October 2023
Beginner
384 pages
10h 4m
English
Content preview from Nonprofit Bookkeeping & Accounting For Dummies, 2nd Edition
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Chapter 7
Keeping Tabs on Your Checking Account
IN THIS CHAPTER
Understanding the checkbook register
Taking in and tracking donations
Paying bills and recording expenses
Reconciling your checkbook register
Ferreting out and fixing errors
The center of many transactions in nonprofit organizations starts and ends in the checkbook register. In fact, you can find keys that unlock your nonprofit’s financial position in the checkbook register and bank statements. Having more money than you thought you had in your checking account is okay, but having less money can cost you if a check bounces.
The bank records every donation deposited and expense paid out of your checking account and sends you a monthly statement showing this activity. All deposits are considered credits (additions) to your account, and all withdrawals are considered debits (subtractions). The difference between credits and debits equals your checking account balance.
Having a checking account saves you time and energy. ...
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