2060-09 - Things to do at Fiscal Year End

Onliner:

            From your perspective as a Retired Auditor-CPA, Jim, please share with me the overall “End of Fiscal Year” closing steps and/or processes at a Church or a Non Profit Ministry

Jim@bcidot.org :

            The following comments are made within context of references to “General Purpose or GPFund” and “Special Purpose or SPFunds” as found within www.bcidot.org/all/0041-01.html

      >> Generally, you need to clean up all of your known Assets and Liabilities: Examples; As part of your Bank Reconciliation process, remove any old outstanding checks. Make sure liability account balances jibe with outsider/external information.

      >> Close out “GPFund” Profit/Loss accounts to the applicable SPFund account

    >> Do the “SPFund” Balance Forward process. Click Here for example when using QuickBooks.

      >> Do the applicable once a year end process that have to do with “Land, Building and Equipment” asset capitulation/depreciation. Click Here for more info.

       >> Prepare the annual financial report for both the “Board of Leadership” and the constituency. At a Church it would be the annual congregational business meeting.

       >> Many of your fiscal year end closing steps within your accounting system are based on year end identification and they happen automatically; or they are simplified when you use Computer products like QuickBooks (QBs). If this applies to you, then follow the necessary steps.

       >> Before year end have new “Budget Information” for immediate usage beginning with the new fiscal year.

Onliner:

            What is unusually different if we are audited?

Jim@bcidot.org :

            Bear in mind that you need to comply with applicable processes and reporting structure per the External GAAP (Generally Accepted Accounting Principles) issues for this type of organization as detailed when you Go Here for more information.

            Spend time with the Auditor and meet their once-a-year requests

Onliner:

            Anything else, Jim?

Jim@bcidot.org :

           There probably are other odds and ends, but that is all I can think of right now.