Church Payroll And Fund Accounting

Church Payroll With Fund Accounting

Having a church payroll system that obeys fund accounting principles is essential to the church’s operation! IconCMO payroll module reduces operational costs for organizations by preparing the payroll checks. The payroll module assists in the payment of the payroll liabilities to governmental agencies. The payroll module, built on fund accounting principles, ensures the church is FASB compliant. Thus, payroll entries post to the correct accounting fund for each employee.

IconCMO church payroll can handle pastors’ salaries easily. Pastor’s salaries can get complex — fast. Pastors can have housing allowances excluded from gross income for income tax purposes. But the allowance is not excluded from self-employment taxes. Add to this other allowances like a car, phone, and gas. Another example is retirement accounts where churches give a portion of the monthly amount to the pastor. Then the pastor pays for it on his own. All of these nuances can wreak havoc on a system that isn’t set up to handle it. Let IconCMO handle this for you as painlessly as possible.

When Tax Tables Or Entering Your Own Calculation

IconCMO has two options for each employee. You can use the tax tables that are part of the payroll system or enter your own calculations. These two options result in a high-value, low-cost payroll solution for your organization.

Using the tax tables

Including tax tables included eliminates the need to subscribe to expensive add-on payroll tax services. Tax tables take the guesswork out of employees’ deductions. They include all the published taxes from various federal, state, and local taxing authorities.

Entering your own tax calculation

There are times having the ability to do your own tax calculation is easier. This is why IconCMO has the ability to enter tax formulas into the system. This extra option helps eliminate manual work each pay period in Excel sheets.

Payroll Software Features