Fund Accounting
Fund accounting is a standard for churches. This feature makes it easy to know income and expenses that are allocated for different funds.
Account payables can be automatically created based on a recurring schedule.
Fund accounting is a standard for churches. This feature makes it easy to know income and expenses that are allocated for different funds.
A complete listing of every account in the general ledger, broken down into subcategories.
Make sure you books are accurate and move money, assets or funds between the balance sheet accounts.
Easily import and categorize transactions from your bank automatically or via spreadsheet to make sure you have a complete picture of your organization’s finances.
Easily keep track of what is owed to the church and of what the church needs to pay.
Send invoices to others that owe the church money. Online payment processing is available if One Church Giving is enabled.
Various graphs and metrics to provide an overview of the church’s finances including income statements, balance sheets, cash flow and more
Print checks to pay your expenses using any standard business sized check.
Easily create and track your annual budget for any of your income and expense accounts.
Discount available (20% off) when paid annually. ChMS Pricing below.
The Donor Management & Accounting only plan
We provide step-by-step instructions with visual aids to get your church accounting software up and running quickly.
Generally Accepted Accounting Principles (GAAP)
What is GAAP?
GAAP is an acronym for Generally Accepted Accounting Principles. These principles constitute preferred accounting treatment.
GAAP includes definitions of accounting concepts and principles, as well as industry-specific rules. The main purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.
Who sets GAAP?
Currently, the GAAP policies are set primarily by three entities:
The FASB pronouncements are contained in the Accounting Standards Codification, a centralized resource.
What is the hierarchy of these pronouncements?
Under GAAP, the FASB pronouncements (ASC) are the top-level guidance and take precedence over the AICPA pronouncements.
Does GAAP apply to non-profit organizations?
Yes, the Accounting Standards Codification typically applies to both for-profit and non-profit organizations. There are certain pronouncements that apply only to non-profits and certain that do not apply to non-profits.
The goal of GAAP is to ensure that the financial statements for for-profit entities are consistent across industries, allowing investors and the government to interpret them more easily. GAAP rules for nonprofits are intended to create transparency for donors, including grant-makers, as well as helping the government monitor whether an organization should retain its tax-exempt status.
In addition to general GAAP principles, the rules that apply only to nonprofits include: