Effortlessly Create a Receipt Slip Format for NPOs
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Receipt slip format for NPOs
Creating a well-structured receipt slip format for NPOs is crucial for maintaining clear records and ensuring proper acknowledgment of donations. Using a reliable e-signature service like airSlate SignNow facilitates this process, making it simpler for organizations to manage their documentation. This guide will walk you through the steps needed to utilize airSlate SignNow effectively.
Using receipt slip format for NPOs with airSlate SignNow
- Open your web browser and visit the airSlate SignNow website.
- Create an account for a free trial or log in if you're already a member.
- Drag and drop the document you wish to sign, or prepare for signature requests.
- Convert frequently used documents into templates for easy access in the future.
- Edit your document by adding fillable fields and necessary information to customize it.
- Sign your document and provide signature fields for the individuals who need to sign.
- Press 'Continue' to prepare and dispatch your eSignature invitation.
The airSlate SignNow platform offers numerous benefits, making document management a breeze. Its robust features provide excellent value without breaking the bank, particularly ideal for small to mid-sized organizations. Furthermore, with transparent pricing, there are no unexpected fees to worry about.
Experience the ease of professional document handling by starting your free trial today. Streamline your receipt slip process with airSlate SignNow!
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FAQs
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What is a receipt slip format for NPOs?
A receipt slip format for NPOs is a standardized document used to acknowledge the receipt of donations or payments made to non-profit organizations. It typically includes details such as the donor's name, amount donated, date of donation, and the purpose of the donation. By using a proper receipt slip format for NPOs, organizations can maintain transparent records and ensure compliance with legal requirements. -
Why should NPOs use a digital receipt slip format?
Using a digital receipt slip format for NPOs offers several advantages, including ease of creation, storage, and retrieval. Digital formats reduce paper usage, streamline record-keeping, and facilitate quicker updates to information. Additionally, they can be securely sent and signed electronically, enhancing efficiency and reducing administrative overhead. -
Can I customize the receipt slip format for NPOs using airSlate SignNow?
Yes, airSlate SignNow allows you to easily customize the receipt slip format for NPOs to fit your organization's specific needs. You can edit text fields, add your logo, and modify the design to ensure that it reflects your branding. This customization helps reinforce your organization’s identity and maintains a professional appearance. -
What features does airSlate SignNow offer for managing receipt slips?
airSlate SignNow provides a variety of features for managing receipt slips, including electronic signatures, document templates, and workflow automation. These tools enable NPOs to efficiently create, send, and store receipt slips while maintaining compliance and security. Additionally, you can track document status in real time, ensuring timely issuance of receipts. -
How does airSlate SignNow ensure the security of receipt slips for NPOs?
Security is a top priority at airSlate SignNow, which employs advanced encryption protocols to protect your receipt slips for NPOs. All documents are stored securely in the cloud, and user authentication features ensure that only authorized personnel can access sensitive information. This commitment to security gives peace of mind to both organizations and their donors. -
What is the pricing structure for using airSlate SignNow for NPOs?
airSlate SignNow offers flexible pricing plans tailored to meet the needs of NPOs. These plans are competitively priced, providing cost-effective solutions for electronic document management. By choosing airSlate SignNow, non-profits can enjoy a variety of features specifically designed to streamline the production and management of their receipt slip format for NPOs. -
Can airSlate SignNow integrate with other software used by NPOs?
Yes, airSlate SignNow seamlessly integrates with various software platforms often used by NPOs, such as CRM systems, fundraising tools, and accounting software. This integration allows for the efficient transfer of data and the automatic generation of receipt slips for NPOs as donations are recorded. Such connectivity enhances organizational workflows and increases efficiency. -
How can using a standardized receipt slip format benefit NPOs?
Using a standardized receipt slip format for NPOs enhances transparency and accountability in financial reporting. It simplifies the process of tracking donations and can help organizations convey professionalism to their supporters. Additionally, it facilitates compliance with tax regulations, which is crucial for maintaining non-profit status and ensuring donor trust.
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Receipt slip format for NPOs
hello good day welcome to another session of fog accountancy tutorials today we are going to look at accounting for non-trading organizations or what you may call accounting for non-profit making organizations but then before we proceed i would request that you subscribe to this channel if you are watching this video right now subscribe to the channel please it's very important that you subscribe to the channel share this video if you like it let us also have a benefit so that we can all grow together and be successful together all right now we are going to look at accounting for non-trading organizations we can also call that accounting for non-profit making organizations non-trading organizations are organizations that are not engaged in buying and selling of goods for profits and so we call them non-profit making organizations they usually consist of clubs societies and other organizations that are there to provide services either for its members or for society at large now what they do they they usually could be in the form of clubs societies schools hospitals and all that now these organizations their main purpose for existence is not profit and therefore we have to prepare accounts in a different way for them we are not going to prepare their accounts just like the way we do for profit making organizations remember that i told you that organizations can be true those that are there to make profits are called businesses and those that are there not to make profits are called non-businesses so we are looking at accounts for non-businesses and that is exactly what we are going to look at and before we proceed i would want us to understand one or two things associated with this type of accounts that we are going to prepare some unique terms that are associated with this type of accounts that we are going to prepare now first of all i would want to begin by showing you um a difference between the profit making organization and the non-profit making organization some of the common terms that we know and how they are different for each of them and so i would say for businesses and i'll call this place non-business or non-profit making organization now there are some things that we are already aware of for example if we in in a business we we see that the amount that is used to run their business is called capita that is in a business when we come to a non-business or non-profit making organization they call it accumulated fund so what i'm trying to do now is trying to show you differences their business and their non-business in terms of their common terms that we are going to use to prepare the accounts so what the business will call capita the non-trading organization will call accumulated fund and then also there is something that we call cash book in the business setting cash book when we come to the non-trading setting they call it receipts and payment accounts usually even though you may see that they may also say cash book but in reality you usually see receipt and payment account more than the cash book in the non-business setting and then also when we come to the business setting when we are preparing our final account the statement that we use to ascertain our profits we call it the income statement or the profit and loss account now what we may call the profit and loss account or income statement they will call it the income and expenditure account okay so what we call the profit and loss account or income statement they call it income and expenditure account and then after preparing the profit statement we are expecting to make either a profit or loss that is for the business and so for a business setting they are expecting profits now for the non-business i've already told you that their motive for existence is not to make profit and therefore if they make any kind of excess of income over expenditure they will not call it profit but they will call it a surplus so that is another difference you should take note of so with a non-trading organization you'll be seeing surplus instead of profit and also if there is a loss for the case of a business in the non-trading setting they are not going to call it a loss but they are going to call it a deficit so these are some of the differences that i would want you to take note of before we even start explaining these terms and talking about what they are all right now that is what i want you to know for now okay so let us try and understand some of these terms that i've written for the non-trading organization if you look at the equivalence of them in their businesses it becomes quite easier to define and understand them so one is the accumulated fund that is the total pool of fund that is being used to run the club association or whatever it is that is a non-profit making organization so when they pull all their funds the fund that is being used to run the organization is called the accumulated fund just like we call it capital in a business setting and then the receipt and payment account is just like the cash book okay and it contains um records of cash transactions the debit side will be for the cash receipt and the credit side will be for cash payment just like we do for the business and then when it comes to the income and expenditure account it is the final account of the non-profit making organization they also record all their incomes and take out all their expenditure so that they are going to get either a surplus or a deficit so in this case a subplot is the excess of income over expenditure for the non-profit making organization and a deficit is the excess of expenditure over income for a non-profit making organization let us also take note that we are also going to prepare a statement of financial position just like we have been doing for a business setting and that has taken note that when we get to the finance by portion instead of capital we are going to see accumulated fund okay now let me clean this and then let me introduce you to some more terminologies before we zoom into the practical aspect of this topic okay so because i told you that these organizations are usually not there for profit they are mostly clubs societies and other associations more often than not they pay something called dues okay so if you're a member of let's say a q fit club for example you pay dues to the club that you belong if you're a member of an association like membership of the association of certified chartered accountants acca and the membership of the institute of chartered accountants ghana ica these are associations where members pay dues now the deals is given a professional name called subscription take note that the what we call deuce in a professional setting we call it subscription so subscription is just like a deuce so that is one other term that you should take note of subscription because we are actually going to prepare a subscription account and subscription becomes the main source of income for most of these clubs and societies and associations so subscription is a regular payment that is being made by members of the association or the club now subscription could be paid monthly um yearly quarterly or even by annually or semi-annually it depends on the association's policy and how they use the money and how much they need at a point in time so what we are going to do is that we have to understand that subscription is part of whatever we are going to do and that is the main source of income and we are going to work on that now there are other terms that i would want you to be mindful of and one of them is called entrance fees these are times you are going to see entrance fees now entrance fees is just like admission fee when you are applying to become part of the association or club organization sometimes you pay a non-refundable fee at the beginning which you may not pay again that is what we call the entrance fees now all these things that i'm listing are income sources of income for the association and so entrance fees would is something that you also come across as we move on that is what you pay in order to get access into membership of the association and then we can also have something called life membership fees life membership fees this life now this life membership fee may not be present in every association it may differ from association to association now what it means is that you can pay a substantial amount of money now and enjoy the facilities of the club association for the rest of your life so that is what is meant by the life membership fees okay now there are other incomes and other expense items that are common to the club and society that we would come across and we can also come across something like donations donations donations could be either way it could be an income or an expense it depends when an outsider or a third party is donating to the club it becomes an income when the club is donating to the outside world it becomes an expenditure so donations could come either way so when you get a question you should be mindful of donations to see which side it belongs now all these things that i'm mentioning i'm not just mentioning them and then the differences that i faced that is not just for mentioning sick these are the same things we are going to see in the question that we are solving and so we just have to understand what it means so that will be able to treat them appropriately all right and then you can also meet an experience called honorium honorarium now honorarium is an expense it's actually the fee that you pay to a professional who comes to render professional services to the association or club so when you invite someone for example to come and give a talk on a specialized area a professional for example then you pay the person some amount of money as fees for the professional service that a person came to render that amount that you pay is called the honorarium and the honorarium will come in as an expenditure for the non-trading organization okay there are other expenditures that we are going to meet along the way and other revenues as well so for now let us get this into us and then let us look at how to go about the practical aspect of this topic all right with a practical aspect of this topic what you'll be required to do is to prepare two main statements one is the income and expenditure accounts and the statement of financial position so these are the two accounts that you prepare the income and expenditure account sometimes called revenue and expenditure accounts to ascertain your surplus or deficit and then you prepare the statements of financial position so these are the two main accounts that we are going to prepare for the non-trading organization however just like the case of the profit making organization you may have to go through some workings okay so we are going to do some workings first before we start preparing and some of those workings that we are going to go through is what i'm going to talk about so um some workings that you have to go through it differs from question to question but the obvious ones that i'm going to mention the first one is that you're going to prepare a subscription account now a subscription account is an income account remember i told you that subscription is a source of income for the non-trading organization and therefore we are going to prepare with a mindset of accruals and prepayments and remember that in my previous video on single and training complete records i taught you how to prepare the income account even though i'm going to give you the same format again here but then you can still refer to that place because over there i did much more detailed explanations on that now subscription account is what you're going to prepare and the purpose of preparing the subscription account is to ascertain the figure that has been earned for the year to be taken to the income and expenditure account you are going to see such question always for opening and closing you're going to see subscription paid in advance at the beginning and at the end and so it's likely you may see some in some questions and some questions you may not see oh but whatever the case will be i'm going to give you the format for the subscription account and then we are going to use the format for the subscription account to prepare subscriptions account and then we are going to find the amount that has been actually end remember that the accrual concept says that revenue should be recognized in the income statement only when it has been end and not when it has been received necessarily so we just need what has been end because our members could pay in advance to us or they could be owing so what we have earned for the year is what we are going to use to prepare the income and expenditure account and we are going to get that by calculating from the subscription account okay so we are going to prepare subscription now if we prepare subscription then it is also possible that we are going to prepare some expense accounts as well just like we did for the incomplete records now the expense accounts are also going to be prepared based on the principle of our cross and prepayment okay it could be that some expenses are paid in a receipt and payment account but they have always or prepayment down there in their list of balances and we may have to adjust and calculate the actual expense that has been carried for the year to be taken to the income and expenditure account remember that we are told by the accrual concept that expenses should be recognized when they are include and know when cash has been paid necessarily that is why we need to do all these adjustments to satisfy their crew our concept is very very important so we may prepare expense accounts as well to ascertain the expense items these two are mostly the basic ones that we need to do however you could meet a question where you may have to prepare the receipt and payment account again in a sense that the receipts and payments account that will be given to you or the cash account or the bank account that will be given to you may not be complete in a question and so you may not be able to ascertain your closing cash balance and so if you don't prepare the receipt and payment account again you will not get the closing cash balance to be taken to the statement of financial position and so you may have to recopy what has been given to you balance it off and prepare again in order to get the closing cash balance and so you may prepare the receipt and payment account yourself even though it's not in all questions and then one obvious thing that you prepare is a statement of affairs now remember that the statement of affairs is a statement that's the page the accounting equation where you are going to list all your assets and take out all your liabilities to get a capital because the accounting equation says assets minus liability should be your capital and so over here we have said that the capital is called accumulated fund and therefore we are going to list the assets at the beginning and unless the liabilities at the beginning and then apply the accounting equation to get the difference now when we take out liabilities from assets we are going to get the accumulated fund and that is what we need for the statement of financial position and i have told you before that to be able to prepare the statement of financial position you need your opening capital not the closing capital and that is why we need the opening accumulated fund and one so it means that the obvious workings that we are going to prepare for the accumulated fund will be our statement of affairs and i've already given you formats before in the back then i'm going to give it again here as well and so that is how you are going to go about it these are some of the common workings that you are going to meet now let me also add this in very important thing they are some of the non-trading organizations that are also engaging in trading take notes you can meet a q-fit club or an association that is running a trading venture aside whatever so they may accumulate their fund take their subscriptions and when the money is enough they think of investment and sometimes instead of investing into shares and other they would rather want to open um a business and the business will now be trading and bringing them profits now take loot when that happens it makes the question a little complex because they will provide you with information for the business that they are running outside the club and it is your job to calculate profit for that business and then bring that profit as part of other income for the income and expenditure account now the most common one that we usually see is the bar because most of the club and associations set up a bar and so you'll be preparing the bad trading account or the bar profit and loss account the income statement for the bar whatever they may call it okay so you are going to prepare all that to ascertain the profits for the bar or for whatever business venture into which they are and when you have been able to prepare and it because that one is a business you are going to apply the rules for businesses and that is where you are going to have sales you are going to have purchases and all that and when you are able to prepare for your profit for whatever side business being in the bar or any other type of business the profit you are going to get from that business will come into the income and expenditure account as income and that is that means that it doesn't mean they have converted their status from non-trading to trading organizations no but you just have to prepare profits for them for that little venture and bring their profit here so if it was a loss it's also common as an expenditure in the income and expenditure accounts i'm sure you are getting it all right so that is it for the income so you may prepare a trading account for whatever if it's buy or whatever it is then you will be done and then you can start your income and expenditure account now take notes that there could be depreciation as well and any other workings so you are not limited to only these three of all that i've written but you have to open up your mind and be ready to apply your accounting principles as and when they are needed so if you realize that there is depreciation that is supposed to be provided for why not you have to provide for depreciation which i'm sure by now you are very familiar with the calculation of the precision okay so what i'm going to do now is i'm going to give you a format for the subscription account the expense account and then maybe repeat for the statement of affairs so after i give those three formats then i'll share with you a question a practical question that i have here i'm going to solve it together with you and i'm going to make sure that at least the questions that i'm going to solve will cover a lot of these tricks and issues so that at least you'll be conversant on how to deal with them when you meet your own questions so let us first of all look at the formats for the subscription account and then the other ones that are relevant okay all right so we are preparing the subscription account together we want to look at how the subscription account will look like so remember i told you it's an income account subscription account this is how to go about it putting my currency sign here the ghana cd because i'm in ghana all right so all right now this is how the subscription account is just like a normati account we are going to begin with a prepayment and our crew house if there is an opening balance for a prepayment now the prepayment of subscription comes as a liability to the club okay and so it's going to be shown on the credit side so balance brought forward for a prepayment will be issued on their credit side because we are liable to pay back to them ing to their cruel concept and then the balance brought forward if it's an owing rather will come to the debit side because it comes in as an asset when people are our members are owing us as a club we it is a receivable from them but when we are rather owing and when they have paid in advance once they have not enjoyed the service for the coming year we see that we are rather liable to pay so that is why the opening balances it is opposite to that of the expense account after the subscription i'm going to show the expense account as well okay so once you have the question the question will show you if there is any win it will be stated the opening balance and the closing balance should be stated if there is any prepayment to it to be stated so what i want you to do is to just do it this way bring the opening balance for the oven to the debit if there is any prepayment bring it to the credit then the closing balances will come as balance carry downs and therefore you can leave about two spaces here and then you bring it to the opposite side here as a balance carry down for prepayment remember that it will go in the opposite direction the opening will be here and the closing will come to the opposite side as i carry down that means that the opening or win will be on the debit and then the closing owen will also be here always or a crew house will be here on the credit side the reason why i have left spaces here is because i'm going to make entries there and the entries that are going to be made are two take notes there would be a receipt and payment account that shows on the debit side that we have received some subscriptions for the year so when we move to the debit side of the receipt and payment account or the cash book we have received some subscriptions and because they are debited to the cash we or the receipt and payment account they will be credited to their subscription account ing to the double entry every debit entry must have a corresponding credit entry and so we'll go and pick it from there and then we'll come and credit the subscription account in the name of receipts and payment or bank account depending on whichever the question has provided so when we do this then we can now balance of these accounts so we will add up and usually the credit side should be greater than the credit that the debit side so we put that there and then we put the same total on the debit side what is going to happen is that there will be a difference that difference is what we are going to put here and we will call it income and expenditure in other words that is actually the amount that is going to be taken to the incoming expenditure account as subscription revenue end for the year and so when we go through all these things the purpose is to find this figure this figure which will only be the difference the difference in the balancing because we have the two balanced one forward we have the two balance carried downs we have that from the receipt and payment account so the difference is going to the income and expenditure account this is how to arrive at such questions and for the year okay then we are going to prepare same or similar for expenses account now for the income account i named this subscription because that is the most common income you are going to see but if there is any other income you can still use the same format however for the expense account i cannot name the expense because it could be rent it could be salaries it could be any other expense that is coming in so remember that i'm going to call it expense account but when you are preparing you name it ing to the expense that you see in your question and so let me say we are also going to prepare expenses account as and when they are needed so expenses account or expense account let me put my currency sign in here again and then like i said it's going to be the opposite of the income account so as we started on the debit side with the always it means that with the expense that always would rather be on the credit and the prepayment would rather be on the debit that is how it works because expense prepaid rather coming as an asset and then expense or win rather as a liability and so we are going to begin with a balance brought forward which is a prepayment prepaid or paid in advance if the expense is paid in advance is the opening balance of the prepayment to be debited and then the balance brought forward or the opening balance for always or rather be on the credit side and just like we did we leave about two spaces then we come to the opposite sides and we put the closing balances so over here it will be for always or people or crew house and then they prepayment or their paid in advance closing balance for that also be on their credit side and then having posted the opening and closing balances the same way you go to the receipt and payment account this time because it's an expense when you are paying it to be credited to your cash book or receipt and payment account and every credit entry must have a corresponding debit entry so we are going to debit the expense account rather so when we come to the expense account we put receipts and payments here the receipt and payment is just like your cash book so you put it here and then you finally balance this off and when you are balancing you see that the debit side will be greater than the credit side so the difference will come here into the middle here and we call it income and expenditure meaning that that is the amount that you need to take to the income and expenditure for that particular expense so that is the difference so this is how you are going to go by your subscriptions account and the expense accounts and then finally let us look at the format for the statement of our face again even though it's in the previous topic but someone may not have watched it so statement of our first assets then you bring the date remember we are going to prepare the opening statement of our fest for the accumulated fund and i told you that with the statement of affairs there is no need maybe to group into non-current assets and current assets and non-current liabilities and current liabilities even though in your recording you show respect for their non-current assets before the current asset however their mentality here is just the accounting equation list your assets list your liabilities add them up each take your total liabilities from your total assets and you have your capital in which case we are going to call it accumulated fund and so we'll start with your assets and the asset value will come so let's say you have some non-current assets like motor vehicle they will come first let's say you have land that will also come and then the non-current assets could follow inventories or stock will follow and then you have receivables or let's say in this case you have subscriptions owns subscription always is also an asset remember i told you that and then you may have cash as well so let's assume these are your assets you list them you have your total asset and then you can take out your liabilities it's as simple as abc and so in your liabilities you could have a loan that you are using for a project or you could have some payables and then you could have subscriptions prepaid and expenses always so let's assume these are only liabilities so when we add up the liabilities we are going to subtract that from the assets and the resultant figure is called accumulated fund so that is how you go by accumulated fund okay so this is your statement of affairs at the beginning of the year now you're going to prepare to get your opening accumulated fund for the statement of financial position having gone through these workings the rest is for us to take a question and then we are going to solve the question together remember to subscribe to this channel because the question is going to be solved in the part 2 of this video ring the notification bell as well so that when i put up a new video i upload a new video you get that notification right on your device god bless you for watching and until we meet again next time it is bye for now
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