Closing your Financial Year & Transitioning to the Next Treasurer (with video)
Procedures for closing your financial year and transitioning to the next treasurer:
- Pay all outstanding bills.
- Complete your bank reconciliations for the financial year(s) you are responsible for.
- Banking > Reconcile
- Print final reports for the old year and store them in a binder.
- Update/assign 990EZ codes (if required to file this form by the IRS).
- Tax Forms > More
- Print the 990EZ report (if required to do so by the IRS).
- Tax Forms > 990EZ Report
- Update your user list (those folks who have access to MoneyMinder). Add the incoming treasurer as a user..
- Account > Users
- Conduct a financial review of your books (sometimes called an audit).
- Obtain a new signature card from the bank, sign and submit so the new treasurer has authorization to sign checks.