Treasurer

Before the 15th of each month, state and national dues need to be paid and Memberhub memberships updated. More details here.

Complete the following tasks to ensure the books are up-to-date prior to completing the reporting:

1. Download BBT Bank Statement Combined

Download the Bank statement from BB&T.

2. Stripe Transactions

Stripe doesn’t provide standard bank statements nor an integration into Quickbooks so the transactions have to be imported into QB via a spreadsheet. Stripe handles transactions as follows:

• Payments: Customers make purchases on the website and Stripe collects each of these in real time. Stripe then takes out their processing fee.
• Payouts: On a daily basis, stripe then collects whatever payments have been made for that day (minus fees) and batch transfer them in a single payment to our BB&T checking account.

To import Stripe transactions into Quickbooks, proceed as follows:

1. Go to Successful Payments and click ‘Export’. Select ‘Previous Month’ and export.
2. Located the exported csv file on your computer and open.
3. Download this excel file and structure the downloaded content into it as follows:
   1. Create Date: (reformat to show only mm/dd/yyyy ie remove the time)
   2. Amount: Each row on this spreadsheet can have up to 4 transactions (donation, PTA dues, membership and fee). These have to be separated into their own rows prior to import to ensure we can categorize them independently in QB. Make sure the Fee is negative.
   3. Memo: add ‘General Donation’, ‘PTA dues’, ‘Membership’ or ‘Fee’ for the specific transaction
4. With the format completed, now export this to a CSV file (QB cannot important XLS files). Now add them to the Quickbooks register (by importing the file 4 times, once for each category):
   1. PTA Dues -> Membership & Donors:Membership – State & Nat’l Dues
   2. Membership -> Membership & Donors:Membership – Local Dues
   3. Fees -> General & Admin Expense:Service Fee Stripe
   4. General Donation -> Membership & Donors:General Donations
   5. Payout -> Change type to transfer ->BB&T IDA Account (Money Mkt)

2. Banking Transactions

Next, ensure all the banking transactions for the bank accounts are downloaded and categorized in Quickbooks.

Obtain the monthly financial reports from Quickbooks:

• Budget vs Actual – year to end of reporting month
• Balance Sheet – year to end of reporting month
• Statement of Activity – month of report
• Profit & Loss (YTD) – year to end of reporting month

Then post them to the website.

We conduct an audit on a monthly basis. Liaise with the audit committee to schedule the monthly audit. Prior to the audit, complete the following tasks in the order listed and upload them to the website:

1. Execute the reconciliations

1. Open the reconciliation for Stripe. The closing balance should normally be zero and the date the end of the reporting month.
2. Once the Difference is zero, click ‘Finish Now’. (Note, only a CPA can delete reconciliations so make sure it is all correct!)
3. Print/ export as PDF. Name the file <yyyymm>-Reconciliation-stripe.pdf
4. Repeat for all bank accounts. For the checking account, ensure cross-checking with the bank statement so that all the cleared checks are correctly listed.

2. Balance Sheet Report

1. Go to the Balance Sheet Report in Quickbooks.
2. Update the end date for the reporting month.
3. Validate there are no amounts in unexpected categories
4. Print/ export as PDF. Name the file <yyyymm>-BalanceSheet.pdf

3. Statement of Activity Report

1. Go to the Statement of Activity Detail Report in Quickbooks.
2. Update the end date for the reporting month.
3. Validate there are no amounts in unexpected categories
4. Print/ export as PDF. Name the file <yyyymm>-StatementofActivityDetail.pdf

4. Budget vs Actual Report

1. Go to the Statement of Activity Detail Report in Quickbooks.
2. Update the start and end date for the reporting month.
3. Validate there are no amounts in unexpected categories.
4. Ensure the income amount in the ‘Membership – State & Nat’l Dues’ category equals the expense amount in the ‘Membership – State & Nat’l Dues’.
5. Print/ export as PDF. Name the file <yyyymm>-BudgetvsActuals.pdf

5. Upload the documents to the website

Go to the Audit Docs at the website backend. Add a New Audit Document, set the date parameters and upload the documents to the new entry. View a previous document if that helps. Load them in the following order:

• Balance Sheet
• BBT Bank Statement Combined
• BBT Reconciliation Checking
• BBT Reconciliation Saving
• Stripe Reconciliation
• Statement of Activity
• Budget vs Actual

Checks can be voided if necessary by voiding them in QuickBooks and with the bank and re-issuing a new check. However if a check from a previous year needs to be voided, do NOT void it in QuickBooks else it will change the closing/ opening balances for the next year(s). Instead do the following:

1. Void it with the bank
2. Issue the new check
3. On the day the new check is issued, add a deposit on that same date from the recipient. This will ensure the payment will be made yet the balances for the new check for the current FY will not net each other out for this transaction.

File semi-annual sales-tax claim.

NC DOR Account ID 720011903; EIN – 56-1975544

.https://files.nc.gov/ncdor/documents/files/e585_10-16_webfill.pdf

Pay annual insurance and post the report into the Google drive.

At the start of each Financial Year (Jul 1) a number of activities need to be done on the website to prepare it.

1. Ensure that the previous year’s audit is completed, signed off and the Claims Archive is generated (button at the bottom of https://echhsptsa.org/audit/).
   This is IMPORTANT because without this, you will lose claim data when we flush the old claims etc in the following steps.
2. Next, validate the list of accounts on the website reflect the chart of accounts in Quickbooks.
3. Next, in the Options tab, go to the ‘Financials and remove the entry for Final Claim Date. Save.
4. Next, delete all of the claims in the database. IMPORTANT. Ensure Step one is completed successfully.
5. Now review the approved budget for the year. Ensure the budget is correctly entered into both the list of accounts and Quickbooks. Ensure that any Close dates set on an account is removed.
6. Next, review the list of accounts and update the ‘Owners’ for each account.
7. Now, delete all the payments in the database.

Next in Quickbooks, add the budget for the year. Select ‘Monthly’ for the budget type and enter the annual amount in the first month, zero for the other months. This will ensure the budget is an annual, not monthly budget.

At the end of the year, the Treasurer needs to:

1. Complete the following audit documents:
   1. Annual Financial Review (template)
   2. Annual Report (template)
2. Review the Annual Audit checklist and ensure everything is addressed
3. File IRS form 990N via https://file990.org
4. Complete the end of year audit with the Audit team and add the EOY report to the website
5. Confirm the filing and audit complete at https://eastptsa.memberhub.com