Learn what it takes to become a more sustainable nonprofit.
In episode #4 of the Araize Academy Vlogcast series, watch and learn how to properly setup up your nonprofit chart of accounts.
In all accounting systems, the primary purpose is to make reporting easier. What sets nonprofits from for-profit accounting systems is segmenting by fund.
The main purpose of the chart of accounts for nonprofits is to categorize all of the financial transactions for your organization. This makes reporting and generating financial statements easier. Properly setting up your chart of accounts is essential for creating meaningful and relevant internal controls as well as external reports to outside funding sources.
Since accountants are typically very meticulous about numbers, the chart of accounts is numeric and follows a logical order. This makes it easier to sort accounts by their assigned categories for reports and when locating specific accounts.
Learn more by reading the vlogcast post:
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