QB Church Fund Accounting Samples    ZZchu

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                  TO: Interested  Churches                                                                                  FROM: Jim Bramer, Retired CPA-Auditor 
                                                                                                                                                    FILE: 5230-01/chu   

                  RE:  Sample Church Financial Statements                                                   Originated:   December 2002                                 


            Within our signature QuickBooks (QB)  0601  document, we display some very simple Church Financial Statements that are duplicated below.. 

            Please note that via the use of QB Equity Accounts  you handle the SPFunds  below as per the current balances (whole numbers) of $20,474.  Or the SPFund  transactions (whether Income or  Expenditures ) are posted directly the these QB Equity accounts which enables the Church to keep SPFund running account balances. 

            The primary benefit is that you know exactly how much of the Common Bank Account balance ($16,787 below)  belongs to these SPFunds, etc  ($20,474).

            Or more significantly, it is very clear that the GPFund has borrowed from these SPFunds to the tune of $5,376.  In most Churches the GPFund is so volatile that it needs to be closely monitored by your Ministry Finance Team.
 

QB Chart of

 

 

 

Acct Types

Assets:

 

 

Bank

    Checking- Savings

 $ 16,787

 

 

       Total Assets

 

 $16,787

 

 

 

 

 

Liabilities:

 

 

Acct Pay

        Payables

 

 $  1,689

 

Fund Balance - Net Assets:

 

 

 

  QB Equity Accounts

 

 

Equity

         Total Donor Restrictions

 $   4,700

 

Equity

         Total Board Discretionary 

 $ 15,774

 

 

            Total SPFund

 $ 20,474

 

 

  QB GPFund YTD  (Loss) 

 $  (5,376)

 $15,098

 

     Total Liabl and Fund Bal

 

 $16,787

           
            Also within our  0601 document,  we display a very condensed Church GPFund Statement. For the Year to Date (YTD) period July 1 through May 31.    Please note that the following Income and Expense accounts are all QB Chart of Account types.  Obviously, the $5,376 (rounded whole number of  the $5.375.85 below)  is the same amount that appears in the above report.
 

 

 

 

 

Jul 1, xxx9 through  May 31, xxx0

 

 

 

 

Actual

 

Budget

 

Variance

 

 

Income

 

 

 

 

 

 

 

 

AllElse Income

1,500.00

 

 

 

 

 

 

 

Donations Income

77,800.00

 

 

 

 

 

 

 

Earned Income

50,000.00

 

 

 

 

 

 

Total Income

129,300.00

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

Salaries and Benefits

57,500.00

 

57,666.67

 

-166.67

 

 

 

Supplies and Expenses

47,925.85

 

48,075.00

 

-149.15

 

 

 

Debt Servicing

15,000.00

 

15,041.67

 

-41.67

 

 

 

Asset Acquisitions

5,000.00

 

5,000.00

 

0.00

 

 

 

AllElse Expenses

2,750.00

 

2,758.33

 

-8.33

 

 

Total Expense

128,175.85

 

128,541.67

 

-365.82

 

Net

1,124.15

 

 

 

 

 

 

 

Cross Funds Expense (1)

6,500.00

 

6,516.67

 

-16.67

 

QB GPFund  YTD (loss)

(5,375.85)

 

 

 

 

 

 

 

 

 

 

 

 

 

            Now to carry this a step further, the report below within 0601 comes from using the QB Class tracking option when you go to EDIT: PREFERENCES; ACCOUNTING; COMPANY PREFERENCES.  This QB system preference allows you to assign a Class Account  to every SPFund transaction.  Or this feature makes known the reasons (or scope) of what happened within each SPFund and/or all of the SPFunds as displayed below.   Please note that the Grand Total of $20,474.05  agrees with the amount showing up ($20,474 whole numbers) in the first report above.

 

 

 

Jul 1, xxx0 - May 31, xxx1

 

First of Year Balances

95,000.00

 

SPFunds Income

 

 

 

Earned Income

50,600.00

 

 

Donation Income

60,400.00

 

Total SPFund Income

111,000.00

 

SPFunds Expenditures

 

 

 

Operating Expenses

-116,525.95

 

 

Asset Acquisition

-74,500.00

 

 

AllElse Expenditures

-1,000.00

 

Total SPFunds Expenditures (1)

-192,025.95

 

Cross Fund Income

6,500.00

Grand Total SPFunds

20,474.05

            Then I would encourage the Church, using a spreadsheet (Excel, etc), to blend all of these numbers above into what I call a  BIG PIX  report like that below.  This enables interested Church people to get a one page overview of where you are and what has happened since the first of your fiscal year (both GPFund and all of the SPFunds) , plus provide some Actual to Budget information.

BIG PIX  Report

For YTD  July 1, xxxx1 to May 31, xxx2

 

 

    Special

   General

 GPF Expenditure

 

Totals

 

     Funds

     Fund

 Budget To Date

 Variance

 

Revenue:

 

 

 

 

$138,200

Donations

$60,400

$77,800

 

 

$102,100

Event Reimb/Other

$50,600

$51,500

 

 

$240,300

        Total

$111,000

$129,300

 

 

 

 

 

 

 

 

 

Expenditures:

 

 

 

 

$57,500

Salaries/Benefits

 

$57,500

$57,666

($166)

$164,452

Operating Costs

$116,526

$47,926

$48,075

($149)

$74,500

Property Acquistion

$74,500

 

 

 

$15,000

Debt Servicing

 

$15,000

$15,042

($42)

$5,000

Mission Support

 

$5,000

$5,000

$0

$3,750

AllElse Expenses

$1,000

$2,750

$2,758

($8)

$0

Cross Funds

($6,500)

$6,500

$6,517

($17)

$320,202

        Total

$185,526

$134,676

$135,058

($382)

($79,902)

 

($74,526)

($5,376)

 

 

 

 

 

 

 Annual GPF Budget

$147,470

 

 

 

 

 Weekly Need

2,836

Begin Balance 

$95,000

 

 GPF Income to date

$129,300

End Balance as computed

$20,474

 

 Divided by wks to date

48

"Spoken for" as follows:

 

 

 Weekly average

$2,694

 

 

 

 

 Weekly difference

$142

 

Donor Restricted

$4,700

 

 Ending:

 

 

Elders Discretionary

$15,774

 

 Bank Balances

$16,787

 

 

 

 

 Less: Liabilities

$1,689

 

 

 

 

 Down proof is:

$15,098

 

    TOTAL FUNDS

$20,474

($5,376)

 Cross proof is:

$15,098

            Let me know at   Jim@bcidot.org  if you have any comments or questions or if you would like a Big Pix example that includes the current Building Construction financial facts.


       This publication originated in December 2002  and was  UPTD: April 24, 2010  

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