A while back, one of our customers presented us with a scenario involving a large credit card refund that we thought had the makings for some good discussion here on the blog. For purposes of anonymity, we’ll change some of the details while keeping the basic accounting concepts intact. The church’s pastor had been given… ⪼ Continue Reading…
Finance
Payroll Tax Tables for IconCMO
Icon Systems is happy to announce that payroll tax tables are now available in IconCMO church management software. This feature has been one of the most popular features asked for in payroll. We highly recommend reading this entire blog post if you do anything with payroll on IconCMO or forward it to the person that… ⪼ Continue Reading…
Fund Transfers and Account Transfers, part 2 of 2
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…