Difference between revisions of "Closing out the month"

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#** (get authorization from appropriate committee if bill is at all questionable)
#** (get authorization from appropriate committee if bill is at all questionable)
# pay rent
# pay rent
# pay health care reimbursements
# record payroll transactions
# record payroll transactions
#* net pay, etc.
#* net pay, etc.

Revision as of 17:06, 23 August 2012

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 (this should actually be checked every time you use gnucash)
    • Imbalance-USD
    • Orphan-USD
  3. 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.)
    NW Natural
    Slicehost (cc)
    Waste Connections
    Portland Water (EFT - main checking) (quarterly - 3 6 9 12 )
    • Note: There are 4 separate water accounts and changing the credit card requires changing each of those accounts separately.
    • Bills that need to be manually paid online
    • write and mail checks for bills that need manual payment
    Central Electronic Alarm (quarterly)
      • (get authorization from appropriate committee if bill is at all questionable)
  4. pay rent
  5. 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.
  6. retirement
  7. record receipts
    • credit card
    • reimbursements (from cash box)
  8. 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
  9. record deposits
  10. 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
    • WWeek Give Guide!
    • 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. Bear, Greenwall)
      • NCER
      • Metro Metals
      • Hallmark
      • Schnitzer
      • Wireless Alliance
  12. check A/P accounts
    • recycling vendors
      • Total Reclaim
  13. reconcile bank accounts
    • ebay transfer
    • donations transfer
    • savings (operating reserve)
    • main checking
  14. reconcile cash box
  15. Invoiced donations
    • Make sure all donations in the database are in the books.
    • Make sure insurances and depreciation are entered as monthly values.