Editing Year End Financial Task
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- | At the end of each financial year | + | At the end of each financial year |
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== Tasks == | == Tasks == | ||
{{Tasks iteration date|{{current or past month|09}}-01}} | {{Tasks iteration date|{{current or past month|09}}-01}} | ||
- | # Perform an inventory of all assets and adjust accounts as appropriate {{status|won't | + | # Perform an inventory of all assets and adjust accounts as appropriate {{status|won't|2020-02-22}} |
- | + | # Visually inspect each account in the online accounting system making sure they make overall sense. Review transactions for the last fiscal year. Correct or clarify any issues. {{status|done|2020-02-23}} | |
- | # Visually inspect each account in the online accounting system making sure they make overall sense. Review transactions for the last fiscal year. Correct or clarify any issues. {{status| | + | #* issues: |
- | # review the "A/R Aging Detail" report; question any A/R older than 90 days -- are these in error? {{status| | + | #** Accounts Payable (A/P) - USD shows a [[User:Brett Wuth/Working Notes/2020-02-23 Accounts Payable (A/P) - USD discrepancy|consistent unresolved -$0.02]] {{status|}} '''pending: may not be able to resolve for 2018-2019 year end |
- | # review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice) {{status| | + | # review the "A/R Aging Detail" report; question any A/R older than 90 days -- are these in error? {{status|done|2020-02-23}} |
- | # the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice). {{status| | + | # review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice) {{status|done|2020-02-23}} |
- | # Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the previous year. {{status| | + | # the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice). {{status|done|2020-02-23}} |
- | # Make sure that the financial statements match the year end financial statements that were [[Audit#Audits|submitted the previous year]]. {{status| | + | # Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the previous year. {{status|done|2020-02-24}} |
- | # If they don't you may have transactions that were booked for the wrong year or you may have transactions that were entered for the previous years that were entered after the last year's financial statements were prepared. If the latter, enter transactions on the year boundary to adjust the books. | + | # Make sure that the financial statements match the year end financial statements that were [[Audit#Audits|submitted the previous year]]. {{status|}} |
- | # Record the [[Members:Book Keeping Task/GST|GST rebatible]] {{status| | + | # If they don't you may have transactions that were booked for the wrong year or you may have transactions that were entered for the previous years that were entered after the last year's financial statements were prepared. If the latter, enter transactions on the year boundary to adjust the books. {{status|}} |
- | # Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status| | + | # Record the [[Members:Book Keeping Task/GST|GST rebatible]] {{status|}} |
- | # Adjust the [[Members:Book Keeping Task/Deferred Revenue|deferred revenue]]. {{status| | + | #* "GST rebate receivable" does not have any transactions listed |
- | # | + | # Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status|}} |
- | + | #* remove depreciation for locks | |
- | + | # Adjust the [[Members:Book Keeping Task/Deferred Revenue|deferred revenue]]. {{status|}} | |
+ | # Run the [[FinancialStatementsTask]] for the end of the current year. Submit them as the year-end financial statements. {{status|}} | ||
# Have the books and statements [[Audit|audited]]. {{status|}} | # Have the books and statements [[Audit|audited]]. {{status|}} |