What is the difference between charity and business accounting
What is the difference between charity and business accounting?
I have worked in the accounting sector for charities for the last thirty- five years, so I am well aware of the complexity of preparing the financial statements for charities.
When preparing company accounts take income and expenditure and schedule your reports. However, when doing the funds for charities, there will be a few stages because of the funding nature—most charities receive funding from different funders and donations collected from events.
When the funders fund the charity, they offer it for a purpose that they select, so the accounts constructed for that particular funder show how the charity spends that money in the sense they provided.
Business runs their business intending to profit, whereas charities work as there are many differences in preparing the accounts. Only a trained accountant in charity accounting can easily do it.
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Last Update : Dec 03, 2020 1:45 AM
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