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, and, if you wish, 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 if you don't care about having last year's transactions in the new file. If you do want them, use a starting date that was the beginning of last fiscal year., 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 supplier invoice requests. If you are doing this at the end of a month, it might be easiest to find current expenses in Workday and enter them in Quicken. You can click on a total in the Summary Balance Sheet to see all the transactions that make up the total, and use the Filter to look only at more current items. It is helpful to use the date that is in Workday on your Quicken transactions, again to simplify reconciling.
  • In the Check # field, enter the Expense report number or the SIR number. This will help you in reconciling.
  • In the Payee field, enter the name of the payee, e.g., "ASU Parking Services".
  • Select the category that the expense belongs to.
  • Leave the "Clr" field alone. When you have reconciled a line to Workday, it helps to know which ones you have already seen in Workday and which not.
• Non-donation income. The main items here would be registration checks received to pay for for-fee events. You can refer to the documentation in the Copies of the Request for Deposit forms stored in the "RFDs for Nongifts" 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).
  • If you are entering these before they show up in Workday, use the date you think the checks will be recorded in the Foundation books -- normally about a week after submission.  Otherwise, use the date shown in Workday. 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 number of checks included in this deposit.
  • Select the income category for the event that this batch of checks is for.
  • 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.

In Workday, display the "Summary Balance Sheet and Income Statement by Gift/Fund" by typing that name in the search box at the top of Workday (or choosing it from your list of saved links), then using these parameters. If you have created a filter for the account you are working with (see note below the list of fields), choose it from the pull-down list at the bottom of the form. Then you need only choose Period.

• 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.
• Fund: leave blank. This will auto-fill when you enter the Gift account number.
• 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".

Record the month's donations in Quicken:

• In Workday, find the line labeled "Contributions" in the Summary Balance Sheet. It is under "Revenue". Make a note of the total.
• In Quicken, run the Banking Summary report (Reports - Banking - Banking Summary). Customize the report to select the fiscal year beginning through the end of the prior month. Also customize to select only the account you are working with.
• Make a note of the Donations total listed under Income-Revenue. Subtract this from the total donations as of the current month that you noted down above.
• Enter a transaction in Quicken with a date that is the end of the month you are working on, "Bal Sheet" in the Check # or Reference # field, ASURA in the Payee, field, category of Revenue: Donations, Memo of "Month Year donations" and deposit of the amount you calculated in the previous step.
• To confirm you have the right figure, you can run the Banking Summary report again and see that the Donations total on the report matches the Contributions figure shown in Workday.

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, you will need to compare entries in Workday with entries in Quicken and make any needed corrections in Quicken. Common problems:

• A transaction that is in Workday but not in Quicken. This might be a transfer or journal entry that you requested the Foundation to make, or simply an expense report or SIR that you overlooked.
• A mistake in entering an amount or date in Quicken. 

It is helpful if you set the "Clr" column to "R" for each transaction in Quicken that you have matched to Workday.

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

• Log in to ASU Workday.
• The report to produce is called "Financial Report with Drillable Detail".
• Parameters are:
  • Cost Center: CC0507, OHR-Human Resources;
  • Program: PG05133 OHR-Comunity Relations Retirees-NLT.
  • Figure to balance to:  Ending Balance - Actuals
• Detail is available by clicking on the figures in the report, as in  Foundation Workday.

Because "stuff happens" to people, computers, and computer files, and to facilitate sharing responsibilities with your backup,  it is important to keep a current copy of the 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 ASURA_FYyyyy.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.