Charities Fund Accounting for reports.
Charities Fund accounting for reports.
The main difference in the way of maintaining accounts in business and charity is accounting for funding. Fund accounting for charities split the income and expenditure charges into several categories according to the purpose of funding received from the funders.
Let me look at the different types of funding that a charity receives when running it.
Funding received from a funder, not for any particular purpose mentioned by them. The charity can use this fund for any of their expenses in running a charity set by the trustees.
The charity could use only for the charitable purpose that said in donor’s information document when it donated to the charity.
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