June 11, 2021
The Bag for Payroll & Accounting Information
What exactly is “The Bag” and what am I supposed to do with it anyway?
After reading about our Services and noticing our different Levels, you may be wondering how the Weekly processing takes place. While it does look a little different for each client, there are a few similarities.
We have a courier system in place that sends any papers back and forth from you, to our office; and back to you. This is either through one of our MM Couriers or another common carrier in your area.
Whatever your system – bank bag, shipping envelope, or fully electronic – our team affectionately calls the process “the bag.” Your organization has a specific day and time range of when “the bag” will arrive and when it needs to be sent out.
Next, we will discuss some of the things that are sent back and forth.
Payroll for Churches & Nonprofits:
Your organization has a vehicle for reporting payroll hours and should follow the instructions for due dates provided on your organization’s specific calendar. The calendars are sent out at the beginning of each year.
Any other paper documents can be sent in “the bag,” however, we’ve found that most items are sent back and forth electronically these days. For instance, most of the payroll information is entered through the Payroll Portal, and many employees use direct deposit for their paychecks.
Accounts Payable Bag Items:
This step depends on the services in your contract, but all financial information needs to be seen by your MM representatives. This could include: Check Requests, Electronic Funds Transfers, Contributions, and Deposit information. Most importantly, your backup documentation should be attached to each request.
Again, some of these items – specifically deposit/contribution combos – are generally sent ahead electronically.
Producing Financial Statements:
Bank statements, journal entries, and any other notices or information about your account, is sent to your Accountant. Of course, things that have not already been sent electronically. Currently, most of these items are sent electronically through our portal.
Depending on your service level, there are specific times and days that you receive your Payroll or Accounts Payable information – whether it is weekly or monthly. Either way, your Financial Statements are produced each month and sent to your organization electronically. There are also weekly emails sent to give you a snapshot of where you are financially.
These are the main documents needed to provide bookkeeping services to churches and nonprofits.
Next Steps:
We hope this has been a helpful tool for understanding a little bit more about our services. If you have more questions, or would like to set up a phone call to see how we can help your organization with it’s administrative needs, please contact our office.
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