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  5. Closing your financial year & transitioning to the next treasurer
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  4. Closing your financial year & transitioning to the next treasurer

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 (under Banking)


Complete your bank reconciliations for the financial year(s) you are responsible for (under Banking > Reconcile).


Print final reports for the old year and store them in a binder (under Reports).


Update/assign 990EZ codes (if required to file this form by the IRS) (under Tax Forms > Edit 990-EZ Line Categories).


Print the 990EZ report (if required to do so by the IRS) (under Tax Forms > 990EZ Report).


Set up the new financial year (under Financial Year > Add New Financial Year > Follow the prompts to carry over your bank balances & copy your budget).


Update your user list (those folks who have access to MoneyMinder). Add the incoming treasurer as a user. (under Account > Users)


Conduct a financial review of your books (sometimes called an audit)


Obtain a new signature card from the bank, sign it, and submit so the new treasurer has the authorization to sign checks.


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