In religious organizations like churches, a proper functioning body includes four major officers – treasurer, secretary, president and vice president, to conduct the errands of the church. The financial secretary and treasurer are basically responsible for all the monetary aspects of the church. The duty of treasurer involves tasks such as preparing ledgers, the budget, tax forms, and financial reports of the congregation. Most of the online church management software have inbuilt functions to eliminate complex reckoning, thus saving time and funds.
In most of the cases, the treasurer is burdened by a high number of responsibilities along with bookkeeping.
A majority of them are listed here –
Keeping Up with the Funds – This is done by maintaining a record of forms, cheques, invoices, and verification of every transaction that takes place in the church. After complete information is collected, it is updated on weekly, monthly and even yearly basis to keep the record of donors. Also, another major task of the treasurers involves depositing the total amount into the church’s bank account and paying the recruited staff of the church.
Possessions are a Prerequisite – Having a proper record of possessions- their damage, charges, freights etc. is mandatory in case, they get damaged to estimate their cost.
Accurate Bookkeeping – The most productive duty of the treasurer is to match the ledgers of the church to the bank statement. For this task, most of them on monthly basis set a meeting with all the other members of the church. The treasurer assembles all the details regarding the expenses, expenditure, investments, etc. that have been done. Finally, a report is generated that helps in sending the newsletter containing the financial updates.
Faultless Accounting Practice – Auditing the internal and external revenue statement of church and preparing the budget for next year is one of the trickiest accounting practices. The treasurer makes mistakes in these tasks most of the time. But with effective charity management software treasurers, financial coordinators and secretaries can manage their fiduciary errands without panic.
All these tasks may sound impossible to be handled by a single person, but with charity management software the daily chores of treasures such as filling the tax, scrutinizing the flow of cash and tracking the donors can be simple. The majority of them incorporate the following functions.
Get Reports Simultaneously – You can generate a report of the current down payments, liabilities, accruals, investments, etc. done to the church in a fraction of seconds.
Manage Funds in an Efficient Way – The funds that are submitted to the church have to be categorized into different types. Not every time you will collect funds from the same person or organization that is why the charity management system is awesome! You can keep the record of restricted funds, incomes, transactions, and expenditures.
Accounting on Your Tips – The best part is that you can perform the journal entry, which means you have a proficient process of determining the assets, debtors, and creditors, etc. The advanced functionality includes reconciliation statements, accounting year closure, calculations of import from donations coordinator. The accounting structure of these systems is usually dominated by the receipts and payments’ practices & prepayments and accruals systems.
Today modern online charity management systems have integral functions that are important for smooth administration of the church. They are affordable enough that they can be used by both the small and large nonprofits. This article summarizes for you a list of treasurer duties using an effective church management system.