B R A D ' s ON L I N E R M E M O- - -
TO: Interested Onliners FROM: Brad Pendable - CPA
RE: FinFax Ministry Fund Accounting System ORIGINATED: February 2008
The primary objective of any "Ministry Fund Accounting" system is to timely provide decision makers with at least the following "Vital Signs."1> How much "pooled" money is on deposit
2> Who owes us money and how late are they
3> Are we current with our bills and like obligations
4> What is the amount (or scope) of donor restricted money
5> What is the amount of Board SetASide and/or discretionary money.
6> Are we living within our Operating/General Fund budget constraintsThis is accomplished via what we call the "FinFax Accounting System" -- as designed within context of the following:
Who? - Targeted to "SMALLER CHRISTIAN MINISTRIES" or to "CHRISTIAN FAMILIES"
What? - To do complete (accrual basis equivalent) money record keeping of all relevant transactions
How? - Via electronic/computerized accounting software and Online Internet resources
Ways? - By Online accessing/obtaining-electronically downloading Bank & Credit Card informationNot do !!! - You do NOT enter transactions into the system and then
reconcile your Bank/CrCard info theretoHow? - Current Bank & Credit Card transaction are placed into the system
When? - This has a weekly accounting and reporting thrust
Where? - Transactions are transferred within pre-approved operational/finance areas of the operation
Why? - So you know if you have money within these areas to righteously spend
Please see comments about expense Accrual/Cash methods of accounting/reporting when you Go Here
Please go to Sitemap for additional Brads Nest of Bees content
UPDATED LAST: August 15, 2008
Fresno, California
Please contact CPA Brad Pendable by Email at Brad@rpfin.org| OUR PURPOSE | WHY "NEST OF BEES" | WHO WE ASSIST | ASSISTANCE EMPHASIS | ASSISTANCE SPECIFICS | INFO ABOUT BRAD