About IconCMO Fund Accounting
IconCMO Fund Accounting is a fund accounting software from Icon Systems that tracks all financial transactions and categorizes them into individual accounting funds. It provides bookkeeping, asset management, and compliance support for nonprofits. This software helps organizations effectively manage their financial resources, ensuring accurate reporting and adherence to tax-exempt status regulations. IconCMO Fund Accounting is designed for churches and nonprofit organizations of any size, allowing them to maintain clarity and accountability in their financial operations. Key capabilities: bookkeeping asset management reporting compliance support user-friendly interface Best for: nonprofits and churches that need to track financial transactions and manage multiple funds.
IconCMO Fund Accounting is a cloud-based, all-in-one financial module within the larger IconCMO Church Management Software (ChMS), specifically designed to meet the accounting and administrative needs of churches and nonprofit organizations. As a true fund accounting system compliant with FASB standards, it focuses on accountability, enabling organizations to track donor-restricted funds, manage budgets by fund, and integrate contributions seamlessly into the general ledger. The platform is widely praised for its intuitive interface and user-friendly workflows, allowing staff with varying accounting experience to navigate tasks efficiently. Its all-in-one design tightly integrates membership data, donations, and core financials, reducing errors and eliminating duplicate entry, while the Member Portal and mobile app empower congregants to self-service tasks such as updating profiles and printing contribution statements. IconCMO offers a full suite of accounting functionality, including accounts payable, accounts receivable, banking, payroll with up-to-date tax tables, and fund-specific budgeting. The SaaS deployment ensures reliable web-based access, automatic updates, and data security, while its internal module integration ensures that data corrections propagate consistently across the system.
Pros & Cons
- +IconCMO integrates contributions with fund accounting, streamlining financial management for churches.
- +Developers continually improve the software with updates based on user feedback.
- +The software is easy to use, with donations automatically posting to deposits without duplicate entry.
- +Customer support is consistently praised for being responsive, helpful, and patient with user issues.
- +Fund accounting and financial reporting can be implemented for entire organizations or individual funds.
- −Reporting options are limited, and not every desired report is available without requesting additions.
- −Contribution entry requires mouse clicks to move between rows, which some users find inconvenient.
- −Accounts cannot be organized logically on GL reports without account numbers or a report writer feature.
- −Some canned reports have wasted space and could benefit from user group review for improvements.
- −The bank reconciliation feature is confusing for some users, leading them to perform reconciliations manually.
Features
Key features
- True Fund Accounting System
- Tracks all financial transactions into individualized, self-balancing accounting funds.
- Donor-Designated Restriction Tracking
- Allows the accounting system to properly track and honor donor-designated restrictions on funds.
- Double Entry Accounting
- Uses the standard accounting method requiring at least two accounts (debit and credit) per transaction.
- Comprehensive Required Reports
- Generates a complete set of unique financial reports needed by auditors and board members (e.g., Statement of Financial Position).
- FASB Compliance
- Designed to ensure the nonprofit organization is compliant with Financial Accounting Standards Board requirements.
- Donation System Linkage
- The donation system is directly linked to the accounting system for seamless transaction tracking.
Additional features
- Tracks All Financial Transactions
- Records and organizes every financial exchange within the organization.
- Places Transactions into Funds
- Allocates all money into individual categories called accounting funds.
- Focus on Accountability
- The core design principle is tracking accountability rather than profitability.
- Designed for Churches/Nonprofits
- The system is specifically built to meet the unique needs of churches and nonprofit organizations.
- Tracks Restricted Funds
- Allows the organization to track money allocated for specific, permanently restricted purposes.
- Tracks Unrestricted Funds
- Tracks funds that can be used for any purpose and transferred out at any time.
- Maintains a Proper Balance for Each Fund
- Ensures each fund's assets and liabilities are accurately maintained.
- Self-Balancing Set of Accounts
- Each fund is a standalone unit where assets minus liabilities equals net assets.
- Double Entry Accounting
- Ensures every transaction uses at least two accounts (a debit and a credit) that must balance.
- Chart of Accounts (COA) Management
- Provides access to four types of accounts (Assets, Liabilities, Expenses, Revenues) across all funds.
- Statement of Financial Position (Balance Sheet) Report
- Produces a key financial statement showing assets, liabilities, and net assets (or equity).
- Statement of Activities (P/L) Report
- Produces a report showing revenues and expenditures for the period.
- Change in Net Asset Report
- Provides a report detailing the change in the organization's net assets.
- Detailed General Ledger Report
- Provides a report with a detailed record of all financial transactions.
- Fund Balance by Checkbook Report
- Provides a unique fund accounting report detailing the balances of each fund within the checkbook.
- FASB Compliance
- Designed to help the organization meet the Financial Accounting Standards Board requirements.
- Donation System Linkage
- The donation system is integrated with the accounting system.
- Saves Time and Money
- Designed to operate efficiently to provide financial savings.
- Free Trial
- Offers a 30-day trial without requiring a credit card.
- Online Church Software (IconCMO)
- Implies the system is a web-based or online solution.
- Bookkeeping Tools
- Includes features and guidance for general bookkeeping.
Pricing
Monthly plans
Base Package
USD 36
Countries & Languages
Interface languages
Billing currencies
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About IconCMO Fund Accounting
IconCMO Fund Accounting is a fund accounting software from Icon Systems that tracks all financial transactions and categorizes them into individual accounting funds. It provides bookkeeping, asset management, and compliance support for nonprofits. This software helps organizations effectively manage their financial resources, ensuring accurate reporting and adherence to tax-exempt status regulations. IconCMO Fund Accounting is designed for churches and nonprofit organizations of any size, allowing them to maintain clarity and accountability in their financial operations. Key capabilities: bookkeeping asset management reporting compliance support user-friendly interface Best for: nonprofits and churches that need to track financial transactions and manage multiple funds.
IconCMO Fund Accounting Details
IconCMO Fund Accounting's In-App Market Place
Does IconCMO Fund Accounting have an in-app market place?
Yes
How many Mini-Apps in the marketplace?
1
Mini Apps
No
Pricing Options
Plans
Monthly plans
Base Package
USD 36
Accepted Payment Currencies
USD ($), CAD (CA$), EUR (€), GBP (£), AUD (A$), JPY (¥), CNY (¥), RUB (₽), INR (₹), MXN (MX$)
Pros & Cons
- IconCMO integrates contributions with fund accounting, streamlining financial management for churches.
- Developers continually improve the software with updates based on user feedback.
- The software is easy to use, with donations automatically posting to deposits without duplicate entry.
- Customer support is consistently praised for being responsive, helpful, and patient with user issues.
- Fund accounting and financial reporting can be implemented for entire organizations or individual funds.
- Reporting options are limited, and not every desired report is available without requesting additions.
- Contribution entry requires mouse clicks to move between rows, which some users find inconvenient.
- Accounts cannot be organized logically on GL reports without account numbers or a report writer feature.
- Some canned reports have wasted space and could benefit from user group review for improvements.
- The bank reconciliation feature is confusing for some users, leading them to perform reconciliations manually.
IconCMO Fund Accounting's Support Options
Email Address
support@iconcmo.comContact
218-236-1899IconCMO Fund Accounting's Alternatives
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