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fund accounting

IRS – Reporting a Change in Responsible Party

February 27, 2014 by Jay Leave a Comment

Does your church need to report a change in its “responsible party”? What is the “responsible party” anyway? Basically, the responsible party is the person in charge of, or in control of, the church’s finances. It’s the person held answerable for the church’s financial activity. The IRS requires a church to identify someone as the… ⪼ Continue Reading…

Filed Under: Finance Tagged With: donations, fund accounting, irs compliant software

Separate Funds Make Church Accounting Easy

February 7, 2014 by Jay 2 Comments

How tagging transactions with funds helps with reporting. As mentioned in part one of this four part series, tagging transactions with “the dad fund’ (DF for short) or ‘the mom fund’ (MF for short) can help with financial reporting. How does this play out using the previous numbers from the for profit scenario and can… ⪼ Continue Reading…

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

Easy Church Accounting — the introduction

December 26, 2013 by Jay 4 Comments

white computer mouse and keyboard, black eyeglasses on gold and white polkadot background

Church accounting can be easy when the organization knows how it works before diving deep into the set up of any accounting system. This four part series will cover the following: Explanation of Funds, Chart of Account (COA), and double entry accounting. An analogy using a family instead of funds. (Read on for Part One)… ⪼ Continue Reading…

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

When Organizations Donate to Your Church (part 2)

July 26, 2013 by Robert Leave a Comment

money coins in human hands with a tree sapling growing out of it denoting free church accounting software

This is part 2 of a series regarding how churches respond when other organizations collect donations on their behalf. Last week, we looked at a scenario where people donate to a nonprofit, which in turn sends the total of those donations to the church for one of the church’s functions. Now let’s put a twist… ⪼ Continue Reading…

Filed Under: Contributions Tagged With: church management software, church reports, contribution statements, donations, fund accounting

When Organizations Donate to Your Church

July 12, 2013 by Robert 1 Comment

money coins in human hands with a tree sapling growing out of it denoting free church accounting software

Donations to a church don’t necessarily always come from members, or even outside donors. They can also come from organizations – either nonprofit or for-profit. The organizations may be donating to the church directly from their own funds, or they may be collecting donations on behalf of the church. If the latter’s true, the original… ⪼ Continue Reading…

Filed Under: Contributions Tagged With: church management software, church reports, contribution statements, donations, fund accounting

Year End Processing : Fiscal Year Ending June 30, 2021

June 21, 2013 by Robert 1 Comment

If your fiscal year is not on a calendar year, the next most popular fiscal year is July 1st through June 30th. There are steps you need to take in the system once your new fiscal year starts. Year End Processing Guide The Year End Process Guide provides step by step instructions to prepare your… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church management software, church reports, cloud computing, donations, fasb compliant software, fund accounting

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