What is a statement of activities in QuickBooks?
A company’s statement of activities is a record of transactions that happened over a period of time. While your client’s balance sheet is a snapshot view of what its company is like at a certain date, a statement of activities summarizes what happened during a month, quarter, or full year.
What is included in the statement of activities?
A statement of activities quantifies the revenue and expenses of a nonprofit entity for a reporting period. This is the nonprofit version of the income statement that is used to report the financial results of a for-profit business. The rows in the statement reveal revenues and expenses.
Is a statement of activities a balance sheet?
Like a balance sheet, the SOP shows the organization’s assets and liabilities. The main difference is that in an SOP, what is left after you subtract the liabilities from the assets is called the net assets.
Is a statement of activities a profit and loss?
Statement of Activities. A business’ profit and loss statement shows income and expenses with either a profit or a loss as a result.
How to convert QuickBooks to a government accounting system?
There are 3 major components in converting a QuickBooks system into a government approved accounting system (or DCAA compliant accounting system): Structuring QuickBooks in a proper job cost type format Providing current QuickBooks information to an external engine to calculate job cost reports and calculate indirect billing rates
How to account for government grants in QuickBooks?
An enterprise can adopt any two of the accounting approaches to undertake the accounting treatment of government grants. These include: It must be noted that the accounting treatment of a government grants must be based upon the nature of grant itself.
What are the features of QuickBooks for government accounting?
The first component is the structure of QuickBooks. The major structure elements are clearly outlined by the FAR and the DCAA but include: General Ledger set-up, numbered chart of accounts & pooled indirect expenses Identification of direct expenses to single cost objectives System capability to segregate costs to line item detail
What is a statement of activity?
The statement of activities is one of the main financial statements of a nonprofit or not-for-profit organization. A nonprofit’s statement of activities is issued instead of the income statement which is issued by a for-profit business.
