Category: Bookkeeping

First, they provide transparency and accountability to stakeholders, including donors, board members, and the public. By disclosing the organization’s financial activities and performance, these statements allow stakeholders to assess the nonprofit’s financial health and make informed decisions. Second, nonprofit financial statements are essential for compliance with regulatory bodies. Addressing Community Problems: How to Create Effective…

A trial balance is an internal report that itemizes the closing balance of each of your accounting accounts. It acts as an auditing tool, while a balance sheet is a formal financial statement. When drawing up the trial balance, we’re going to take each of the closing balances of the accounts above and list them…