The Chart of Accounts is a list of the general ledger accounts used to record and track all parish financial transactions. The Diocese of Superior has a uniform Chart of Accounts which all parishes and parish schools use. This list covers the main financial accounts, with gaps provided in the numbering for accounts specific to parishes or schools.
Whenver a parish receives donations (e.g. Sunday envelopes) and other monies (e.g. fundraising) are received and expenses paid, the Chart specifies where parish bookkeepers, business managers, accountants are to record these transitions. This way meaningful reports can be created using quickbooks to help Pastors make accurate and timely financial decisions.
- Assets: Property and items owned by the Parish, including bank accounts, real estate, buildings, furnishings, etc. These accounts normally have debit balances.
- Liabilities: Monies owed to companies, institutions and individuals for goods and services provided to the Parish in the normal course of business. These accounts include assessments owed to the Diocese of Superior for the current year. These acounts normally have credit balances.
- Net Assets: The difference between what a parish owns (assets) and what it owes (liabilities).
- Revenue: Monies received from parishioners or other sources that are used to fund the operation of the Parish. Examples: offertory collections, special gifts and bequests from parishioners or their estates, cash generated from Parish fund-raising activities. These accounts normally have credit balances
- Expenses: All funds disbursed for parish operations. These are the costs of purchasing goods and services to operate a Parish on an ongoing basis. The largest expenses can be classified as follows: wages, taxes, benefits, supplies, utilities and almost anything paid to a vendor or other person, including diocesan assessments still owed from the previous year. These accounts normally have debit balances.