![]() But the first two, number and name, determine the overall structure and organization of accounts and subaccounts. In a nonprofit’s Chart of Accounts, each account is identified in four ways: number, name, category type, and a short description. ![]() Instead, the Chart of Accounts provides an organizational map of your accounting structure. You don’t record any financial data in the chart itself. Specifically, it tracks your assets, liabilities, income, expense, and equity. It’s a list of the accounts you use in your organization to track your financial transactions. Because even if you only have one bank account, bill, investment, or expense, you’ll need one. If you’re brand new to nonprofit accounting, the Chart of Accounts might be the best place to start.
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