2. Account for Transactions

  1. Charles K. Coe

Published Online: 9 MAR 2012

DOI: 10.1002/9781118386064.ch2

Nonprofit Financial Management: A Practical Guide

Nonprofit Financial Management: A Practical Guide

How to Cite

Coe, C. K. (2011) Account for Transactions, in Nonprofit Financial Management: A Practical Guide, John Wiley & Sons, Inc., Hoboken, NJ, USA. doi: 10.1002/9781118386064.ch2

Publication History

  1. Published Online: 9 MAR 2012
  2. Published Print: 13 JUN 2011

ISBN Information

Print ISBN: 9781118011324

Online ISBN: 9781118386064

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Keywords:

  • accounting;
  • nonprofit;
  • transaction

Summary

Depending on their size and complexity, nonprofits can staff the accounting and financial management function in several ways. The accounting profession, like all others, has its jargon, understandable to accountants but “Greek” to others. Common terms include: fiscal year; generally accepted accounting principles; basis of accounting; chart of accounts; functional expense cost allocation; single- and double-entry accounting; capitalization and depreciation; federal grant indirect cost allocation; and accounting and fundraising software. The accounting system records financial transactions in three documents: source documents; journals: books of original entry; and ledgers: books of final entry.

Controlled Vocabulary Terms

Financial accounting; Financial transaction; Nonprofit management