Accounting records is a broad category which includes details on individual financial transactions such as the date and amount of deposits or withdrawals, cheque numbers, bank account numbers, daily balances, etc. Normally it is called the general ledger.

Financial statements are a broad overview of a non-profit’s financial position, presented for member approval at each Annual General Meeting (AGM). Financial statements generally include four documents:  income statement, balance sheet, cash flow record, and equity (retained earnings) statement.