Church Accounting: The How-To Guide for Small & Growing Churches

Church Accounting: The How-To Guide for Small & Growing Churches

by Lisa London, Boatright Vickey


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Product Details

ISBN-13: 9780991163533
Publisher: Deep River Press Inc.
Publication date: 11/28/2014
Series: Accountant Beside You
Pages: 210
Sales rank: 287,896
Product dimensions: 6.90(w) x 9.40(h) x 0.40(d)

About the Author

Lisa London, CPA, is a financial professional and accountant with more than two decades of accounting, business and training experience. Lisa has a unique ability to distill complex accounting information into the heart of what the end user needs to know, in a way that is easy to understand. From Auditor to CFO to church volunteer, Lisa is known as the "Accountant Beside You" to many churches, businesses and organizations.

Vickey Boatright has worked as a fund accountant for a nonprofit for over 12 years and is a staff accountant for Wisdom Over Wealth. Her site,, is a treasure trove of valuable information on all things churches! Started in 2008, her site has grown exponentially with information on all of the ins and outs of church accounting. She is the treasurer for her church of 37 years.

Table of Contents

I. Proper Procedures and Internal Accounting Controls I-1 II. What is Special About Accounting for Churches? II-15 III. How do I Select an Accounting System? III-29 IV. Contributions-Part I: Receiving and Recording IV-35 V. Contributions-Part II: Acknowledging V-42 VI. Contributions-Part 3: Other Topics VI-59 VII. Benevolence Fund VII-64 VIII. Paying the Bills VIII-70 IX. Reimbursement Policies and Procedures IX-78 X. Payroll-Part I: Basic Steps X-89 A. Terminology X-89 B. Forms & Publications X-91 C. Setting up the Payroll X-92 D. Summary X-99 XI. Payroll-Part II: Calculating & Filing XI-100 A. Tax Table Method XI-100 B. Percentage Method XI-101 C. State Tax Withholding XI-103 D. FICA-Social Security & Medicare Taxes XI-103 E. The Employee's Payroll Check XI-104 F. Posting the Payroll Expense XI-105 G. Other Taxes XI-106 H. Payroll Tax Deposits XI-106 I. Payroll Tax Filings XI-108 J. Year End Filings XI-112 K. Summary XI-115 XII. Payroll-Part III: Ministers and the IRS XII-116 A. Who is a Minister (for Tax Purposes) XII-116 B. Employee or Independent Contractor XII-117 C. Housing or Parsonage Allowance XII-118 D. Income to be Reported by a Minister XII-124 E. Minister's Business Expenses XII-125 F. Exemption for Self-Employment Tax XII-126 G. Tax Filings for Ministers XII-126 H. Designing a Minister Compensation Package XII-131 I. Summary XII-137 XIII. Budgeting for Churches XIII-139 A. The Budget Process XIII-139 B. Example Budget Spreadsheet XIII-141 C. Monthly Budgeting XIII-142 D. Forecasts XIII-144 E. Cash-Flow Analysis XIII-146 F. Summary XIII-146 XIV. Month-End Financial Requirements XIV-147 A. Monthly Processes for Complete Financials XIV-147 B. Bank Reconciliation XIV-147 C. Investment Account Reconciliations XIV-151 D. Generate Reports XIV-151 E. Summary XIV-156 XV. Year-end and Audit Issues XV-157 A. Forms W-2 and W-3 XV-157 B. Form 944, Employer's Annual Federal Tax Return XV-157 C. Form 1099 XV-160 D. Form 1096 XV-161 E. Year-end Donor Acknowledgements XV-162 F. State Filings XV-163 G. Audit Needs XV-163 H. Summary XV-165 XVI. Administrative Issues XVI-166 A. Basic Steps to Start a New Church XVI-166 B. Church By-Laws XVI-167 C. Organize the Office XVI-169 D. Record Retention XVI-171 E. In Conclusion XVI-173 XVII. Appendix XVII-174 A. Example Chart of Accounts XVII-175 B. Month-End Checklist XVII-183 C. IRS Website Addresses XVII-184 D. List of State Websites XVII-187

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