Year End Financial Task
From PCSAR
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{{Tasks iteration date|{{current or past month|09}}-01}} | {{Tasks iteration date|{{current or past month|09}}-01}} | ||
| - | # Perform an inventory of all assets and adjust accounts as appropriate {{status|won't| | + | # Perform an inventory of all assets and adjust accounts as appropriate {{status|won't|2021-02-11}} |
| - | # Make sure there are no transactions on the top-level accounts of ATB Casino, ATB Chequing or ATB Mastercard {{status| | + | # 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}} |
| - | # 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|not yet|2020-02-23}} |
#* 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|not yet|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|not yet|2020-02-23}} |
| - | # 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|not yet|2020-02-23}} |
| - | # Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the previous year. {{status| | + | # Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the previous year. {{status|not yet|2020-02-24}} |
| - | # Make sure that the financial statements match the year end financial statements that were [[Audit#Audits|submitted the previous year]]. {{status| | + | # 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}} |
| - | # 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| | + | # 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}} |
| - | # Record the [[Members:Book Keeping Task/GST|GST rebatible]] {{status| | + | # Record the [[Members:Book Keeping Task/GST|GST rebatible]] {{status|not yet|2020-02-24}} |
| - | # Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status| | + | # Add the [[Book Keeping Task/Depreciation|depreciation]] for the current year. {{status|not yet|2020-02-24}} |
| - | # Adjust the [[Members:Book Keeping Task/Deferred Revenue|deferred revenue]]. {{status| | + | # Adjust the [[Members:Book Keeping Task/Deferred Revenue|deferred revenue]]. {{status|not yet|2020-02-24}} |
| - | # Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the current year. {{status| | + | # Prepare the [[Members:Book Keeping Task/QuickBooks/Online/Reports|Financial Statements]] for the end of the current year. {{status|not yet|2020-02-24}} |
| - | # Prepare the Deferred Revenue Reconciliation statement {{status| | + | # Prepare the Deferred Revenue Reconciliation statement {{status|not yet|2020-02-24}} |
# File them as the year-end [[Members:Financial/Statements|financial statements]] and with the [[Audit]] records. {{status|}} | # File them as the year-end [[Members:Financial/Statements|financial statements]] and with the [[Audit]] records. {{status|}} | ||
# Have the books and statements [[Audit|audited]]. {{status|}} | # Have the books and statements [[Audit|audited]]. {{status|}} | ||
Revision as of 19:40, 11 February 2021
At the end of each financial year, year end financial statements are produced.
This process can take around 30 hours, depending on the amount of corrections that need to be made.
Tasks
- Perform an inventory of all assets and adjust accounts as appropriate
- Make sure there are no transactions on the top-level accounts of ATB Casino, ATB Chequing or ATB Mastercard
(not yet for 2020-02-24)
- 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. (not yet 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? (not yet for 2020-02-23)
- review the "A/P Aging Detail" report (to identify bills that may have been entered but never paid, or entered twice) (not yet for 2020-02-23)
- the "Transaction List by Supplier" report for the financial year (to identify bills that have been entered entered twice and paid twice). (not yet for 2020-02-23)
- Prepare the Financial Statements for the end of the previous year. (not yet for 2020-02-24)
- Make sure that the financial statements match the year end financial statements that were submitted the previous year. (not yet for 2020-02-24)
- 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. (not yet for 2020-02-24)
- Record the GST rebatible (not yet for 2020-02-24)
- Add the depreciation for the current year. (not yet for 2020-02-24)
- Adjust the deferred revenue. (not yet for 2020-02-24)
- Prepare the Financial Statements for the end of the current year. (not yet for 2020-02-24)
- Prepare the Deferred Revenue Reconciliation statement (not yet for 2020-02-24)
- File them as the year-end financial statements and with the Audit records.
- Have the books and statements audited.
