Closing out the month

This is a checklist of things that need to be done before the month is closed out for bookkeeping. By completing all the items on this list, we ensure a more accurate picture of actual income and expenditures -- useful when setting the budget. Sometimes transaction detailss that occur during a given month aren't known until a few weeks later, but in general many of these steps can be completed in the first week or two of the next month.

1. check the "Orphan" account for mistakes
2. pay bills
   • record bills that have been paid automatically
   • write and mail checks for bills that need manual payment
     • (get authorization from appropriate committee if bill is at all questionable)
3. pay rent
4. pay health care reimbursements
5. record payroll transactions
   • regular payroll
   • substitute payroll
   • tax withholding
6. retirement
   • report 403(b) deductions (plus employer matches) to VALIC (online)
     • See instructions at How to report retirement plan contributions
   • write and send check to VALIC
7. record receipts
   • credit card
   • reimbursements (from cash box)
8. record daily income reports
9. record deposits
10. record online account transactions
    • eBay (Serge creates a spreadsheet)
    • online paypal donations (if any)
    • initiate a transfer to appropriate bank accounts and have michael finish it by transferring money into savings
11. check A/R accounts
    • recycling vendors (i.e. Calbag)
    • tenant sublets
12. check A/P accounts
    • recycling vendors (i.e. Total Reclaim)
13. reconcile bank accounts
    • ebay transfer
    • donations transfer
    • savings (operating reserve)
    • main checking
14. reconcile cash box