Charatible non profitable organatization


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 their goals. The preparation of these accounts are simple compared to a sole trader, a partnership or a limited company accounts.

The simplicity is to due to two main reasons:

  • 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