Financial Reports Balance Sheet

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1 Financial Reports Balance Sheet It s the end of the month. The church board is looking to you to print reports that show the financial status of the church. How is that assignment going for you? Do the words, Balance Sheet, Income & Expense Statement, Budget Report, Activity Report, or Changes in Equity Report make your head swim? Perhaps these report names are unfamiliar to you, and you ve just been doing the best you can to produce good reports for the board. This month s newsletter is the first in a series. Each month we ll talk about a different report from PowerChurch. There are 2 reports PowerChurch will print that make up the basic financial packet for your board. They are the Balance Sheet and the Income and Expense Statement. This month we will be talking about the Balance Sheet. Let s start with the basics. What is a Balance Sheet? It is a report showing the assets, liabilities and equity of your church. Let me give you common examples of each: Assets Bank Accounts Investments Buildings/Land Equipment Vehicles Liabilities Payroll Taxes amounts deducted from employee checks along with the employer liabilities Flex Plans amounts deducted from employee checks Pension Plans amounts deducted from employee checks Vehicle Loans Mortgage Loans Equity Equity is simply the total of Assets minus Liabilities. Anytime you post an amount to an income, equity will automatically be increased. Anytime

2 you post an amount to an expense, equity will automatically be decreased. There are few reasons you will need to post an amount directly to equity. Later in this newsletter is an example of a Balance Sheet for a church. This report is easy to print. Start at the gray bar at the top of your PowerChurch screen. Click on: Accounting then Fund Accounting then Reports Fund Accounting then Balance Sheet Choose the month and year I suggest you always check Print account numbers Click OK You now should have a report that looks somewhat like the example shown below.

3 Sample Church Balance Sheet (UNAUDITED) 07/05/ :19 PM Consolidated - July 2013 Page: 1 Current Year ASSETS 1000 BANK ACCOUNTS 1050 FIRST BANK # Budget Fund 1110 $23, Jones, Emily Memorial , General Missions , Camp Scholarships , Building Fund , Subtotal First Bank # , Subtotal Bank Accounts , FIXED ASSETS 1500 LAND N University Ave , BUILDINGS 1600 Church , Subtotal Fixed Assets , TOTAL ASSETS $158, LIABILITIES 2000 CURRENT LIABILITIES 2010 PAYROLL DEDUCTIONS 2201 TAXES PAYABLE 2205 Federal Withholding 2215 $1, State Taxes Payable Subtotal Taxes Payable , Subtotal Payroll Deductions , Subtotal Current Liabilities , LONG-TERM LIABILITIES 2600 MORTGAGES & LOANS 2610 First Bank Mortgage # , TOTAL LIABILITIES 64, NET EQUITY 3000 UNRESTRICTED 3100 Unrestricted Net Equity 3110 $83, TEMPORARILY RESTRICTED 3201

4 Sample Church Balance Sheet (UNAUDITED) 07/05/ :19 PM Consolidated - July 2013 Page: 2 Current Year General Missions , Camp Scholarships , Jones, Emily Memorial , Building Fund , Subtotal Temporarily Restricted , TOTAL EQUITY 93, TOTAL LIABILITIES AND EQUITY $158,858.80

5 You should know what makes up every amount on your Balance Sheet. Is each amount showing for banking truly what is in the bank? Is the amount showing for the payroll liabilities truly the amount you owe the government, pension plan, flex plan, etc? Is the amount showing as the mortgage balance truly what you owe the bank? If your answer to any of these questions is no, you need to find out where the problem is and make any needed corrections. The church for my Balance Sheet example has all their money in one checking account. They have subbed out the 1110 checking account giving each designated item a sub account of the 1110 checking account. By looking at the Balance Sheet in my example the board knows the 1110 checking account has $33, in the account. However, $23, of the 1110 checking account is all that should be used for paying the budgeted bills. The rest of the money in the 1110 account is set aside for designated purposes. If the amount in the Budget Fund line shows a negative number, the church is spending designated money to pay the Budget Fund bills. The Balance Sheet is a wonderful tool to help the board make important decisions regarding the church cash flow. Along with subbing out the 1110 checking account, the church in my example has also created equity, income, and expense accounts for each designated/temporarily restricted line item. The income and expense line for each designated item is set to close to its own line item equity. That is why there is an equity amount under NET EQUITY for each of the designated 1110 funds. Notice: The amount for each designated 1110 account matches the amount for each designated equity. Building Fund checking shows a balance of $2, The Building Fund equity shows the same balance of $2, The chart of accounts can be set up in a way that will give the church an excellent check and balance system to help insure that amounts are being posted to the correct chart of account number. Note: For more information on setting up your chart of accounts, there is a Chart of Accounts Setup webinar available on our website. The setup of your Chart of Accounts will determine how information will show on your reports. Congratulations! You have just learned the basics of the Balance Sheet. Next time, we will go over the basics of the Income and Expense report. As always, if you need any help with your PowerChurch software you are more than welcome to contact us at Summit Tax & Accounting, LLC. No question is too small or too big. We are here to help you! (Fees applied on an hourly basis. Churches are billed at a discounted rate.

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