Accounting and Financial Reporting
The following web sites provide brief and simple introductions to bookkeeping, accounting and petty cash management. Unfortunately, most of the info on the web is from U.S. sources which means everything may not apply to Canada with its own set of accounting rules and practices. Nevertheless most terms and practices are similar. Canadian sites are noted as such.
Covered here is information on preparing a chart of accounts, what should be included in financial reports and how to prepare for an audit.
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A Chart of Accounts is a list of items that you want to track through the accounting system. For example, do you want to track office supplies, or do you want to track paper, pens and ink? This site makes the Unified Chart of Accounts (UCOA) for nonprofit organizations freely available to any nonprofit, accountant or consultant - it is U.S.-based but very useful when you are setting up or changing your accounting system.National Center for Charitable Statistics -
This website was developed by Imagine Canada to help registered charities understand what they must do in order to meet Canada Revenue Agency (CRA) requirements.Imagine Canada -
Very small nonprofits rarely have the funds or expertise to install and manage sophisticated accounting systems that contain controls to minimize the likelihood of fraud or embezzelment. This blog entry provides 5 tips that can be implemented by small nonprofits to improve financial controls.Blue Avocado -
An excellent short article explaining the special things you should know as a nonprofit when it comes to your financial accounting practices.Imagine Canada -
This guide is intended to assist the audit committees of small nonprofit organizations to perform a limited review of their organizations' financial statements. This guide should help the board of directors control financial activities until they reach the stage when a professional audit is possible. It emphasizes the importance of internal controls in safeguarding the assets of their nonprofit organization.Virginia Society of Certified Public Accountants