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TO: Interested Ministries using
QB or QuickBooks (TM)
Bramer, Retired CPA-Auditor
RE: QB & ASSUROR Issues Originated: August 2000
In a sister Web Site publication, called QB and Internal Financial Controls, we thoroughly discuss insufficient Financial Internal Controls intrinsic to the excellent QuickBooks (QB) (TM) accounting software product that we highly recommend for handling the special fund accounting needs of Ministries.
But we also vigorously point you to some Flagable items as we attempt to get the attention of such users. Please let us know if you do NOT understand our expressed concerns for the on-going veracity of your finances.
In this Web Site publication, we provide you with some Financial Internal Control remedies as the Ministry Finance Team changes these Yellow/Red lights to Green lights.
We reference an outsourced person who provides solutions to these matters as an ASSUROR (Actually, I wanted to call this person a Green Lighter - G/LITER, etc. ------ but, but, but ). Or this ASSUROR is trained to provide the Ministry with meaningful 'ASSURANCE' by changing your existing Flagable circumstances to the needed betterment. As detailed below, we believe that a qualified ASSUROR can function locally or remotely. These ASSUROR helpers provide the needed Ministry Financial Internal Controls "Verification and/or Assurance."
This overall topic reminds me of the song "Blessed Assurance - Jesus is Mine" where we find life rendering, never ending and real Assurance.
- - T H E L O C A L A S S U R O R - -
Issues or Tasks
OffSite means theASSUROR's place of business
OnSite means the Ministry's place of business
Bank Statement mailed directly toASSUROR
- - - Ministry Name C/O ASSUROR - - -
Bank reconciles Bank Statement balance
to Ministry's balance.
Verifies Internal transfers re checks/deposits
Can appropriately view cancelled checks and
Cares for applicable Online Payment matters
Gets Bank Statements and cancelled
checks to (or back to) the Ministry
Make Bank Rec entries to QB
3 (A) Could go directly to Ministry but then
opened only byASSUROR, etc.
ASSUROR "Sets QB in concrete" via QB data password features
Produce non-computer copies of:
Detailed G/L, or General ledger
QB SPFunds Class Tranx
QB GPFund Class Tranx
Month End Internal Proofs
5 (A) Probably OffSite, but could be OnSite.
ASSURORcould be a member of Ministry Finance Team-MFTeam
As Team-mate; not as an outside Auditor; contribute to MIFI
priority and their completion.
Preferable meet during 2nd wk of month
To have formal minutes
Provides formal written recommendations
to the governing body.
6 (A) Prefers to meet in person every few months and
participate via phone conferences during the other months.
To provide needed year end services so that
the Year End Financial report is presented
according to known GAAP requirements.
- - R E M O T E A S S U R O R - -
Issues or Tasks
1. The Ministry cost-efficiently uses the Internet to get their latest QB Company to the ASSUROR who uses it for tasks like the following:
2. The ASSUROR does the monthly BREC (Bank reconciliation) as Bank Statements and cancelled checks (or equivalent) are mailed directly to ASSUROR (Ministry Name, C/O ASSUROR ) .... whose tasks could include any, or all, of the following:
- BREC bank statement balance to Ministry's balance.
- Verifies Internal Transfers re bank checks/deposits
- Views cancelled checks/endorsements
- Cares for Online Payment matters
- Gets the Bank Statements and cancelled checks back to the Ministry
- Makes sure that the Bank Reconciliation adjustment entries get into QB
3. ASSUROR "Sets QB in concrete", or finalizes the month end, which might involve at least the following:
- Becomes the QB password Admin;
- Gives Ministry permission to Close the Period (Month) and print copies of the following:
- Produce detailed G/L, or General ledger
- Produce detailed QB SPFunds Class Tranx report
- Produce detailed QB GPFund Class Tranx report
- Produce detailed Month End Internal Proofs
- Sets "Closed Period" dates
4. The ASSUROR would have regular remote contact and interaction with the MFTeam. Methods could include:
- Periodic phone conference calls whereby all members can hear and inter-act.
- Online live dialogs with entire MFTeam or members thereof.
5. The ASSUROR could provide agreed year end services.
--MINISTRY FINANCE "LINGO" INCLUDE--
G/L = General Ledger
BREC = Bank Reconciliation
GAAP = Generally Accepted Accounting Principles
GPFund = General Purpose Fund
LOYS = Looks over your Shoulder
MFT or MFTeam = Ministry Finance Team
MIFI = Most Important Financial Issues
QB = Quickbooks
SPF or SPFunds = Special Purpose Funds
Please go to 0077 and learn more about potential ASSUROR training resources available on this Web Site.
Bear in mind that a ASSUROR is NOT the CPA-Auditor when you click on 0003, or the Internal Auditor mentioned in 0038 or 0057.
Contact us and we will attempt to line you up with the ASSUROR that can best meet your unique needs.
Please Click here for more topics having to do with the use of "QuickBooks and Ministry Fund Accounting" on www.bcidot.org. The bulk of this Publication originated in August 2000 and was. UPTD: March 09, 2012
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