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JBrown1
JBrown1
December 30, 2020
Question

Bookkeeping for microgrants

  • December 30, 2020
  • 1 reply
  • 0 views

I'm bookkeeper for a non-profit organization which has decided to issue micro grants to other related organizations in the environmental sector. For grantors, is there a link anywhere that provides insight on the bookkeeping and reporting required?

1 reply

C
CaitlinOG
December 30, 2020

Hello JBrown1, 

 

It's great to hear that your client's organization is now offering grants to other organizations. Bookkeeping requirements for non-profit organizations vary from for profit corporations, I can help shed some light on this for you. 

 

You can find information about bookkeeping for non-profits at this link here: Not-For-Profit Accounting In Canada. The Tax Requirement section highlights what forms to submit and how to meet the requirements put in place by the CRA.

For a specialized bookkeeping situation such as this, it's best to consult the Canada Revenue Agency or a chartered accountant in order to determine how these transactions need to be handled. If the organization has an accountant already, you can invite them to the QuickBooks Online company through the My Accountant tab. You can also use the Find a pro to help to find a QuickBooks Certified accountant with expertise in non-profit organizations. 

 

I hope this helps. Have a good evening!

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