The simplicity is to due to two main reasons:
Non-profit making organizations
DIGITUS ACCOUNTANTS
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Non-profit making organizations
Although this may not appeal to majority of our clients it is important to know what is concerned with these types of accounts. Non- Profit Making organisations do not distribute its profits to owners or shareholders, but instead invests them towards meeting there goals. The preparation of these accounts are simple compared to a sole trader, a partnership or a limited company accounts.
- The members of the organisation are mainly the ones interested in this information
- The organisation has a very simple structure and simple activities
In this type of organisation a treasurer/bookkeeper or an accountant of the club or society to keep track of the cash. Below are the type of activities which would be recorded.
- Renting the hall and Annual Subscriptions collected.
- Refreshments purchase and sold
- Competition held e.g. Raffles etc purchase of prizes and amount raised
- Cost the annual dinner and the amount raised from tickets
- Recording Interest on deposit account at the bank
- Sale of equipment
