The presentations and materials below are helpful in ensuring that you account for your library grant correctly and submit proper grant requests and financial reports.
For more information, please also review:
- Accounting FAQs
- Bookkeeping Training Resources – LiRN
- Financial Information for Associations – LiRN.
- Payroll Basics – LiRN
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OCLA Accounting Manual
In 2016, OCLA prepared an Accounting Manual to guide colleagues with the best strategies to using the SAGE accounting software for library staff. The accounting instructions have not needed to be updated since 2021. Welch LLP has reviewed this Manual in Nov. 2023.
Please review this Manual since it will answer many of the questions you have and the instructions are often similar in QuickBooks. Topics covered include entering your yearly Budget into Sage, how to produce Comparative Income statements (Actual and To Date) [under Budgets topic], Entering Invoices, Making Payments, Recurring Transactions, Deposit Slips, Bank Reconciliations, Remittance, Payroll and More.
LiRN Accounting FAQ Sessions
LiRN’s accountants (Welch LLP) have presented sessions on accounting based upon questions submitted from the network as well as Excess Fund Balance accounting questions.
Topics included:
- What is a fund balance / fund balance accounting
- Not-For-Profit Organizations (“NPOs”) receive contributions/funding (Grants) from sources (LiRN) that have restrictions on them which stipulate how they should be used (for Library operations).
- NPOs have an obligation to track restricted contributions to ensure they are expended correctly
- In the case of the Associations operating the Libraries, this set out in the U.S.A. and Grant Administration Policy.
- Consult LiRN’s Core Library Services and Management Responsibilities Policy
Additional Library Services and Responsibilities Policy if you are unclear about what the Grant from LiRN can be spent on.
- Separation of Library and Association accounting records
- Accounting Questions from network:
- Accounts Payable (AP) / Accounts Receivable (AR)
- Depreciation / Amortization
- Accrual v. Cash Basis accounting
- Connecting QuickBooks/Sage to bank account
- Setting up Sage to record methods of payments
- Journal Entries – Corrections, can you delete/reverse old errors
Accounting Best Practices (February 2026)
- Survey Results and Emerging Themes
- Survey questions answered by Marta Klakov (Senior Manager at Welch LLP), Mofola Lyon (ED of Finance at BLG, LiRN Board of Director) and Theresa Leitch
- Discussion and Q&A
- Recording: Accounting Best Practices (42 minutes)
- PowerPoint: Accounting Best Practices
Accounting Questions Session (November 2024)
- Cash v Accrual accounting
- Debits and Credits
- Depreciation
- Correcting Journal Entries
- Separation of Association and Library books
- HST – Income under $ 30,0000 you do not need an HST account or to separate the amount
- PowerPoint presentation
- Recording
- Depreciation Calculation Formula
- Edited Transcript of Presentation
Payroll Basics (January 2024)
See Payroll Basics Session page (Jan. 2024) on the wiki for details about the session hosted by LiRN’s accountants.
Accounting Questions Session (November 2023)
- FAQ session PowerPoint Prepared by LiRN’s accountants, Welch LLP, Nov. 20, 2023
- FAQs provided by LiRN accountants Welch LLP
- FAQ Nov. 20, 2023 Recording
Accounting & Fiduciary Duties for your Board & LiRN (April 2023)
Know your Accounting was created by Mary Jo Petsche, Executive Director & Ashley Gibson, President, of Welland County Law Association for FOLA in 2022. The presentation focused on best practices for financial reporting. We have asked them to present it for the LiRN Network as part of our Learn with LiRN Curriculum. April 4, 2023. Recording on LWL YouTube.
Accounting Basics for Library Staff (February 2023)
Presented by Betty Dykstra, York Region Law Association. Our thanks to Betty for condensing accounting jargon and procedures into understandable language for library staff who may not be familiar with this type of reporting. Feb. 20, 2023.
- Accounting Practices (PDF of presentation)
- Accounting Practices (script)
- LwL Recording of session
- OCLA Accounting Manual
- LTD Formulas
- T4 Workaround
- LiRN Benefits questions
LiRN Financial Reporting Session (May 2022)
Theresa Leitch, Managing Director of LiRN, presented a session on LwLYouTube about the new LiRN Chart of Accounts, Budget Template and Statistics Gathering Form. Text of the chat discussion. See Library Reporting Requirements for dates for additional information.
Have any Accounting tips?