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…
Finance
Easy Church Fund Accounting Tools!
Tips on how you can make it easier for your organization to record transactions and accomplish the daily accounting work using a church fund accounting system like IconCMO. Now that we know the differences between funds and COA from part one. And have seen an example in part two using families. Then in part three… ⪼ Continue Reading…
Easy Church Fund Accounting Example!
Now that we know the differences between funds and chart of accounting, (COA) from part one. And we experimented with a family analogy, in part two, let’s looks at some easy church fund accounting examples. Also, let’s use different names for the funds instead of “the mom fund” and “the dad fund”. Below we will… ⪼ 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…
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…