Year End Financial Task
From PCSAR
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#* 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]] {{status|}} '''pending: may not be able to resolve for 2018-2019 year end | #** 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]] {{status|}} '''pending: may not be able to resolve for 2018-2019 year end | ||
| - | # review the "A/R Aging Detail" report; question any A/R older than 90 days -- are these in error? {{status|}} | + | # review the "A/R Aging Detail" report; question any A/R older than 90 days -- are these in error? {{status|done+2020-02-23}} |
| - | + | ||
# review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice) {{status|}} | # review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice) {{status|}} | ||
# the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice). {{status|}} | # the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice). {{status|}} | ||
Revision as of 06:03, 24 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. (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
- Accounts Payable (A/P) - USD shows a consistent unresolved -$0.02
- issues:
- review the "A/R Aging Detail" report; question any A/R older than 90 days -- are these in error?
{{status|done+2020-02-23}} value "done+2020-02-23" could not be understood. Use "not yet", "done", "verified" or "won't". |
- review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice)
- the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice).
- 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.
