2. Account for Transactions
Published Online: 9 MAR 2012
Copyright © 2011 Charles K. Coe. All rights reserved.
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
- Published Online: 9 MAR 2012
- Published Print: 13 JUN 2011
Print ISBN: 9781118011324
Online ISBN: 9781118386064
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