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General Accounting Discussions: Accounting for a non-profit

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  1.  
    • CommentAuthorarlenek209
    • CommentTimeFeb 13th 2007
     
    Hi,

    I am part of a ministry group and have been asked to keep track of the book keeping. I have some accounting experience when my ex husband and I had our own business. Since this is a non-profit organization, I was wondering if there are any major differences. It is a small group and we get the occasional donation and we are planning on doing some fund raising, but that is about it. Also, we are not registered with a number or anything, just a group of ladies who have gotten together with a common goal. Any help or information would be greatly appreciated.

    Arlene
    • CommentAuthorCounter
    • CommentTimeFeb 14th 2007
     
    There are not too many differences. One difference is that the owner's equity or stockholders' equity in a business enterprise is referred to as "net assets" in a not-for-profit (NFP) entity.

    Donations received must be classified as permanently restricted when that is the donor's specific request. Donations that do not have a donor restriction are referred to as unrestricted.

    Without many special categories of restricted funds, you can get by using small business software from QuickBooks, Peachtree, or Microsoft.
  3.  
    Yes i agree with the counter because if you are running a non-profit organization then there are too many differences and if you keep taking the donations then it might help you to classified you problems!

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