TUL560 COMMUNITY ECONOMICS

Developing Yearly Statements of Accounts (to be developed)

In an NGO it is important to develop publicly accessible accounts, so no-one can question the way common funds are used.

In a business, ongoing management requires a clear picture of the financial health of the organization.  The following documents show that health

This requires monthly and yearly

• Statements of income and Expense for an NGO or Profit and Loss for a Business.
• Balance sheets

In addition at the end of each year a list of assets ( things like computer equipment, office furntiure, builidings, land etc)with their depreciation needs to be kept. This affects the balance sheet.

The balance sheet and Income and expense statement enable a system of checking the cash flows month by month.