Closing your financial year & transitioning to the next treasurer
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Procedures for closing your financial year and transitioning to the next treasurer:
Pay & record all outstanding bills (Entering deposits & withdrawals).
Complete your bank reconciliations for the financial year(s) you are responsible for. (Reconciling your bank account).
Conduct a financial review of your books (sometimes called an audit)
Print final reports for the old year and store them in a binder (View reports).
Assign 990-EZ line numbers & print the 990-EZ report (if required to file this form by the IRS) (How to associate 990-EZ line numbers & run 990-EZ report).
Update your user list (those folks who have access to MoneyMinder). Add the incoming treasurer as an Adminsitrator. (How to add users to your account).
E-file your 990-N or 990-EZ. (How to e-file the 990-N & 990-EZ)
Obtain a new signature card from the bank, sign it, and submit so the new treasurer has the authorization to sign checks.
Set up the new financial year (Set up your new financial year).
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Connect your Bank, Square and PayPal accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
I would like to establish a quarterly review procedure, and I think the audit report would help with that. I’m thinking that I run the report at the end of each quarter, then ask another board member to review it against the bank statements and latest treasurer’s report. It appears that in oder to run the audit report, all accounts must be reconciled to the same day. Although two accounts close on the last day of every month, two other two accounts, which are credit cards, close on the 9th of the month. Do you have any pointers on how I could set this up?
Hi Doug,
I think you may be able to contact your bank and request a date of the month for your bank statements to close. You may want to do that so they all close on the same day.
The other thing you can do is check your credit card balances online on the last day of the month, so you can reconcile the credit cards and bank accounts to the same day.