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Tax Tips For Not-For-Profits

Tax Tips For Not-For-Profits

Not-for-profit organizations receive many tax benefits and breaks that are not available to for-profit organizations. As such, filing a tax return for a not-for-profit is an entirely different, and often more challenging, than those for for-profit organizations. With the year’s tax deadline rapidly approaching, we’ve provided you with some tips to help benefit your not-for-profit organization.

What Is A General Ledger?

What Is A General Ledger?

As you prepare for tax season, you may have come across some unfamiliar terms. One of those may be a general ledger, or a general ledger account. A general ledger is an account or record used to sort and store balance sheet and income statement transactions. It contains all the accounts for recording transactions relating to a company’s assets, liabilities, owners’ equity, revenue, and expenses. Essentially, the ledger provides a complete record of financial transactions over the life of the company.

What Is A General Journal?

What Is A General Journal?

Journals are considered as books of original entry. A general journal, in accounting terms, records every financial transaction that takes place. Accounting entries are first recorded chronologically in a journal. Companies may use a journal to record routine transactions, but will primarily use them to record nonroutine transactions. Depreciation, bad debts, stock sales, interest income and expenses, and sale of an asset can all be recorded on the general journal to help ensure their accuracy.