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Fund Accounting – Everything You Need To Know

June 8, 2020 by Jay 2 Comments

Representation of how fund accounting uses self balancing accounts.

Fund accounting is a type of accounting for not for profits. In this post we are gonna go over multiple facets of fund accounting. We’ll first discuss the governmental regulations on why churches must use fund accounting. Next we will go over how using fund accounting creates a bond of trust with your donors, and… ⪼ Continue Reading…

Filed Under: Finance Tagged With: budget, church accounting software, church payroll, church reports, donations, fasb compliant software, fund accounting, irs compliant software

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

Breeze Church Management vs IconCMO Church Software

February 28, 2020 by Jay

IconCMO is a powerful but simple to use software package for any size church. It’s a great alternative to the Breeze Church Management System (ChMS). Read on to see why. This article offers facts and opinions regarding IconCMO and Breeze. We will attempt to show both products in an honest light. We hope you find… ⪼ Continue Reading…

Filed Under: Tech Tagged With: church accounting software, church management software, church membership, church reports, church technology, fasb compliant software, irs compliant software

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

Create Recurring Donation Batches in IconCMO

June 6, 2019 by Carrie Leave a Comment

picture of credit card for online donations with money behind it

Did you know that you can create a batch of recurring transactions? After a recent focus meeting, we’ve discovered that many organizations using IconCMO are unaware of how to duplicate batches. It’s a handy tool that can save you a lot of time. Here’s how it works: Once the duplicate icon is clicked a sub-screen… ⪼ Continue Reading…

Filed Under: Contributions Tagged With: church management software, irs compliant software, non-profit, online donations

Church Quarterly Meetings – What Reports do You Need?

May 28, 2019 by Jay 2 Comments

Calculator, pen and glasses on top of reports with 3D pie chart and bar graph

Around this time of year, church boards often have their first quarterly meeting. Usually, the board will want to review the financial aspects of the church. Church accounting systems like CMO offer a great variety of financial reports to review just about anything you could think of. But what are the main reports that treasurers… ⪼ Continue Reading…

Filed Under: Finance Tagged With: church leadership, church management software, church reports, fasb compliant software, irs compliant software

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