April 18, 2014

Easy Church Fund Accounting

church accounting anywhere - at home sipping coffee

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) How tagging transactions with funds helps reporting and ensures compliance with government regulations. (Part Two) Applying funds (tagging) and COAs to a church [...]

Year End Processing : Fiscal Year Ending June 30, 2013

Church_Fiscal_Year_End_Reports

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 [...]

Happy New Year from Icon Systems!

Recap of 2012 from Icon Systems Church Management Software

It has been an awesome year here at Icon Systems! We thought it would be nice to wrap it up with some highlights from throughout 2012. We published not one, but two FREE e-books Fund Accounting for Church Leadership Recording and Increasing Church Donations We made a lot of updates to IconCMO. Here are just [...]

Do you know which accounting method is right for you? Bonus: FREE 15 minute crash course on accounting methods

Back to school: accounting methods videos

When I took accounting in college, one of my fellow students asked the instructor why we had to complete our homework assignments by hand. After all, it is the 21st century; everyone just uses accounting software now! The wise accounting instructor rebutted by explaining that we need to understand how to do accounting with a [...]

Spring Cleaning: How long should you keep important documents?

Spring Cleaning: How long should you keep important documents?

Spring is in the air! If you are like me, you may feel motivated to do a little spring cleaning around the house. It feels good to get rid of papers, magazines, and other items that have been accumulating all winter. The sweater Aunt Marge gave you for Christmas three years ago that you never [...]

Why a Church Balance Sheet is like a Pizza Pie

pizza_pie

According to the Financial Accounting Standards Board (FASB), non-profit organizations – no matter the size – must produce a Statement of Financial Position. The Statement of Financial Position is a church balance sheet. In the past when viable software solutions were not available, churches would use separate checkbooks to keep the money separate for their [...]

Fund Accounting Methods Compared.

Accounting for churches is radically different than accounting for for-profit businesses, or at least it should be. The Financial Accounting Standards Board (FASB: http://www.fasb.org) has defined how accounting for a non-profit organization differs from a for-profit organization. Icon Systems has gone to great lengths in designing IconCMO to follow these guidelines in order to be [...]

Why the Church’s Financials should be Auditable?

Many churches try their best to do everything right and succeed every day in their mission(s). There is one area in the church that can be detrimental even if the best intentions were meant – the church’s books. Once a church loses the trust in the congregation and/or community their reputation as being a trustworthy [...]