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Frequently asked questions relating to Finance Co-ordinator
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The Charities Act became law in January
1997. It provides a template for the presentation of church
and charity accounts that must be followed. Finance
Co-ordinator is designed specifically for churches and charities
that takes account of the Charities Act. For more information
on the Charities Act please visit the Charity Commission
website at www.charity-commission.gov.uk
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| We
have an 'income' of £xxxx. What type of accounts should
we produce? |
The following is an approximate
guide. You should consult the Charities Act and the Charities
Commission before you make a final decision.
i) Gross income up to £100,000
- fund accounting with a choice of Receipts and Payments
(easiest) or Accruals. An independent examiner is required.
ii) Gross income over £100,000 - fund accounting on
an accruals basis. A SOFA must be produced and an independent
examiner is required.
iii) Gross income over £250,000
- fund accounting on an accruals basis. A SOFA must be produced
and a registered auditor is required.
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| Do
I have to wait until the financial year end before I start
using Finance Co-ordinator? |
No - you can start using Finance Co-ordinator at any point
throughout the year.
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| How
can I produce a printout of all of the transactions I have
entered into Finance Co-ordinator? |
Go to the Reports, Transactions listing and Audit analysis.
You can either leave all of the entries blank - for a full
audit report - or you can start the report from a particular
audit number.
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| I
need to go back to a previous month and enter a transaction
that I missed. How can I do this? |
Simply record the transaction and ensure that it is dated
for last month. Finance Co-ordinator will automatically
allocate it to the relevant month and update all of the
totals.
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| Can
I only produce the Statement of Financial Activity (SOFA)
at the year end. |
You can produce the SOFA at any point throughout the year
for your own information.
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| I
have paid a £300 cheque for insurance of which £200
is a prepayment. How do I enter this into Finance Co-ordinator
and how is it dealt with at year-end? |
Using the Prepayments and Accruals assistant under the Transaction
assistant option this will guide you to enter £200
credit against an insurance code and £200 debit against
a current asset code. Finance Co-ordinator will process
this automatically at year-end.
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| Do
I have to complete one financial year before entering transactions
for the next financial year? |
No, with Finance Co-ordinator you can have two years 'open'
at any one time. This means that if, at your year end, you
are waiting for the auditor to sign off the accounts you
can continue to enter the 'new' years transactions and produce
reports.
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| I
have started to enter transactions for the new year but now
my auditore tells me I need to enter some adjustments for
last year. How do I do this? |
With
Finance Co-ordinator you can have two years 'open' at any
one time. Therefore if you have adjustments for last year
to enter you simply enter them with last years date. Once
everything has been signed off you can then close or lock
last year so that no more entries can be recorded. You still,
of course, can produce reports for last year.
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| I
have been entering sample data into Finance Co-ordinator do
I have to de-install the program so that I can start to enter
real data? |
No
you do not need to re-install. Accounts assistant and Organisation
detail you can simply re-intialise you accounts. This will
remove all of your sample accounts.
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Membership
Efficient membership administration makes life easier
and supports growth. Use Membership Co-ordinator
to record details on members, groups, visits, to
create rotas and to let leaders and volunteers know
what's happening.
Accounts
Finance Co-ordinator has been designed to handle
the accounts of churches and charities as required
by the Charities Act. It records designated, unrestricted,
restricted and endowment funds with full reporting,
budgets, account analysis, prepayments and accruals
and will print a SOFA.
Gift
aid
Donations Co-ordinator will manage donations,
taxable or not with ease. It produces the necessary
R68 schedules, approved by the Inland Revenue.
Donations Co-ordinator also provides full audit
trailing, retrospective claims, statistical analysis,
Gift Aid declarations, email facilities, various
reports and labels.
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