{"id":51632,"date":"2022-03-31T17:25:43","date_gmt":"2022-03-31T17:25:43","guid":{"rendered":"https:\/\/accelerateideas.ae\/staging\/3403\/?p=51632"},"modified":"2024-04-26T16:41:57","modified_gmt":"2024-04-26T16:41:57","slug":"free-download-nonprofit-accounting-close-checklist","status":"publish","type":"post","link":"https:\/\/accelerateideas.ae\/staging\/3403\/free-download-nonprofit-accounting-close-checklist\/","title":{"rendered":"Free Download Nonprofit Accounting Close Checklist"},"content":{"rendered":"

\"how<\/p>\n

For example, your year end close becomes a lot simpler if you have accurate monthly reports to work from. To learn more about exactly which taxes your tax-exempt nonprofit might still be on the hook for, consult IRS Publication 557, or better yet, consult with a nonprofit tax specialist. They\u2019ll have experience helping organizations like yours minimize their tax bill and make sure you aren\u2019t breaking any tax code rules. This is essentially the nonprofit accounting version of the balance sheet equation. Once you\u2019ve got a bookkeeping system in place, you need to start creating financial statements.<\/p>\n

\"how<\/p>\n

Just like the statement of financial position, the statement of activities keeps net assets that have conditions and stipulations attached to them separate from unrestricted funds. As you come to the end of your accounting year, you need to wrap up your books for the previous year and start the books for the next year. Your accounting period indicated the beginning and end of your reporting period, which can be 6, 12, or 18 months, depending on the needs of your nonprofit. If you choose the most common reporting period of 12 months, this period can be a calendar year (January to December) or a fiscal year (using another 12-month period).<\/p>\n

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