Bookkeeping

Having a separate file for each fiscal year makes it easier to keep the records, since there will be fewer records and fewer categories of records to deal with that way.

Even though the budget for the new year is not created and approved until, normally, the September Board meeting, you will need to create the new file at the start of the new fiscal year, i.e., July 1.

In Quicken create a new file that has last year's categories and payees, but not last year's transactions:

• Open the file for the year previous to the one you are about to create.
• Use "File - Backup or Copy File - Create a copy or template" to create the new file. Use transaction starting and ending dates that are in the new fiscal year so that now transactions will be copied, and uncheck the boxes for attachments and uncleared transactions.
• Name the new file ASURA_FYyyyy, where "yyyy" is the new fiscal year (the year in which this new year will end).
• Store the file on your computer in your preferred "permanent" location.

Delete categories (budget categories) that you will not be needing this fiscal year. Most often these are categories for specific paid event fees and costs. Note: Categories are deleted using Tools-Category List, then "Delete" from the menu you see when right-clicking on a category.

Once the budget has been adopted for this year, usually at the September Board meeting, You can add, delete, and rename categories as needed to match the new budget. 

If you wish, you can also delete any memorized Payees that you don't think you will need using Tools-Memorized Payee List. 

It would be unusual to have any new or closed accounts, but if there are, use Tools-Account list to make the changes. 

Enter all of the following as information is available, paying attention to both account and category:

• Expenses incurred. These may be credit card transactions or invoices. If you know expenses have been recorded in Workday but you don't have details -- look at the detail in Workday. Important: Use the date that is on the associated expense report when entering credit card expenses. Use the date you filed a request for payment for invoices not paid by credit card. 
• Non-donation income. The main items here would be checks received to pay for for-fee events. The Membership Operations Manager will send you an email when they have deposited such checks, and will provide you with the deposit number so you can refer to the documentation in the Copies of the Request for Deposit forms stored in the Deposit Records sub-folder of the Financial Records folder on Wild Apricot.. (Note: You must be logged in to Wild Apricot and in Administrative view to use this link).
  • Use the date you think the checks will be recorded in the Foundation books -- normally about two weeks after submission.  If a new for-fee event is involved, create new categories for it as sub-categories of Event Registration Fees Collected and Paid Events. It is convenient to begin the name of the event with the calendar year in which it occurred.
  • Include the ASURA deposit number in the reference or check#  field. In the memo field, include the person's name and the check number, e.g., "Joe Smith ck #1043". The name and check number are important for reconciling with the Foundation account.
  • The Foundation charges a 5% administrative fee on non-gift check deposits. This fee is usually done for each deposit batch, but might be for more than one. The fees are shown on the Budget Summary under "Administrative Fees". When you enter these, they should be recorded as expenses for the event that the checks are associated with. Use the deposit code from the associated forms appended with "Fee" to make it easy to identify them in Quicken.
• Transfers from one account to another. Do not use Quicken's Transfer feature -- instead enter as an expense in the "Transfers out" category and as income in the "Transfer in" category.

Once a month, or more often if you wish, compare the Quicken records for the non-scholarship accounts (aka gift accounts) to the official financial records in the Foundation system (Workday). Follow the procedures for each of the accounts.

Display or print the "Summary Balance Sheet and Income Statement by Gift/Fund" by typing that name in the search box at the top of Workday, then using these parameters:

• Display by: Gift. 
• Company: pre-filled with ASU Enterprise Partners Consolidation. Leave as is.
• Period: The month just completed, normally. Select this from the "All Periods" sub-menu. Note that year is the ending year of this fiscal year and the numbers of the months are the assigned from the beginning of the fiscal year, so that month 01 is July and month 12 is June.
• Fund Hierarchies: Leave blank.
• FFD300.
• Gift: the account number, e.g. G03614 for Operations or G03616 for the scholarship accounts.
• NOTE: Once you have entered these parameters, you can save them to make it easier next time. To do so, enter a name, e.g., Operations, in the "Filter Name" box and Save. Then next time use the Saved Filters pull-down to access those settings and then change just the month before clicking on "OK".

Find the line labeled "Contributions" in the Summary Balance Sheet. It is under "Revenue". Make a note of the total.

Find the entry for net FY contributions in Quicken, or create it if you are reconciling July.

• The entry has "BalSheet" in the Check# or "Reference" column, ASURA as the Payee, ."Net FY yyyy contributions" in the Memo, and Revenue: Donations as the category. It usually will be an entry for the last day of the previous month, but could be later if you have reconciled more recently.
• Change the date on the entry to the current date, and change the amount to that shown for Total Contributions on the Summary Balance Sheet.

If you are working on the Operations account in FY 2024:

• Find the entry that has ""Bal Sheet" in the Check # column, ASURA as the payee, and "FY Gifts in kind asses shown as income" in the Memo field.
• Change the date on the entry to the last day of the month you are reconciling for, and change the amount to that shown for "Non-Cash Gifts".

Find the last entry for the month in Quicken. Compare the Quicken balance to the Foundation account "Ending Net Assets".

If they the totals are the same, then the two sets of records for the accounts match.

If the totals do not match, determine which category group or groups are out of balance.

• If event registration fees have been collected, compare the total of these in Quicken to the "Other Income" total on the Summary Balance Sheet.
• In Quicken, generate a Banking Summary for the account, one category group at a time..
  
  • Select Reports-Banking-Banking Summary in Quicken.
  • Select Customize (upper right).
  • On the Accounts tab, selecting only the account that you are working on.
  • On the Category Groups tab, select a Category Group that matches one of the lines on the Workday Summary Balance Report, typically beginning with "Operational Expense".
  • Compare overall total shown on the Quicken Banking Summary with the matching line in the Workday Budget Summary Report. 
  • Repeat as needed for Travel and Entertainment (where expenses for for-fee events are usually recorded) and Transfers In and Transfers out.

Explore categories whose totals in Quicken do not match the totals in the Summary Balance sheet. One comparatively easy way to do that is to click on the toal in the Summary Balance sheet (while viewing it online, of course). This will open up a window that contains the detail behind the Summary Balance sheet total. Compare the detail to the Quicken detail, looking for these problems:

• Mismatched dates on the transactions. This is only an issue if the transaction in Quicken has a month that differs from the transaction in Workday. It is best to change the Quicken dates to match those in Workday. If you have transactions in Quicken that don't show up in the Summary Balance sheet, it is probably because you have a "too early" date on the Quicken transactions. Change them to a date in the upcoming month.
• Missing transactions in Quicken. Enter them using the information from Workday. If you need more information for the Quicken entry (usually Journal Number), you can find it by generating a report called "Find Journal Lines with Worktag Columns - End User" in Workday.
  • Enter that report name in the search box at the top of Workday.
  • Parameters are much the same as for the Summary Balance Sheet --  you need enter only Time Period (Current Period YTD), Period, Fund and Gift.
  • Again, you can save time by scrolling all the way down and saving these parameters using the "Filter Name" box.
  • You can use the filters within the report to narrow down what you are looking at -- click on the icon that looks like a funnel, then choose Add Filter and select the field you want to narrow down, typically "Accounting Date".
• Mismatched amounts. This should be rare. Correct the amount on the Quicken transaction.

These procedures should get you to the point that the balance shown for the last day of the month in Quicken matches the Ending Net Assets on the Summary Balance Sheet.

Once the totals match, use the Reconcile feature of Quicken to mark all of reconciled transactions so that you will know what has been matched next time you are starting to reconcile.

• Use the pull-down gear in the top right area of Quicken and select  "Reconcile".
• Enter the date that you have reconciled through and the reconciled balance.
• You should see a total of 0 for the difference
• When you click done", the transactions will be marked with an R in the "Clr" column.

Reconciliation is much the same as for the Foundation Gift accounts:

• Log in to ASU Workday.
• The report to produce is called "Operational Revenue and Spend-Local".
• Parameters are: 
  • Cost Center: CC0507, OHR-Human Resources;
  • Program: PG05133 OHR-Comunity RelationsRetirees-NLT.
  • Figure to balance to: Net of Encumbrances Ending Balance.
• Detail is available in the report called "Detailed Revenue Expense and Ledger Accounts", with the same Cost Center and Program as for the previous report.

Because "stuff happens" to people, computers, and computer files, it is important to keep a reasonably current copy of the current Quicken file on Wild Apricot. Therefore, at the end of each month:

• Use Quicken to create a complete backup of the file on your desktop.
• Zip the backup file. This is necessary because Wild Apricot won't accept Quicken's native file types.
• Name the backup ASURAyyyy_Backup.zip, where yyyy is the fiscal year for the file.
• Unless this is the first file for a new fiscal year, replace the existing backup with this one -- see "Updating a file" under "Managing files" on the Working with Wild Apricot files page.