40 Essential Features of a Modern Accounting System contributed by Sage Intacct
Download the Nonprofit Accounting Software Buyer’s Checklist and get a list of the 40 essential features of a modern accounting system
The Nonprofit Accounting Software Buyers Guide contributed by Sage Intacct
Download the Nonprofit Accounting Software Buyer’s Guide to get a valuable tool to help you evaluate and select the right accounting software for your nonprofit.
How to Check a Bank Reconciliation Statement – Top Tips
A bank reconciliation is a very powerful control tool that enables the organisation to identify omissions and errors in its own records, as well as being the only way to spot cheque fraud, bank errors and even bank fraud. It is therefore very important for managers to carefully check bank reconciliation statements every month.
Reading Project Budget Monitoring Reports – Top Tips
A budget monitoring report is a financial report that shows actual income and expenditure for a certain period compared to the budget for the same period. Finance staff should prepare budget monitoring reports regularly throughout each project, normally once per month
One aspect of strategic financial management is assessing and managing the risks facing the organisation. If there are significant financial risks facing the organisation that the trustees fail to address, it may threaten the organisation’s financial sustainability. The trustees have a responsibility to ensure that a risk assessment takes place. It is often best done by a group of people including some board and management, say once a year. Your auditors may also be able to help or advise.
Petty Cash Float Top-Up Example
When you operate a fixed float for petty cash (called an imprest) then the amount you top up is always equal to the amount that you spent. This form lists out all the payments made since the previous top up, as the basis for requesting the next top up. Use it every time you wish to top up your petty cash float, so that signatories can know what the money was spent on before withdrawing more cash from the bank.
This payroll spreadsheet can be used in most countries, and is designed for small NGOs with fewer than 15 or so employees.
Minimum Standards Checklist
The Minimum Standards Checklist highlights the 7 most critical aspects of financial managment that should always be in place in every NGO, together with the reasons why. It also lists some additional areas of best practice.
Journal Voucher Example
A transaction involving money is always backed up by a payment voucher or receipt. The equivalent back up document for a transaction not involving the movement of money is called a journal voucher. Examples of ‘non-cash’ transactions include to recognise a donation in kind of a computer, to correct a coding error in a previous closed month, to charge interest on a loan or depreciate fixed assets.
Funding Grid Example
A funding grid is also sometimes called an income allocation grid. As you submit funding proposals, sign grant agreements and generate unrestricted income through the year, use the funding grid to keep track of how much of your annual budget is funded. It helps you identify funding gaps and potential double funding.