When A Checkbook Isn't
Enough: Practical Accounting and Financial Management Tips by Montague
Introduction
While this isn't an accounting course, it will touch on the basics with a strong focus on practical ways for non-accountants
to manage their clubs' finances and transition from a checkbook to an accounting system.
When (and why) is a checkbook no longer good enough?
Incorporation
Taxes
Size of the Organization
Budgeting
When you realize you can't answer questions about the financial status of your group quickly and easily.
The alternative: double entry accounting
Credits and Debits
Use computer software
Make sure what ever you do is easy for someone else to take up after you leave.
Cash or Accrual?
Fiscal Year
Moving from a checkbook to an accounting system
Pick a change over date at the beginning of a month - at the beginning of a new fiscal year is best.
Balance / Reconcile your checkbook to the penny.
Define a basic Chart of Accounts.
Bring over beginning balance from checking account.
Bring over other assets.
Be sure to be consistent when handling transactions.
Don't throw out the old paper records, you may need them later.