A check register is not reliable for church bookkeeping.
Bookkeeping for churches is our passion and specialty! We enjoy the task of keeping records for churches and small non-profits. Many bookkeeping mistakes can be avoided if the bookkeeper was trained properly.
FT Walton Church Bookkeeping LLC helps to reduce fraud and other financial risks that might impact your church. News stories are full of stories about misused funds from charities or other 501c3 entities. We will monitor your books closely to protect your organization.
Accuracy and expertise are critical for good financial health in any church. Having a trained and qualified bookkeeper means having an expert who knows the right way to make entries, understands and complies with local and federal requirements, and ensures your reporting is accurate.
Many churches, nonprofits, and other organizations are struggling with limited resources. Nonprofits can save time, stress, valuable resources and money by outsourcing financial accounting. The time you spend on your books as the head for your nonprofit is time that could be spent expanding your donor base, helping those in crisis, and growing your donor list.
Your church will be equipped to handle the accounting duties associated with programs such preschools or fundraising. This will make sure these programs and your ministry are a success.
Church bookkeepers have for a long time been confused with accountants. They, however, carry very different responsibilities. Bookkeepers maintain the financial records of the church that includes income and expense records. They are supposed to keep records of the dates and amount of every transaction of the church. It is also their task to keep track of all accounts and are the ones who verify the accuracy of the procedures used in the accounting processes. Accountants, on the other hand, perform all the tasks of bookkeepers and also provide auditing, tax planning, financial planning, payroll processing, and consulting services.
Here is a quick breakdown of some of the most common tasks you will need to accomplish when doing your church bookkeeping.
Enter Income And Expenses. ...
Track Contributions And Prepare Bank Deposits. ...
Pay Bills. ...
Journal Entries. ...
Complete A Bank Reconciliation.
The IRS may begin a church tax inquiry only if an appropriate high-level Treasury official reasonably believes, based on a written statement of the facts and circumstances, that the organization: (a) may not qualify for the exemption; or (b) may not be paying tax on unrelated business or other taxable activity.
The biblical pattern shows without question that the pastor should be involved in the oversight of the church's finances, however, Scripture also prescribes the attitude and actions of the pastor to avoid disqualification of influence and trust.
Churches call the traditional balance sheet a statement of financial position. It uses the accounting equation “Assets = Liabilities + Equity” to show a snapshot of your organization's financial health. It also shows the current balance of each of your funds if you've been implementing fund accounting for your church.