In this video, we'll discuss the basics of nonprofit accounting, including the different types of financial statements that nonprofits need to prepare, how to record income and expenses, and how to use fund accounting.
We'll start by defining nonprofit accounting and explaining why it's important for nonprofits to keep their financial records in order. Then, we'll discuss the different types of financial statements that nonprofits need to prepare, such as the income and expenditure statement, the balance sheet, and the statement of cash flows.
We'll also talk about how to record income and expenses using the accrual basis of accounting. This is the most common method of accounting for nonprofits, and it ensures that income and expenses are recorded when they actually occur, not just when cash is received or paid.
Finally, we'll discuss fund accounting, which is a special type of accounting that is used by nonprofits to track their financial resources. Funds are separate pools of money that are used for different purposes, such as general operations, fundraising, and endowment.
By the end of this video, you'll have a good understanding of the basics of nonprofit accounting and how to keep your nonprofit's financial records in order.
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