Linking donations to accounting is one of the unique features of IconCMO. This is part 1 of a four part series. See part 2, part 3, part 4. Donors expect that churches will be faithful and responsible with their gifts. One aspect of the trust relationship is that churches need to make sure they use… ⪼ Continue Reading…
IRS – Reporting a Change in Responsible Party
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…
Separate Funds Make Church Accounting Easy
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…
Special Tax-Free Charitable Distributions for IRA Owners
Churches that accept IRA donations may want to consult with their CPA or keep their attention on updates from the IRS about this IRS tax deduction. IRA charitable distributions became law in 2015 by Congress. The following explanation from the IRS’ website should clarify. This provision offers older owners of individual retirement arrangements (IRAs) a… ⪼ Continue Reading…
Easy Church Accounting — the introduction
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…
Printing Problems? Squash ‘em Them Fast!
At Icon, we get a variety of questions from people who are having trouble getting things to print right. We also sometimes receive payments from our churches where the amounts, dates, and so on don’t line up as they should, so maybe more customers than we know suffer in silence through the ordeal of misaligned… ⪼ Continue Reading…