instead of owner’s equity, the statement of financial position looks at net assets. Therefore, it displays assets (what you own), liabilities (what you owe), and net assets (your value). While each financial statement provides unique insights, they complement...

With these features in mind, let’s accounting services for nonprofit organizations dive deeper into the two sides of your nonprofit’s operating budget. When preparing your organizational budget for the board’s review, remember that the term “nonprofit” refers to...

Changing the access for one user’s role affects all other users with the same role. If you want to change the access for only one user, duplicate the role, assign the duplicate role to that user, and edit the...

These funds are typically generated from unrestricted revenue sources or previous surpluses. They allow nonprofits to have financial flexibility and respond to emerging needs or opportunities. Organizations often designate a portion of their unrestricted net assets as operating...

The management of direct materials is a multifaceted challenge that requires a strategic approach to optimize production costs. By considering various perspectives and employing best practices, businesses can effectively is direct materials a variable cost manage the impact of...

When it comes to accounting for law firms, choosing the right accounting method is crucial. In the US, new law firms have the option to select between cash or accrual accounting methods, each impacting legal bookkeeping and tax...

In the case of cash sales, the “cash account” is debited, whereas “sales account” is credited with the equal amount. These examples illustrate the basic mechanics of debit and credit in journal entries, which are foundational concepts in double-entry...

Straight-line depreciation maintains steady earnings, which often pleases potential investors. It's essential to comprehend the fundamental concept of accumulated depreciation and its role in accounting. Accumulated depletion is subtracted from the gross value of the depletable asset on the...

From an accountant's perspective, the post-closing trial balance is akin to the final bow after a performance; it's the culmination of meticulous work and attention to detail. For auditors, it represents a checkpoint for compliance and correctness, a document...