Accounting, budgeting, forecasting, and taxes can be hard, especially if you are new to keeping the books. In this training series will will cover everything you need to know to get started in keeping the books for your non-profit organization. We will cover:
By the end of this series, you will have setup a complete accounting system for your organization. You will be able to track all bank, credit card and paypal transactions. You'll track everything against your budget. Your summary reports will automatically update everytime you enter a transaction and multiple double checks will help you avoid mistakes. You'll be able to track all student fees and do so in a way that protects student privacy. Finally you'll have an easy way to fill out page 1 of the IRS tax form 990EZ, with advice and recommendations for completing the neccessary tax schedules that go with it. If you are like many non-profit organizations that lack a steady revenue stream, the question "How are we doing?" can be very difficult to answer. This accounting system can help you answer those difficult questions and keep your team in good financial shape.
About the trainer: Scott Davis has been a mentor with KnightKrawler Robotics since 2014. Scott is not an accountant or attorney. All legal and tax advice should be verified with your professional representatives. Scott holds an MBA from the Univeristy of St Thomas and has been an entrepreneur for over 20 years. Scott currently operates two small businesses. Scott has been performing the accounting duties for his S-Corp and LLC businesses for over a decade with the guidance of his tax professional. He is the current treasurer for KnightKrawler Robotics, a registered 501(c)(3) in the state of Minnesota.
An overview of what we will build and quick demonstration of how it works
Things to consider when choosing or building an accounting system. Skip this session if you already know you want to use Google Sheets or Excel
Choosing a fiscal year, creating a budget, tax planning and student equity considerations related to finances.
Tracking student paments with privacy considerations, tracking your banks deposits and withdrawls, breaking transactions into multiple budget categories, and reconciling accounts
Comparing your actual income and expenses to your budget, and adjusting your budget projection mid-year
Creating reports, reviewing your activity, and budgetting tips for travel fees.
Adding credit cards to your finance tracking, tracking student payments, and dealing with sponsor payments directly to FIRST.
Getting your books in order for taxes, and mportant considerations to make tax filing easier.