Editing Year End Financial Task

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At the end of each financial year, year end financial statements are produced.
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At the end of each financial year
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This process can take around 30 hours, depending on the amount of corrections that need to be made.
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== Tasks ==
== Tasks ==
{{Tasks iteration date|{{current or past month|09}}-01}}
{{Tasks iteration date|{{current or past month|09}}-01}}
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# Perform an inventory of all assets and adjust accounts as appropriate {{status|won't|2021-02-11}}
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* Perform an inventory of all assets and adjust accounts as appropriate {{status|won't|2020-02-22}}
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# Make sure there are no transactions on the top-level accounts of ATB Casino, ATB Chequing or ATB Mastercard {{status|not yet|2020-02-24}}
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* Visually inspect each account in the online accounting system making sure they make overall sense. Review transactions for the last fiscal year. {{status|}}
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# 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|not yet|2020-02-23}}
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** issues:
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# review the "A/R Aging Detail" report; question any A/R older than 90 days -- are these in error? {{status|not yet|2020-02-23}}
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*** "GST rebate receivable" does not have any transactions listed
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# review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice) {{status|not yet|2020-02-23}}
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*** "Golf Shirts" show no inventory; when did we purchase?
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# the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice). {{status|not yet|2020-02-23}}
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*** "T-Shirts" show no inventory; when did we purchase?
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# Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the previous year. {{status|not yet|2020-02-24}}
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**** compare 2018-12-31 on "6117 Search Hats", "6118 Search Shirts"
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# Make sure that the financial statements match the year end financial statements that were [[Audit#Audits|submitted the previous year]]. {{status|not yet|2020-02-24}}
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*** "Avalanche Gear" show no purchases; when did we purchase?
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# 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. {{status|not yet|2020-02-24}}
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*** 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]]
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# Record the [[Members:Book Keeping Task/GST|GST rebatible]] {{status|not yet|2020-02-24}}
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*** "Deferred revenue (2018 Provincial Training)"
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# Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status|not yet|2020-02-24}}
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**** should probably be separate accounts for each year's grant
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# Adjust the [[Members:Book Keeping Task/Deferred Revenue|deferred revenue]]. {{status|not yet|2020-02-24}}
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**** does not appear to have been cleared of $7700 since earlier course was run
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# Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the current year. {{status|not yet|2020-02-24}}
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*** "Incidents:2019-07-04 Boulder Run" and "Incidents:2019-07-06 Lethbridge search"
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# Prepare the Deferred Revenue Reconciliation statement {{status|not yet|2020-02-24}}
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**** Appear not to have been invoiced to tasking agency, may need to be written off
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# File them as the year-end [[Members:Financial/Statements|financial statements]] and with the [[Audit]] records. {{status|}}
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**** But dates are within 2 months of financial year end. Write off would occur in next financial year.
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# Have the books and statements [[Audit|audited]]. {{status|}}
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**** Should invoices be created in that financial year and written off in the next?
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*** weird journal entry 2018-10-17 $964.70 deleting avalanche transceivers
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**** "Created by QB Online to adjust balance for deletion"
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*** "4200 Provincial Training Grant" shows no income
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* Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the previous year. {{status|}}
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* Make sure that the financial statements match the year end financial statements that were submitted the previous year. {{status|}}
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* 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|}}
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* Record the GST recoverable {{status|}}
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* Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status|}}
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* Adjust the [[Members:Book Keeping Task/Deferred Revenue|deferred revenue]]. {{status|}}
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* Run the [[FinancialStatementsTask]] for the end of the current year. Submit them as the year-end financial statements. {{status|}}
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* Have the books and statements [[Audit|audited]]. {{status|}}

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