How to Do Fund Accounting in Freshbooks
Fund accounting is a specialized technique designed to track the allocation, usage, and restrictions on an organization’s finances. For nonprofits especially, tracking every dollar received according to donor restrictions or program requirements remains critical to their operations. FreshBooks, while primarily known as a cloud-based accounting solution for small businesses, can be adapted to handle many nonprofit accounting needs—including fund accounting. This comprehensive guide explores the fundamentals of nonprofit accounting, why fund accounting matters, and provides a detailed walkthrough of implementing fund accounting in FreshBooks.