Keeping up to date with your financials is key for any organization. Whether your church is just starting or years old, month-end closing procedures can help make accounting much easier.
Throughout the month, your church has tracked expenses, giving, other types of income, fund balances and bank transfers, and you want to make sure you account for all of them accurately. These are a few things for you to cross off your list at the end of each month so you can know your books are squared away before you move forward.
For smaller churches that may not have as much money going in and out, you may be able to do some of these procedures less often. But we still recommend performing these closing procedures in your accounting before the end of the following month so too much time doesn’t pass, and your church can catch any potential mistakes early on.
Although we will demonstrate these tasks using Aplos Accounting Software, they are applicable regardless of the system your church uses. During this session, you will:
- See how to perform a bank reconciliation to reconcile your accounts
- Understand how to investigate and solve discrepancies
- Learn how to generate month-end reports
- Find out other helpful tasks to complete at the end of the month
NOTE: This video references nonprofits, but the same principles and practices apply to churches.