Should there be any discrepancies that come up through the reconciliation process, you can then take action to resolve them. Check that all incoming funds have been reflected in both your internal records and your bank account. Find any deposits and account credits that haven’t yet been recorded by the bank and add these to …
Account Reconciliation: Example, Types, Process, Best Practices Read More »
You do not have to wait for year end to do this, this entry is/should be made after all opening balances are entered. Correcting this requires creating a journal entry to reclassify the Opening Balance Equity and zero it out. In our example, the Opening Balance Equity represents owner contribution (the $10,000 of your own …
Enter and manage opening balances in QuickBooks Online Read More »
As your nonprofit grows and steps out into more complicated financial projects, AccuFund lets you purchase tools that fit your organization’s needs. When managing payroll for a nonprofit, bookkeepers must administer federal and state taxes, deduct money for employee benefits, and determine how funds are affected. Each statement relies on quality information regarding the organization’s …
The Best Guide to Bookkeeping for Nonprofits: How to Succeed Foundation Group® Read More »
Since the entity receives only USD30,000; therefore, USD30,000 remains as receivable in the balance sheet. For example, the entity has a long-term deposit of the excess amount of cash into the bank with an interest rate of 12% annually. Moreover, at the beginning of Year 0, the accounts receivable balance is $40 million but the …
Journal Entry for Accrued Interest Income Example Read More »
