Closing out the month
Revision as of 13:47, 17 November 2010 by MichaelWestwind (talk | contribs)
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.
- record all checks from checkbook in books
- check the "Orphan" account for mistakes (this should actually b e checked every time you use gnucash)
- Imbalance-USD
- Orphan-USD
- pay bills, making sure to record not only the payment (which is to an a/p) but the expense as well.
- record bills that have been paid automatically (If there have been any staffing changes involving credit card holders, make sure the online payments are still valid.)
- PGE
- NW Natural
- Slicehost (cc - caitlin)
- Waste Connections
- Comcast
- Portland Water (cc - liane) (quarterly - 3 6 9 12 )
- Kaiser
- Paychex
- ...
- Bills that need to be manually paid online
- ...
- write and mail checks for bills that need manual payment
- Integra
- Central Electronic Alarm (quarterly)
- ...
- (get authorization from appropriate committee if bill is at all questionable)
- pay rent
- pay health care reimbursements
- record payroll transactions
- net pay, etc.
- tax withholding
- oddball deductions, such as advance paybacks, etc.
- divide the expenses between months for pay periods that straddle two months
- divide by the number of work days on each side (this is not exact but is close and good enough for our purposes)
- remember that certain employees get holiday pay so if the pp includes a holiday that category will need to be split differently.
- divide payroll tax expense as well. If the staff categories have different ratios of work days, then create a new ratio from the total payroll expense and use that.
- 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
- report 403(b) deductions (plus employer matches) to VALIC (online)
- record receipts
- credit card
- reimbursements (from cash box)
- record daily income reports
- credit and debit card transactions for front desk and thrift store
- "till total" amounts for front desk and thrift store
- daily transfers for front desk and thrift store (from end of shift forms)
- miscellaneous transactions (reimbursements, IOUs, money receipts)
- corrections (overages and short tills)
- Invoiced donations
- record deposits
- record online account transactions
- eBay (download spreadsheet)
- online paypal donations (download spreadsheet)
- Verify whether any are for invoiced donations or sales
- Verify that all donations are in the database.
- Network for Good
- Log in to website https://www.networkforgood.org/NPO/MyAccount/Login.aspx
- WWeek Give Guide!
- initiate a transfer to appropriate bank accounts and have michael finish it by transferring money into savings
- check A/R accounts
- recycling vendors (i.e. Bear, Greenwall)
- NCER
- Metro Metals
- Hallmark
- Schnitzer
- Wireless Alliance
- recycling vendors (i.e. Bear, Greenwall)
- check A/P accounts
- recycling vendors
- Total Reclaim
- recycling vendors
- reconcile bank accounts
- ebay transfer
- donations transfer
- savings (operating reserve)
- main checking
- make report for Sayer
- reconcile cash box
- Invoiced donations
- Make sure all donations in the database are in the books.