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Common nonprofit bookkeeping tasks include: Recording donations Entering accounts payable and receivable Organizing and reviewing bank statements Maintaining the generalledger These everyday financial duties help bookkeepers provide a clear and up-to-date picture of the nonprofit’s financial status.
You might start with one single item, but knowing where you might be two or five years from now will be helpful in developing your strategicplan. Open a bank account If you are going to start a company, it’s vital you segregate your personal expenses and assets from your company’s expenses and assets. Plan it month by month.
The generalledger layout is generic in nature. The non-standard reporting creates minor issues with annual bank audits. The company has never created a budget for planning purposes. Make use of fraud protection services offered by the bank, including Positive Pay and Fraud Protection on ACH transactions.
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