In Part One of this series, we learned that a fund transfer represents a reallocation of liquid assets from one fund to another. We also learned about the four main situations in which funds transfer money, and how to record a fund transfer in IconCMO. In Part Two, we turn our attention to account transfers… ⪼ Continue Reading…
Fund Transfers and Account Transfers, part 1 of 2
Fund transfers and account transfers are necessary transactions in any nonprofit organization’s financial activities. It’s important to understand the difference between a fund transfer and an account transfer, and how you can perform them in IconCMO. In this first of our two-part series, we will explore fund transfers. Try our Church Management Software or request a… ⪼ Continue Reading…
Cash or Accrual Based Accounting?
Should a church use cash or accrual based accounting? The short answer is it depends on multiple factors if a church should use cash or accrual based accounting. For more information on fund accounting. Let’s first explain the difference by their accounting definition: Cash based accounting – is when an organization writes the check out… ⪼ Continue Reading…
Common Church Accounting Mistakes with Checkbooks
There are some common church accounting mistakes made for a variety of reasons. Maybe it is because the software they are using couldn’t handle the various situations that are needed. It could be a church process that was made a long time ago and when questioned — you get the typical answer, “that’s how we… ⪼ Continue Reading…
6 Donation Mistakes to Avoid For Your Donors
Churches (or any nonprofit) input their donations in a donation software to ensure donors are provided a statement at the end of the year — not only for tax purposes but to communicate to the donors how their donations were used. Typically the statements are ran for the entire year (calendar year) irregardless what the church… ⪼ Continue Reading…
Think Differently about Church Management Software
How can church management software (ChMS) used in an American church help a child in the Philippines go to school or feed their family? How can church software help a family in Uganda buy clothes, provide milk and other healthy food for their children? How can church management software provide fish to a family in… ⪼ Continue Reading…