Recent Articles

Accounting Made Easy: 5 Steps to Fast, Easy, and Accurate Bank Reconciliations

Originally Posted: October 17, 2022

One of the more fundamental and important processes in the monthly close is the reconciliation of bank accounts.

What You Need to Know About the 2022 Compliance Supplement

Originally Posted: October 3, 2022

All non-federal government agencies and nonprofit organizations that expend $750,000 or more in direct federal awards and federal awards passed through state agencies in a given fiscal year are req

Budgeting and Financial Planning

Originally Posted: September 1, 2022

Effective financial management is an ongoing process that features a cycle of good management habits.

Public Support Tests: How a Public Charity is Defined Under Sec. 509(a)(2)

Originally Posted: September 1, 2022

The IRS has four categories under Sec. 509 that allow an organization to be a public charity, but the two most common are 509(a)(1) and 509(a)(2).

Payroll

Originally Posted: September 1, 2022

There are many payroll services that will process the regular payroll, make direct deposits, prepare quarterly and annual tax filings and remit taxes due for a very reasonable fee.

Writing Checks

Originally Posted: September 1, 2022

Having the appropriate number of people involved in processing transactions, the less likely it is that a problem will occur.

Other Cash

Originally Posted: September 1, 2022

While writing checks and making deposits fall under the category of “cash,” there are other activities involving cash.

Bank Reconciliations

Originally Posted: September 1, 2022

If at all possible, an individual other than the person writing checks and making deposits should reconcile the bank account each month. Many organizations hire an outside accountant or bookk

Time Sheets

Originally Posted: September 1, 2022

Not-for-profits must record expenses on a functional basis. Salaries are generally the organization’s largest expense.

Petty Cash

Originally Posted: September 1, 2022

It's amazing how much cash is stolen each year from petty cash funds.