Icon Systems Releases Direct Deposit Solution for Its Church Accounting System

MOORHEAD, Minn., Sept. 22, 2014 /PRNewswire/ -- Icon Systems released church payroll direct deposit solution for its FASB compliant church accounting system. Direct deposit was one of the most requested features. We turned to our trusted partner, Vanco Services, to implement an ACH process for the church's employees. Icon System's church solution – IconCMO, interfaces with Vanco Services' ACH solution to provide the dollar figures for each employee's paycheck. This enhancement allows Icon Systems to send payroll information to Vanco Services securely, quickly and eliminates paper checks, trips to the bank, and other unnecessary overhead for the church and its employees.

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How does the payroll process work in the church?

The process starts with the payroll secretary creating a batch on IconCMO, and then submitting it to Vanco Services. When Vanco Services receives the information, they process the ACH request for each employee through the various financial channels. Once it is processed, then the employee's banking institution receives the electronic payment on payday from the church's financial institution's checking account. While all this is happening the IconCMO system has already recorded the financial transactions for the church's accounting books in compliance with FASB. This enables the church to provide financial reports like the statement of financial activities, statement of financial position, budget, change in net assets, and many other reports.

FASB Compliance

IconCMO's payroll package follows the Financial Accounting Standard Board (FASB) standards, essentially making it one of the few church solutions that incorporate payroll direct deposit and fund accounting for churches. Each employee's pay can use various funds, expense accounts, and liability accounts. This facilitates each church leader getting a breakdown of the salaries for the various ministries.

"Icon Systems partnership with Vanco Services has proven to be a winning combination for churches over the years since we implemented the online donation processing through Vanco Services," stated Bill Gifford – President of Icon Systems.

About Icon Systems, Inc.

Icon Systems, Inc. (http://www.iconcmo.com) has been a leader in the church management system industry for over 20 years, developing high-quality software exclusively for religious organizations from church plants to denominational offices. Icon Systems has a deep software engineering heritage that has enabled its products to achieve unprecedented performance, reliability, and customer satisfaction. The company's focus is the cloud-based church management software called IconCMO that is iPad, and Android Web App compliant. Icon Systems has three prominent offerings: 1) IconCMO - a Web-based church management solution that meets the needs of individual churches, 2) IconCMO+ - a Web-based multisite church management solution for multisite churches and churches with denominational offices on the local, national, and international level, and 3) Revelations - a single user or network-based church management software package.

About Vanco Services

Vanco Services, LLC, is a financial technology company that processes electronic transactions for more nearly 25,000 businesses and organizations in a variety of industries. Vanco offers several proprietary web-based electronic payment solutions that may be deployed as a comprehensive suite or implemented individually to meet specific needs. Vanco is a PCI (Payment Card Industry) Level 1 Compliant Service Provider.

Contact:

Bill Gifford
218-236-1899
Email

SOURCE Icon Systems, Inc.