What Fund Accounting Jobs Are All About
Fund accounting is a type of accounting system that emphasizes on the accountability rather than the profitability. Quite opposite to the corporate as well as various other business endeavors that focus on the profit from all of their operations, the non-profit organizations as well as the government sector focuses on the accountability of the funds that they collect. The financial statements of the non-profit organizations as well as the government have a special requirement in which they have to show how money is spent rather than how much profit was earned. On the contrary the profit-oriented businesses focus on the amount of profits that are earned from the operations that are performed. Quite unlike these profit oriented organizations, the non-profit organizations and the government can maintain more than one ledger as per their requirements.
The categories of funds that are used by the non-profit organizations are the current funds, endowment funds, custodian funds, land and building, as well as equipment funds. The funds that are used by the government are the governmental funds, proprietary funds, and the fiduciary funds. An accountant who is working in any of these organizations is known as the fund accountant.
The fund accountant jobs entail responsibility like:
The qualifications that are required in the fund accountant jobs are: