Volunteers often make up a large part of a nonprofit’s staff and may leave an organization with short notice, which can cause recordkeeping gaps. Get our FREE guide to nonprofit financial reports, featuring illustrations, annotations, and insights to help you better understand your organization’s finances. We’ll help you modernize your nonprofit accounting & bookkeeping systems to get consistent and accurate…

With our help, you can experience increased efficiency and deeper insights into the financial performance of your organization. There are some times that we’ll request documents from you (like account statements or receipts), Bookkeeping Services in Lincoln just to ensure the information we have is correct. If you need to share files with your bookkeeping team, it’s as simple as…

The purchase returns and allowances account is offset against total purchases when calculating the cost of goods sold. Any difference between invoice price and reduced price (i.e., the price that is finally received from the customer) is known as allowance. This allowance should not be confused with the sales discount, which is initially entered in the cash receipts journal at…

This will ensure that the bank deposit accurately reflects the payments you intend to deposit. In your case, it appears that you matched the payments with the bank deposit downloaded via Banking Feeds, which explains why the deposits on your bank statement were cleared. Now, to clear the balance in your Undeposited Funds account, we have two options to avoid duplicate…

In many cases, nonmetals form more than one binary compound, so prefixes are used to distinguish them. Binary ionic compounds are between a metal and nonmetal. This does not mean there are two atoms, but two types of atoms, so how do marketable securities impact a company’s financial statements Al2S3 is a binary ionic compound. The rules are simple, name…

In most cases, companies receive payments through the bank for this process. However, companies may also issue shares in other cases, for example, in exchange for goods or services. When it issues no-par stock with a stated value, a company carries the shares in the capital stock account at the stated value. Any amounts received in excess of the stated…

You should compare savings account yields by looking at annual percentage yields (APYs). Comparing APYs means you don’t have to worry about compounding frequency because the effects of compounding are already included in an APY. Comparing APYs will give you an apples-to-apples comparison of yields. It’s important to remember that these example calculations assume a fixed percentage yearly interest rate.…