In case you missed the other parts here they are. In this first part we will cover what normal balances are and the various sections of the chart of accounts. The second part goes over the chart of accounts order- its numbering, how the order of accounts translates to reports, some do’s and don’ts, and… ⪼ Continue Reading…
Finance
Is QuickBooks Safeguarding Your Payroll Data or Selling It?
QuickBooks is going to start sending payroll data to consumer credit agencies like Equifax, which has already amassed 300 million current and historic payroll records. This QuickBooks’ policy change will take effect later on this year unless organizations ‘opt-out’ by July 31st. It was nice of them to give companies 30 days to ‘opt-out’ of… ⪼ Continue Reading…
A Church Chart of Accounts Explanation – Part 2
This is the second of a three-part series. In this blog we’re going to review the order of the chart of accounts, account numbering, how the order of accounts translates to reports, some do’s and don’ts, and finally the two main methods of accounting – accrual and cash-based. In the third article, we’ll review why… ⪼ Continue Reading…
Managing Church Finances – The Right Way
A quick search for ‘managing church finances’ will give you a lot of information on creating a budget and following it. Budgets are important of course, but it’s crucial that churches don’t place too much emphasis on this tool. Budgets often roll forward each year, rarely changing unless there is a large discrepancy for one… ⪼ Continue Reading…
Accounting For Churches — Avoid These Mistakes
Let’s start out this topic of accounting for churches with two quotes. The first is from Charlie Munger, Warren Buffett’s business partner for over four decades. Charlie once said, Proper accounting is like engineering. You need a margin of safety. Thank God we don’t design bridges and airplanes the way we do accounting. Charlie Munger.… ⪼ Continue Reading…
Quickbooks For Church Accounting
When choosing a church accounting package, the first question that should be asked of any package is — does it obey the Financial Accounting Standard Boards (FASB) Topic 958 and other rules set forth by GAAP and the IRS? If the software doesn’t enforce strict guidelines to follow these rules, then it really doesn’t matter… ⪼ Continue Reading…