Managing Money
From YWAMKnowledgeBase
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Contents |
General Principles
- Integrity - transparency on right financial actions
- Accountability - having others examine our actions
- Good accounts - keeping a good record
- Traceability - making sure that we can trace the flow of money through the organisation. From receipts to auditors' reports
- Designated Gifts - not changing the purpose they were given for
- Generosity and giving - our values and core
- Approval, permission and submission of a purchase
- Double signatures, prevent combination of financial functions (e.g. paying & entering invoices)
- Counting cash
- Security and safety
- Thanking donors
Various Topics
- Safes
- Managing a Cashbox
- Budgets and business plans
- Mortgages and Loans
- Contracts and liabilities
- Accounting codes and cost centres
- Ministry Fundraising
- Receipts
- Bookkeeping systems and terms and help
- Value Added Tax (Sales Tax)
- Other taxes
- Insurances
- Spending levels and limits for financial accountability
- Money pots - stamps, postage etc.
- Staff Fees - general principles including sliding scales of fees for developing nations
- YWAM Tithes or cutting the cake finely upstream
- Dealing with Theft (internal or external)
- Avoiding financial scams
Financial Accounting Packages that work, really work
Exact Online is a very interesting and helpful accounting program that YWAM Belgium have very successfully adopted. http://www.exactonline.be
Strengths
- Professional accounting system based on the decades of development of the Exact accounting package.
- Multi-user (simultaneously). This allows many people to be trained to enter data and spreads the load.
- Browser based (Internet Explorer 6.0, Firefox 3.5 or Safari (Mac) 4.02) thus can run on any computer with a good internet connection. That means you can work on it from any computer connected to the internet!
- Data is transmitted securely and stored in Holland in two data centres.
- Simplest System most users have ever used: Suitable for people who are not bookkeepers or accountant with a little gentle training.
- External accountants and auditors can be given special access to examine data thus reducing the need and cost of visits
- Subscription software, good technical support
Weaknesses
- Suitable for Belgium and Dutch countries but it is very likely that this type of system will be developed for many other countries
- When the internet connection is down it doesn't work - not suitable for Dial-up or poor quality internet connections.
Resources
- Any good books?
