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. record all checks from checkbook in books
2. check the "Orphan" account for mistakes
   • Imbalance-USD
   • Orphan-USD
3. pay bills
   • record bills that have been paid automatically

   PGE

   NW Natural

   Slicehost

   Waste Connections

   Comcast

   Portland Water

   Kaiser

   Paychex

   ...

   • Bills that need to be manually paid online

   ...

   • write and mail checks for bills that need manual payment

   Integra

   ...

   • • (get authorization from appropriate committee if bill is at all questionable)
4. pay rent
5. pay health care reimbursements
6. record payroll transactions
   • net pay, etc.
   • tax withholding
   • oddball deductions, such as advance paybacks, etc.
7. 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
8. record receipts
   • credit card
   • reimbursements (from cash box)
9. 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)
10. record deposits
11. 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
12. check A/R accounts
    • recycling vendors (i.e. Bear, Greenwall)
    • tenant sublets
13. check A/P accounts
    • recycling vendors (i.e. Total Reclaim)
14. reconcile bank accounts
    • ebay transfer
    • donations transfer
    • savings (operating reserve)
    • main checking
15. reconcile cash box