Annual GAAP Financial Issues at a Church 5700-07 ZZchu

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                            FROM: Jim Bramer, Retired CPA-Auditor                                                                                               FILE:   5700-07/Chu
                                                                                               

                              RE: Church Annual GAAP Financial Info                                                                                            UPTD: May 03, 2008

           As of the above date, the following is virtually duplicated within      5900-01

        First please link to the following  QB Sample Church Reports:

                            >>   Operations Balance Sheet - PHOTO                                 0700-07
                                  >>   General Purpose Fund Income Statement                0701-07
                            >>   Special Purpose Fund Class Proof                                   0704-07

         Then please link to the following QB Sample LB&E set of Books

                            >>   Annual Detailed Working Trial Balance                           0763-07
                            >>   Year End LB&E Balance Sheet                                          0767-07

             Information from the above QB Church Sample books were recapped and then placed within the Annual "Generally Accepted Accounting Principles - GAAP"   RECAP set of books.  The Year End Trial Balance info from each of the above sources was posted via their own Journal Voucher (QB Journal Entry).  The result was initially the QB Working Trial Balance and QB Provided Annual Balance Sheet and Columnar Income Statement .... from which is produced the GAAP compliant Annual Financial Statements appearing below.

               >>   QB Provided Annual Detailed Working Trial Balance       5699-07
           >>    QB Provided Annual Balance Sheet                                         5702-07
           >>    QB Provided Annual columnar Income Statement                5703-07

           As GAAP compliant:

           >>   Statement of Financial Position (Balance Sheet)                 5705-07       
           >>   Annual Statement of Activities #1                                             5706-07
           >>   Annual Statement of Activities #2                                             5707-07  
               >>   Annual Statement of Cash Flow                                            5708-07

        Please go to  0004  for more GAAP information at a Church.  Also be aware of the potential GAAP Overkill as explained when you go to our  0919  editorial.  

     Was UPTD: May 03, 2008

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