BP 11122023 129pm - Flipbook - Page 52
When the food sale net proceeds are not designated for a specific purpose or if they are used to
purchased video equipment the following journal entry must be made manually and is not
system generated:
Debit/decrease Liability food sale exchange account
1,000
Credit/increase other donations
1,000
IF the funds were designated for video equipment the following is generated when the check is
made for the equipment:
Debit/ increase liturgy equipment expense
1,000
Credit/ decrease to operating checking account
1,000
Other considerations:
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•
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Parishioner donations should be recorded in ParishSoft Family Suite for reconciliation by
type of collection or ministry and reconciled to the deposits (liability and revenue
accounts) recorded in the general ledger.
Fundraising activities are not tax deductible to the participants and therefore may not
need to be recorded in ParishSoft Family Suite. However, expected revenue should be
calculated (e.g. tickets time amount) and compared to the deposited funds in the general
ledger.
Exchange accounts should be zeroed out annually at some point. If they don’t, funds are
not being remitted timely to other organizations or ministries are collecting more than
they are spending and really represent parish donations. For example, a parish prayer
group meets weekly and takes a collection for coffee and donuts provided at each session.
Over a 10-year period, the prayer group exchange grows to over $80,000. The significant
excess really represents parish donations and should be re-classed with a journal entry to
other donation revenue.
We are happy to assist with any school/parish specific fundraising and restricted
donations.
Should you have any questions, please contact the Department of Finance’s Internal Audit or
Financial Services. Staff and Contact - Roman Catholic Archdiocese of Atlanta | Atlanta, GA
(archatl.com)
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