Accounting software will come "out of the box" with at least two accounts within the Equity (or Net Assets, in nonprofit terminology) section of your Statement of Financial Position (also called the balance sheet): Retained Earnings and Net Revenue. In a nonprofit context, Retained Earnings might be renamed Unrestricted Net Assets. None of the day-to-day bookkeeping entries, whether logging a ticket sale, a donor ple…
SOURCE: artshacker.com at 08:57PM on January 7, 2024