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fund accounting

Paycheck Protection Program (PPP) and Churches

April 17, 2020 by Robert 10 Comments

The following is an example of how a PPP loan could be received and processed by a church using IconCMO’s full-fund accounting system. Sample:  PPP Loan for $100,000. For this client, all transactions will still come out of the main checking account using the General Fund and qualifying expenses will be reimbursed with the PPP… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church management software, church payroll, fund accounting

Fund Accounting Definition – Churches & Not For Profits

April 6, 2020 by Jay

Stack of coins and bag of money. Each stack of coins represents a different area of the household budget like car, house, health, family time which is just like fund accounting.

The official definition of fund accounting is described as “(1) an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. (2) It emphasizes accountability, rather than profitability, and is used by Nonprofit organizations and by governments. In this method,… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church management software, fasb compliant software, fund accounting, irs compliant software

Church Accounting vs. For Profit Accounting

March 10, 2020 by Jay 1 Comment

church accounting drawing that shows how money flows through a church accounting system starting at donations, and then through to the accounting side funds.

There are major differences between not-for-profit accounting and for-profit accounting. We break this down in several areas in this post. First, we’ll go over an example of for-profit accounting to get our feet wet. Next, we will move on to the not-for-profit, more specifically church accounting. In each section, we will review what questions each… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church leadership, fund accounting, non-profit

Church Accounting Software – Is It Important?

February 18, 2020 by Jay 1 Comment

Church accounting software is important. We go over why its important, best practices, pitfalls, requirements, history, and for-profit vs not-for-profit.… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting software, church management software, church payroll, church reports, fasb compliant software, fund accounting, irs compliant software, non-profit

Accounting Mistakes: How to Fix Them

October 1, 2019 by Robert Leave a Comment

accounting mistakes without an accounting system for the church finance team

It’s easy to make accounting mistakes. The IconCMO fund accounting system is very flexible and has many options for correcting these mistakes. In this post, we’ll run through different types of common accounting mistakes and the best possible ways to correct them. If you’re looking for more general information on fixing errors in double entry… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting services, church accounting software, cpa, fund accounting

Should I use Accrual Based Accounting (AP)?

June 13, 2019 by Jay Leave a Comment

Puzzled businessman and a split blackboard with arrows going in two different ways red and blue side. Correct choice between left and right, failure or success. Difficult decision and doubt concept.

This article post was originally published June 6, 2014. There are 2 types – or methods – of accounting: cash based accounting and accrual based accounting. In this post, we’ll explore the differences and the pros and cons between cash vs. accrual accounting. Cash based accounting – is when an organization writes the check out… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church accounting services, church accounting software, church management software, fund accounting

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