Stake Financial Year End

Discuss questions around local unit policies for budgeting, reconciling, etc. This forum should not contain specific financial or membership information.
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wrigjef
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Stake Financial Year End

Postby wrigjef » Wed Dec 30, 2009 10:52 am

I have been through several year end close outs at the ward level and understand the steps. This is my first as Stake Financial clerk and wonder if there are special steps. I know I reconcile everything I can and try to get all the expense checks written and sent to SL before year end but is there anything else? The Stake Clerk and I will work together later to iron out budget allocations so it may be after the beginning of the year.

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aebrown
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Postby aebrown » Wed Dec 30, 2009 11:13 am

wrigjef wrote:I have been through several year end close outs at the ward level and understand the steps. This is my first as Stake Financial clerk and wonder if there are special steps. I know I reconcile everything I can and try to get all the expense checks written and sent to SL before year end but is there anything else? The Stake Clerk and I will work together later to iron out budget allocations so it may be after the beginning of the year.


You don't just try to get the checks written before year end -- at this point you have just 47 minutes left to transmit checks if they are to be part of 2009 (the deadline is noon December 30 MST).

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aebrown
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Postby aebrown » Wed Dec 30, 2009 11:22 am

wrigjef wrote:I have been through several year end close outs at the ward level and understand the steps. This is my first as Stake Financial clerk and wonder if there are special steps. I know I reconcile everything I can and try to get all the expense checks written and sent to SL before year end but is there anything else? The Stake Clerk and I will work together later to iron out budget allocations so it may be after the beginning of the year.


You'll want to review the "Stakes" section of the Annual financial reporting article on the wiki, which explains year-end procedures for Tithing Declaration Reports and the Deposit Transaction Report.

As for Budget Allocations, I'd recommend the "Accounting" section of the wiki article Budget allowance. I know it's tough to pull together all the data to make these decisions, but where possible it's good to get this information out to the wards early enough so that they can do prepare their ward budgets by the first of the year.

The stake also has special responsibilities for Form 1099-MISC and for the Outstanding Checks Report.


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