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…
fasb compliant software
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…
Free E-Book: Fund Accounting for Church Leadership
If you’re ready to get serious about your church’s finances, then we have a treat for you! Accounting is an often overlooked section of church management. Many times little or no attention is paid to church financials except during a time of crisis or when there is an upcoming audit. We decided to create an… ⪼ Continue Reading…
The “You don’t have to be a CPA to learn Fund Accounting” Series: Part 4
The way churches structure their accounting really starts at what the accounting standards dictate and what the users want to see in the reports. In essence, the church must start at the end – the reports – and work their way backwards to see what will produce the desired result. Now that we have examined… ⪼ Continue Reading…
The “You don’t have to be a CPA to learn Fund Accounting” Series: Part 3
The way churches structure their accounting really starts at what the accounting standards dictate and what the users want to see in the reports. In essence, the church must start at the end – the reports – and work their way backwards to see what will produce the desired result. Now that we have examined… ⪼ Continue Reading…
What you can learn about Fund Accounting from Garth Brooks
Earlier this year, CBS News reported that Garth Brooks filed a lawsuit against a hospital in Oklahoma. Both sides had a different story to tell: The hospital claimed the donation was anonymous and unrestricted. Brooks claimed the donation was solicited by the hospital so they could build a women’s center named after his late mother.… ⪼ Continue Reading…