Year End Financial Task

From PCSAR

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?
    • "Avalanche Gear" show no purchases; when did we purchase?
    • "Computer" show no purchases; when did we purchase?
    • "Inventory Asset 1" sounds like a bogus account
    • "Inventory Asset 1-1" sounds like a bogus account
    • "Misc Fixed Assets" locks don't meet criteria for capitalization/depreciation.
    • Accounts Payable (A/P) - USD shows a consistent unresolved -$0.02 starting 2018-11-19
    • "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

• Run the FinancialStatementsTask 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.
• 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.