A Guide to Getting Back on Track After Pandemic Shut Down

If your group has stepped away from the day-to-day management of the financials over the past couple of years, here are a few things to help you catch up in MoneyMinder:

If you can, figure out who will be doing this next year and get your incoming Treasurer involved! This will be a great learning opportunity for new treasurers and a great way to get them familiar with MoneyMinder and the budgeting, transaction recording and reconciling processes. If you are the new treasurer and the previous treasurer has already departed, fear not, MoneyMinder is here to support you through the KnowledgeBase and with Live Chat, email and phone support.

1.  Make sure for each account you use, you have input any known checks, deposits or refunds into your MoneyMinder register and associated them with the correct budget categories and contacts (if applicable). Click here for some helpful tips on different banking transactions and how to handle them in the system.

    • Make sure when you are entering older transactions you input the actual transaction date so these will show up in the correct reconciliation timeframe.
    • This is also a great time to deal with stale checks or checks that were voided as well.

2.  Go to your banking website and print all of the monthly bank statements for each account you use since your last reconciliation. You may have to request this from your bank if it is not available on their website. You can see your last reconciliation date for each account on your account home page.

    • HINT: If you have already started a new financial year, you’ll need to select the previous year from the drop down in the upper left corner to see their last reconciliation dates. If N/A appears, then that account has not been reconciled within that financial year, so you’ll want to look at the prior year to see when it was last reconciled.

3.  Perform a reconciliation for each period based on your bank statements, starting with the oldest. If you have monthly statements, reconcile your accounts monthly. It may seem tedious, but it will be a good refresher for how it works and it’s just a good practice to keep everything cleaned up going forward. If you’ve had a slow year, this won’t take long.

    • You may find that transactions from last year were not input until this year, but actually occurred last year and you want to recognize them in that year’s budget. If you already carried the next year’s bank balances and unreconciled transactions forward, you would need to manually add those items to both last year’s register and this year’s uncleared transactions list. You can get there by clicking on the edit link beside each account on the banking page.

If the transaction occurred in the current financial year but was to pay for something in the prior financial year, you may want to add a line item to your budget for Prior Year Expenses. This will let you highlight the expense as separate from your current year’s plan while recognizing the true timing.

4.  If you have funds that were budgeted and unused, decide how you will handle that in next year’s budget.

    • What will you do with remaining balances?
    • How will this affect fundraising for next year?
    • Do you need to pull forward contract obligations or will they reset?

5.  Did you have any 1099 reportable spending? If so, make sure you have all the information you need to complete that reporting.

6.  Make sure you are in compliance with your tax filing requirements and any State charitable organizations registration by visiting your Secretary of States’ website as requirements differ by state, and the IRS.

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