Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement

CHAPTER 33

Automating the Accounting Records

33.2 What to Automate

(b) Typical Accounting Software Modules for Not-for-Profits

(i) General Accounting Modules

33.3 Selecting the Right Software

(b) Steps to Selecting the Right Accounting Software

33.4 Implementing the New System

33.2 What to Automate

(b) Typical Accounting Software Modules for Not-for-Profits

(i) GENERAL ACCOUNTING MODULES

p. 634, second bullet. Replace the third sentence with: “Many not-for-profits, especially those relying on revenue from donations, grants, and fundraising, may not need an accounts receivable system.”

p. 635, first complete bullet. Replace the first sentence with: “If an organization has a significant number of items that it holds for sale or use (i.e., a thrift shop or bookstore), an inventory system may be helpful.”

33.3 Selecting the Right Software

(b) Steps to Selecting the Right Accounting Software

p. 637, Step 1, seventh bullet. Remove “17” from the seventh bullet.

p. 638, Step 4, seventh bullet. Add “, etc.” after “inquiries.”

p. 638, Step 5, third bullet. Change “e.g.,” to “i.e.,” in the third bullet.

33.4 Implementing the New System

p. 639, last bullet list, twelfth bullet. Change the first sub-bullet under the twelfth bullet to read: “Plan approach, cut-off dates, data cleansing (if applicable), and crosswalks of data from old to new system.”