Bookkeeping Cleaning up and keeping up and being
Bookkeeping Cleaning up and keeping up and being prepared.
Cleaning up and Preparing • Chart of Accounts • Procedure Manual/Booklet • Covid/PPP • Reports
Chart of Accounts New chart of accounts last Fall Must match number and TYPE 57000 - Gain/Loss on CRP-OTHER INCOME 58000 -PPP loan- INCOME Description to be close to sheet but not necessary Add sub accounts: add as needed New accounts must go through Sue Dumps accounts not on sheet into UNAUTHORIZED income, expenses. HUGE figure right now.
Clergy Stipends All clergy(means deacons too)are to be paid through payroll when receiving stipends Can use mileage form or your own Payroll needs: Social security number, address, uncheck Medicare, Social Security and Federal Unemployment Tax Under payroll item create Visiting Clergy compensation
Prepared? What if you had to leave for a monthor months, or even a year or decided it was time to change jobs. Would your replacement know what to do if you weren’t there to train? Would they know where things were located? Many of you have been working many years and habits/routine. Create a booklet/manual/binder…….
PPP Forgiveness Are you ready? Your bank should be notifying you of requirements. Look them over soon. Some banks opening up Oct 1 st 2020 for the loan forgiveness. Have time but get started soon. Basics: Payroll, health and utilities but time consuming
Keeping up Bank statements- every month should be completed for the prior month by mid month CRP statements- every quarter Quarterly reports- By end of January, April, July and October TPSC- review the invoices once in awhile so no surprises Employees- Retirement, look into January and July for employer contributions to start
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