Errors must therefore be discovered and corrected on a timely basis to ensure that users can rely on the information contained in the financial statements. The first accounting change, a change in accounting principle, for example, a change in when and how revenue is recognized, is a change from one generally accepted accounting principle (GAAP) to […]
Nonprofit Bookkeeping: A Step-by-Step Guide
Weekly meetings with an accountant should go over how to adhere to your budget goals and track fund accounting. The statement of financial position represents the nonprofit version of the balance sheet. This statement provides insight into how much a nonprofit owes, what it owns, and how much money is left. Unlike for-profits, nonprofits don’t […]
Balance Sheets & Financial Statements 101
Too much debt on the balance sheet shows you may default on debt or declare bankruptcy. Using this accounting statement, you can easily identify these issues in advance and avoid long-term financial troubles. With these tools on hand and the help of our handy restaurant balance sheet template, filling out your restaurant balance is a […]
