Year End Financial Task
From PCSAR
(Difference between revisions)
(→Tasks) |
(→Tasks) |
||
| Line 7: | Line 7: | ||
* 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|}} | * 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: | ** issues: | ||
| - | |||
*** 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]] | *** 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]] | ||
*** "Deferred revenue (2018 Provincial Training)" | *** "Deferred revenue (2018 Provincial Training)" | ||
| Line 18: | Line 17: | ||
* 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|}} | * 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|}} | ||
* Record the GST recoverable {{status|}} | * Record the GST recoverable {{status|}} | ||
| + | ** "GST rebate receivable" does not have any transactions listed | ||
* Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status|}} | * Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status|}} | ||
** remove depreciation for locks | ** remove depreciation for locks | ||
Revision as of 19:45, 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. Correct or clarify any issues.
- issues:
- 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
- Outstanding Tasking Agency Invoices
- "4200 Provincial Training Grant" shows no income
- issues:
- 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
- "GST rebate receivable" does not have any transactions listed
- Add the depreciation for the current year.
- remove depreciation for locks
- 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.
