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Regarding Nonprofit Accounting, are there rules/policies regarding source documents and receipts for payments or purchases made by the nonprofit organization? Is it different if payments or purchase is made by petty cash, check, or credit card?

Question

Regarding Nonprofit Accounting, are there rules/policies regarding source documents and receipts for payments or purchases made by the nonprofit organization? Is it different if payments or purchase is made by petty cash, check, or credit card?

 

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Step 1

Not-for-profit bookkeeping alludes to the remarkable arrangement of recordation and detailing that is connected to the business exchanges occupied with by a philanthropic association. A charitable substance is one that has no possession premiums, has a working reason other than to procure a benefit, and which gets noteworthy commitments from outsiders that don't hope to get an arrival.

Step 2

Source reports are the physical premise whereupon business exchanges are recorded. Source archives are regularly held for use as proof when evaluators later audit an organization's fiscal reports, and need to...

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