Does Your Chart of Accounts Make the Grade?

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Chart of Accounts (COA) comprise the basic structure used to record the financial effects of transactions. They should store, categorize, structure, and segregate transactional data for supporting financial and management reporting. It serves as the basis for the fiscal administration of your nonprofit’s funds, programs, projects, organizations, and activities. If well-designed, Chart of Accounts provide an understanding of your financial health by grouping the accounts that define each class of items for which money is spent or received, and by organizing finances and segregating expenditures, revenue, assets and liabilities

Overhauling your nonprofit’s COA is an opportunity to find new efficiencies in …read more

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