Year End Financial Task

From PCSAR

At the end of each financial year

Tasks

1. Perform an inventory of all assets and adjust accounts as appropriate (won't for 2020-02-22)
2. Make sure there are no transactions on the top-level accounts of ATB Casino, ATB Chequing or ATB Mastercard (done for 2020-02-24)
3. 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. (done for 2020-02-23)
   • issues:
     • Accounts Payable (A/P) - USD shows a consistent unresolved -$0.02 pending: may not be able to resolve for 2018-2019 year end
4. review the "A/R Aging Detail" report; question any A/R older than 90 days -- are these in error? (done for 2020-02-23)
5. review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice) (done for 2020-02-23)
6. the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice). (done for 2020-02-23)
7. Prepare the Financial Statements for the end of the previous year. (done for 2020-02-24)
8. Make sure that the financial statements match the year end financial statements that were submitted the previous year. (done for 2020-02-24)
9. 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. One on the last day of the financial year to recreate the audited statements, and a reversing one on the first day of the new year to reflect the true status. (done for 2020-02-24)
10. Record the GST rebatible (done for 2020-02-24)
11. Add the depreciation for the current year. (done for 2020-02-24)
12. Adjust the deferred revenue. (done for 2020-02-24)
13. Prepare the Financial Statements for the end of the current year. Submit them as the year-end financial statements.
14. Have the books and statements audited.