About Non-Profit Financial Account Keeping

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Non-profit financial account keeping requires a basic understanding of the accounting and reporting that needs to take place for the government body that is providing funds. Learn the difference between cash and accrual basis accounting with insight from an accounting professor in this free video on accounting.

Part of the Video Series: Accounting Careers & Information
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Video Transcript

Hi, my name is Shawn Jones, adjunct professor here at Argosy University. Today, we're talking...we're discussing the topic of doing the accounting for a non-profit organization, which is very different from doing the accounting for a for-profit organization. In a non-profit organization, since you are gaining some type of grant or funding from a city, state, or a federal government, there is much...a lot more government oversight in accounting and reporting that needs to take place. So being able to have a basic understanding of those reports and what is needed to provide that information to the governing body from who you're receiving your funding from becomes very essential. There are some similarities, however. In a non-profit organization and in a for-profit organization, you'll need to gain a basic understanding of financial accounting -- being able to understand the difference between cash and accrual basis accounting, but also other basic functions such as accounts receivable, accounts payable, and payroll are all very similar in non-profit and in for-profit organizations. For more information about this topic, please visit our website at argosy.edu. There you can find our phone number or an address to come and visit our Salt Lake City campus.

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