Contribution System-HELP MATE. Payroll Paychex

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3 Contribution System-HELP MATE Payroll Paychex General laccounting Quick Q i k Books Pros - Widely Used Easy to get help Forces a Balance Sheet Easy to Drill Down Easy to export reports to Excel Can send to professional accountant via Can format reports quickly Saves prior entry coding Easy to correct mistakes Cons Too easy to make corrections

4 Revenue and Expense accounts: You can use most of your current Income expense accounts as long as you: Add the appropriate TMR line item accounts Assign account numbers to all accounts Group Facilities costs together for easier allocation to Deductions from Apportionment categories. You can show salaries with the appropriate program (i. e. the organist with music), or keep all salaries together in one place. Budgeting for Revenue and Expense is quite easy

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8 Best Accounting Practices Use Usea version eso of DNC s CsStandard dadchart atof Accounts that accommodates: Modified Fund Accounting Ties directly to the TMR (and Parochial Report) Uses account # s only preference Uses Lowest level account # preference Use modified Fund Accounting Make k manual journal entries to record deposits and payroll Use QB s bank account reconciliation process Print checks using the QB check writing function Via Vendor Payable function Directly via Write Checks Use QB Budgeting function Use QB s export function to set-up reports for ing

9 RECORDING VENDER INVOICES AND Check Requests: USE Vender Payable: 1 Receive Check Requests and Invoices and file in a Too Be Paid folder 2 Enter C/R and Invoices via the VENDER/Enter Bills function with account codes. Use a reference # or comment where practical. Write Checks Directly: 1 Receive Check Requests and Invoices and file in a Too Be Paid folder 2 3 Review account coding 3 Enter C/R and Invoices via the WRITE CHECKS function with account codes 4 Pay bills via the VENDER/PAY function by selecting bills to pay. 4 Pay bills by printing checks. 5 Sign Checks-2 Signatures 5 Sign Checks-2 Signatures 6 Attach check voucher to C/R or Invoice and file numerically by 6 Attach check voucher to C/R or Invoice and file numerically by check number check number 7 Mail/Distribute Checks 7 Mail/Distribute Checks

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18 Budgeting: Start with the COMPANY drop down box in the tool bar Planning and Budgeting/set up budgets Specify the budget year Specify no additional criteria Chose budget from scratch unless you have data from last year to load as a starting point. Finish A budget worksheet will appear with all of your accounts down the left side. You can enter a monthly amount in any month and then click copy across in the lower left of your screen and QB will fill in the remaining months with that amount. You may enter individual amounts by month and you may clear an account by entering zero in January and copy across You must save the budget each time you make changes before you leave it. You may leave budgeting and add accounts and come back and fill in budgeted amounts. It is sometimes easier to budget nested sets of accounts as one budget item.

19 Budget reports: start with the REPORTS drop down box Click on Budgets Click on Budget Overview which you can get in total, quarterly ormonthly monthly. Rememberyou can export budget reports to excel for ing. There is a Budget verses Actual report and a Budget Performance report. The later is the best but may take some coaching to set up using Modify reports.

20 FILING: Payroll-Payroll information by payroll period (3 Ring Binder) Contributions and Deposits-by y date (Summarize each deposit on a Contribution worksheet to set up JE) Payments-Check Vouchers attached to check requests or invoices filed by check # by month or quarter.

21 Month-end Closing: 1.Reconcile Checking account. To close in a timely manner obtain a bank statement via the internet from your bank. 2.Reconcile Assets (Bank and investment accounts) to Liability and Fund Equity accounts. 3.Make a journal entry to transfer a portion of facilities cost to offset rental income or outreach activities (accounts j. and i respectively) 4.Close out Net Income (YTD) via account g. Transfer from and (to) subsidiary funds and reserves 5.Prepare TMR and to the Diocese. Create and mail check. 6.Export Balance Sheet and Revenue and Expense reports to excel and to recipients. 7.Note that other bank and investment accounts can be reconciled after books are closed for a period but entries for interest and other income and expenses can t be made to closed periods.

22 Conversion Approaches- At any month end Add accounts a to o to a current QB file using fund accounting. Drag accounts into place as appropriate. Set t up a new QB company and upload Chart of accounts. Enter an opening balance journal entry (Tricky) Get QB and load a backed up starter file. (Easiest if starting from scratch)

23 Fund Accounting FAQ s Entries for: Making gpayments on a leased copier Pay for a new roof Buy a computer Pay the expenses of a fund raising event Setting up and maintaining Parish Organization Bank accounts (Rectors Discretionary Fund, ECW funds etc.) Endowed funds and Designated funds Pay the expenses of a fund raiser. Allocate costs to rental activities Pass through contributions

24 Quick Books FAQ s Exporting Reports Setting up budgets Paying bills Reconciling bank statements Recording contributions and miscellaneous deposits Making a journal entry Closing the books for a year Interfacing with an outside book keeper or accountant

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