![]() The concept of ‘Fund Based Accounting’ refers to the accounting whereby receipts and income relating to a particular fund are credited to that fund any payments and expenses are debited to it. What is fund based accounting in simple words? ![]() It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. What is fund accounting in simple words?įund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. Whereas a profit entity would have a general ledger, which is a single self-balancing account, nonprofits typically have a number of general ledgers, or funds. The key difference in for-profit and nonprofit standards is the concept of fund accounting, which focuses on accountability rather than profitability. What is the difference between fund accounting and regular accounting? It boasts a robust set of church accounting features like donation tracking, event management, and reporting. Is QuickBooks good for churches?Īnother powerful product from the QuickBooks family is QuickBooks Desktop Premier Nonprofit Edition, and it works well for churches. However, you can qualify for a deep Quickbooks discount through a membership in TechSoup. Parent company Intuit does not advertise a nonprofit discount. Does QuickBooks offer discount for nonprofits?
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