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…
church reports
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…
Noncash Donations: When Businesses Donate Pt. III
This is our third and final post dealing with how your church can responsibly handle noncash donations from other organizations. People often call such donations gifts in kind or in-kind donations. (See a definition here.) So far, in part 1 and part 2, we’ve only talked about donations of money. But what if instead of… ⪼ Continue Reading…
When Organizations Donate to Your Church (part 2)
This is part 2 of a series regarding how churches respond when other organizations collect donations on their behalf. Last week, we looked at a scenario where people donate to a nonprofit, which in turn sends the total of those donations to the church for one of the church’s functions. Now let’s put a twist… ⪼ Continue Reading…
When Organizations Donate to Your Church
Donations to a church don’t necessarily always come from members, or even outside donors. They can also come from organizations – either nonprofit or for-profit. The organizations may be donating to the church directly from their own funds, or they may be collecting donations on behalf of the church. If the latter’s true, the original… ⪼ Continue Reading…
Year End Processing : Fiscal Year Ending June 30, 2021
If your fiscal year is not on a calendar year, the next most popular fiscal year is July 1st through June 30th. There are steps you need to take in the system once your new fiscal year starts. Year End Processing Guide The Year End Process Guide provides step by step instructions to prepare your… ⪼ Continue Reading…