|
|
| |
     
|
CHURCH ACCOUNTING ON A RECEIPTS AND PAYMENTS OR ACCRUALS BASIS
|
Full accruals accounts must be prepared when your gross annual income exceeds £100,000. Below this threshold you can choose to prepare receipts and payments accounts if there is no donor requirement for accruals accounting. The same threshold applies for Church of England churches as to charities in general. The Church Accounting Regulations 2006 require all PCC accounts to be subject to independent examination, including those below the £10,000 Charity Commission threshold for independent examination. A good audit trail and strong reporting facilities such as those in Paxton Charities Accounting make this task easier. An auditors version of the package is available for those examining multiple sets of accounts that are not their own (telephone or email for further information).
Receipts and payment accounts record actual payments and receipts when they happen and do not concern themselves with prepayments, accruals or asset depreciation. The range of facilities required to record these transactions is different from those that accruals accounting demands. These input requirements and the subsequent output requirements are fully tailored in Paxton Charities Accounting depending on what type of accounts database you choose to create. With the receipts and payments option you can still choose to use a purchase ledger to make it easier to keep track of your interaction with some or more of your suppliers, the package ensures that there is always a payment for any invoice you enter. Equally, you can enter these items as payment bookings and rely on your analysis accounts together with entered references and comments to trace historic data.
The Paxton Charities Accounting asset register is available to receipts and payments users to assist them in keeping track of their assets and values for possible inclusion in their Statement of Assets and Liabilities which differs significantly in its composition from the Balance Sheet required of and supplied for accruals users. The integrated HELP system is fully aware of which accounting methodology you are using and will supply you with appropriate dedicated assistance. Default accounts you may choose to use and the facilities to enter your opening balances are also fully tailored for the accounting methodology you require.
|
|
|
|
|
