Year End Financial Task

From PCSAR

Revision as of 18:52, 23 February 2020

At the end of each financial year

Tasks

• Perform an inventory of all assets and adjust accounts as appropriate (won't for 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.
  • issues:
    • "GST rebate receivable" does not have any transactions listed
    • "Golf Shirts" show no inventory; when did we purchase?
    • "T-Shirts" show no inventory; when did we purchase?
      • compare 2018-12-31 on "6117 Search Hats", "6118 Search Shirts"
    • "Avalanche Gear" show no purchases; when did we purchase?
    • Accounts Payable (A/P) - USD shows a consistent unresolved -$0.02
    • "Deferred revenue (2018 Provincial Training)"
      • should probably be separate accounts for each year's grant
      • does not appear to have been cleared of $7700 since earlier course was run
    • "Incidents:2019-07-04 Boulder Run" and "Incidents:2019-07-06 Lethbridge search"
      • Appear not to have been invoiced to tasking agency, may need to be written off
      • But dates are within 2 months of financial year end. Write off would occur in next financial year.
      • Should invoices be created in that financial year and written off in the next?
    • weird journal entries 2018-10-17 $964.70 deleting avalanche transceivers
      • unnumbered journal entry
        • "Created by QB Online to adjust balance for deletion"
        • $964.70 DR "EQUIPMENT:Avalanche Transceivers (deleted):ACC Dep'n Avalanche Transceivers 20% (deleted)", CR "3000 Opening Bal Equity"
      • unnumbered journal entry
        • $964.70 CR "EQUIPMENT:Avalanche Transceivers (deleted)", DR "3000 Opening Bal Equity"
      • These transactions are related to deleting the fully depreciated account. They offset each other. For clarity a memo should be added and the date changed to the start of the financial year.
      • Would throw out reconciliations; But only for "Opening Bal Equity" which we don't reconcile, and the two transaction balance each other out, so reconciliation wouldn't be out anyway.
    • "4200 Provincial Training Grant" shows no income
• Prepare the Financial Statements for the end of the previous year.
• Make sure that the financial statements match the year end financial statements that were submitted the previous year.
• 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.
• Record the GST recoverable
• Add the depreciation for the current year.
• Adjust the deferred revenue.
• Run the FinancialStatementsTask for the end of the current year. Submit them as the year-end financial statements.
• Have the books and statements audited.