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Year-End Bookkeeping Reminders You Dont Want to Miss for your Non-Profit Organization

2017-12-13 08:02:36.0

| Author: FAS

FAS specializes in small business bookkeeping and tax services. We work closely with small businesses in Katy, Fulshear, Houston and nearby areas. Call us for Free Consultation: 832-437-0385 .






Year-End Bookkeeping Checklist for non-profit organization

 

The year is almost closing and so is your financials!  Let’s not get too carried away by the holiday season and miss out on making sure that your financial records are in order in time for the year-end closing of books and tax preparation.


Below are some year-end bookkeeping reminders to help you prepare your financials in no time:

  • Remind your employees to review their W-4 to verify and make on-time changes, on their allowances or exemption from withholding, as needed.

  • Obtain a completed and signed W-9 from independent contractors with payments of $600 or more. Deadline to send the 1099-MISC is January 31st.

  Year-End Bookkeeping Checklist for non-profit organization

  • According to the IRS, a minister who receives a housing allowance may exclude the allowance from gross income to the extent it was used to pay expenses in providing a home. Generally, those expenses include rent, mortgage interest, utilities, repairs, and other expenses directly relating to providing a home. The amount excluded can't be more than the reasonable compensation for the minister's services.
  • Some gifts to ministers, employees or volunteers may be considered taxable income so you might want to pay attention to this and take note if need be.   
  • Donations are a big part of your financials, so ensure that all are recorded completely and accurately in the books. 
  • Prepare annual contribution statement for donors and notify them to wait for their contribution summary to file taxes to avail of tax-deductible charitable contributions.
  • As with donations, you also have to ensure that all the revenues and expenses are recorded completely and accurately.  It is important to establish a deadline for collecting prior year expenses to prevent a sudden prior year reimbursement report after closing your financials.
  • Complete your year-end closing checklist, reconciling your bank balances, running annual reports to verify your account balances and fund balances that will be carried over to the next fiscal year and making adjusting entries for proper recording of accounts. If you outsource bookkeeping, then, your bookkeeper should be making sure these are all done for the year-end, otherwise, make sure you have a credible and qualified bookkeeper to help you with these year-end procedures.   
  • Review internal controls for the upcoming year, ensure safe care of assets and confirm account signatories are still valid.
  • Lastly, prepare your budget for 2018 to provide your non-profit a roadmap for another successful year. This is also a great time to review lessons learned from 2017 and how you can be more fiscally responsible, if needed, in 2018.

Preparing your financials for the year-end sounds like a very stressing activity, but having these year-end tips in mind will surely help accomplish this easier. It is also a good practice to do this as early as possible to avoid rushing because of deadlines, besides, you don’t want to be stressing about these during the holidays, right? Just focus on your non-profit organization’s financials, go through these reminders and surely, your financial statements will be ready for the next year in no time!

If you need help with your bookkeeping and tax preparation needs for your non-profit organization, contact us today at cristy@fas-accountingsolutions.com or 832-437-0385.

 

 


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