Not-for-profit organizations always need volunteers as treasurers or members of the financial oversight committee. CPAs are often asked to fulfill these roles. This course highlights the accounting needs of such organizations. Along with covering the status of the not-for-profit organizations, an update on recent ASC updates affecting nonprofits is covered. QuickBooks will be used to demonstrate how its tools provide more efficient and effective financial management for your not-for-profit. This course is geared to hands-on, or future hands-on, treasurers of service clubs and similar organizations.
Learning Objectives
- Identify the accounting needs of not-for-profit organizations, specifically membership and service organizations
- Identify the financial statements required by US GAAP, including recent ASU updates for not-for-profit entities
- Illustrate, using QuickBooks, the types of transactions usual for not-for-profit membership and service organizations
- Discuss the need for budgets in a not-for-profit membership and service organization
Major Topics
- Financial entity
- IRS filing status
- Recent ASC updates affecting nonprofits
- Inflows and Outflows
- QuickBooks
- Setup
- Data entry
- Reporting
- Budgets
