Reconciling the bank statements is a very important part of the accounting/bookkeeping process. Monthly, quarterly, and/or yearly financial reports should never be presented to the church board until the banks have been reconciled in the accounting software from which you print your financial statements.

Click here to learn more about the bank reconciliation process in PowerChurch and some helpful “tricks” to make the bank reconciliation easier and even…..fun!

Internal controls is the function of supervising the financial and other practices of the organization.  Setting Internal Controls in place creates a culture of accountability.

The Bible says in I Peter 5:8

“Be sober be vigilant; because your adversary the Devil, as a roaring lion walketh about seeking whom he may devour.”
  
Satan would love to destroy your ministry!  For this very reason churches need to put measures in place to protect the church, its assets, employees, and volunteers. Click here for more information on Internal Controls.

There are requirements for deducting business meals and entertainment expenses. This type of expense requires you to jump through several extra hoops to qualify as deductible and is subject to limitations. Nevertheless, if you pay careful attention to the rules outlined in this article, the expenses should qualify as deductible.

To learn more about meal and entertainment expenses, click here.

For years, Summit Tax & Accounting, LLC has conducted seminars throughout the state of Illinois, providing comprehensive and timely information in an understandable format for religious and nonprofit organizations.

We are happy to announce our WEBINAR series:  PowerChurch and Church Accountability by the Book. Now you can access this important information 24 hours a day, 7 days a week from the comfort of your home, office, church or gathering place. Subscribe today! Purchase the entire series, or only the chapters you need for review.

Still looking to attend a seminar this year, view our online schedule.