BP 11122023 129pm - Flipbook - Page 62
FACTS, etc.), Religious Education software, Excel tracking log, etc. Evidence of this review by
someone other than the preparer should be maintained. Old outstanding items (greater than 90
days) in the reconciliations should be investigated and written off, if necessary.
o Endowment accounts should be reconciled to the statement quarterly.
o School of Religion Income, Student Listing and Scholarships: Review for completeness
and accuracy. A detailed listing/report of students from the student database (ParishSoft
tuition module, Excel, etc.) should be maintained with details of rates, scholarships given,
multi child discounts, and staff discounts. The amount collected should be reconciled to
ParishSoft Accounting. This reconciliation should be reviewed by the pastor. Note that a
parish should consider using Parishsoft Family Suite tuition module for tracking RE
enrollment, tuition, and collections if they have families who must make installment
payments (either due to financial hardship, large family size, or high RE fees).
o Preschool Income, Student Listing and Scholarships: Review for completeness and
accuracy. A detailed listing/report of students from the student database (ParishSoft
tuition module, Excel, etc.) should be maintained with details of rates, scholarships given,
multi child discounts, and staff discounts. The amount collected should be reconciled to
ParishSoft Accounting. This reconciliation should be reviewed by the pastor. If FACTS
is used, the pastor should review the Problem Activity Report, which lists all inactive,
delinquent, etc. accounts, including parents who have expired credit cards or closed bank
accounts, and the FACTS Adjustment report, which highlights changes to billing.
o Miscellaneous Income: (sports, youth group events, ministry events, fundraisers, etc…):
should be reconciled to ParishSoft Accounting revenue account. This can be done by
multiplying the number of participants times the rate to get the total revenue deposited.
Adjusting (tuition waivers, scholarships, etc) items should be reasonable. Events should
use ticket so expected sales (tickets sold times rate) can be compared to actual GL
revenue.
o Exchange accounts and other liability accounts per ParishSoft Accounting should be
reconciled to a detailed list or what represents the balance (second collections, other
parish ministries, sports, Archdiocese debt, accounts payable, miscellaneous exchange
accounts, etc.). Old unchanged balances (greater than 90 days) should be investigated for
accuracy, payments out, and write offs. These accounts could also be reconciled
monthly.
o Columbarium: Reconcile HMIS (sales sub ledger) to general ledger.
Annual Reviews
The following should be reviewed annually, unless there are changes after the initial review.
o Approval of the fiscal year-end financial statements to parishioners: Agree to the GL
without exception or a footnote noting any changes is required detailing the change.
o Ensure contribution letters are sent to all donors.
o Certification letter: Sent to Archbishop
o Annual budget: Complete by mid-May
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