Our team, working with different religious entities, knows well how critical the processing of accounting data for the Congregations is, but also how important it is in order to correctly represent the same transactions in different countries, with different currencies, but with shared criteria, in order to ensure a homogeneous approach to each event. The accounting plan becomes the common language for the accounting representation of similar events that occur in different branches of the Congregation. The harmonization of accounting standards, which obviously takes in due account the peculiarities of each country, is a necessary step to achieve this objective.
In order to achieve this result, it is essential to create a plan of accounts that is tailored to the needs of the institution and in line with the accounting principles of the countries where it is based.
In particular, a specific Focus must be dedicated to:
• the analysis of accounts such as DONATIONS, GRANTS, SCHOLARSHIP, BEQUESTS, to separately monitor the resources received from external donors/sponsors;
• the identification of the most suitable solutions for the correct recording of transfers that take place between the different branches of the same Congregation, avoiding, at a consolidated level, the duplication of costs and revenues and highlighting any economic support that the Congregation provides to the individual entities that compose it.
OverEagles can support religious congregations in the choice of an Accounting Software to identify the most suitable solutions that allow the insertion, management and monitoring of accounting data.
Priority shall be given to identifying instruments which:
• allow entries in different currencies while maintaining a uniform accounting policy;
• provide complete data security on certified server platforms;
• allow the use of data in the cloud, with the convenience of use in any location and on different types of devices.
The implementation of the Admnistration Manual for a religious structure is a good practice to correctly define your internal accounting and administrative procedures.
The administrative manual is composed by various sections and includes all the areas of the financial, accounting and administrative functions of the Religious Body:
• Organogram and definition of the roles of the resources of the Central and Provincial offices, identifying lines of internal coordination between the structures, as well as responsibilities and tasks of each;
• General definition of coordination activities, of the documents to be prepared and their management. Explanation of how to use the chart of accounts by creating codes and notes for each item on the balance sheet and profit and loss account;
• Definition and explanation of the Budget procedure, of the internal control and verification procedures, with a clear identification of the timing and of the document models to be used for the various annual deadlines and possibly extra templates for financial or Real Estate reports.