Let’s first say that IconCMO can help you with knowing when to use debit or credit during a journal entry. To check out how IconCMO can help — check out a free trial. Most of us have used a debit card. And when we do, the amount of money in our bank account is reduced.… ⪼ Continue Reading…
church accounting software
There is no money in Revenue and Expense accounts
That’s right: revenue and expense accounts carry no balance of money. When bookkeepers don’t realize this principle of double entry accounting, it can lead to a lot of problems and frustration. A good church accounting software uses double entry accounting and complies with FASB standards. IconCMO’s fund accounting software does both. Double entry accounting is… ⪼ Continue Reading…
Press Release: Special update for Canadian churches
MOORHEAD, MN–(Marketwired – April 25, 2017) – Icon Systems announced its IconCMO church management software is now compliant with Canadian Revenue Agency (CRA) requirements for charitable donation receipts. The update, which was released last week, features a special donation statement format that includes: Name and address of the charity Unique serial/receipt number Registration number Electronic… ⪼ Continue Reading…
But I haven’t Spent my Budget (p3)
If you haven’t read the first part or second part of this series please take a moment to read them. Assumption #4 – we can use last years numbers and just increase/decrease them a little, commonly called an incremental budget. The interesting thing is that many churches do this type of budget. While it may… ⪼ Continue Reading…
But I haven’t Spent my Church Budget (p2)
Here’s the second part of a three-part series. If you haven’t read the first part of this series please read it here. Budgets work on assumptions, whereas financial statements work on actuals – what really happened to the money. Let’s look at some assumptions below that arise when ministries say they still have money in… ⪼ Continue Reading…
But I haven’t Spent my Budget (part 1)
How many times have church leadership heard a similar phrase to, ‘But I haven’t spent my budget’, when discussing ministry finances? In working with churches and their accounting systems, which involves budgeting, I see a lot of focus around budgets instead of the standard financial accounting reports approved by FASB (Financial Accounting Standard Board). While… ⪼ Continue Reading…