Each week (more often if necessary), financial clerks work with the bishopric to process donations and expenses. At the stake level, the financial clerk works with the stake presidency (but not the counselor assigned to chair the Audit Committee).
Each month, financial clerks are responsible for reviewing the unit's MLS finances in the "Action Items" section of the Unit Financial Statement. Clerks should follow up on and correct any outstanding checks over six months old or other outstanding items over one month old.
Clerks responsible for finances should carefully monitor the funds in the following accounts/categories.
- Budget Allowance
- Ward Missionary Funds
- Other category
The following reports are produced regularly. Financial clerks should become familiar with them.
- Unit Financial Statement (US and Canada)
- Ward/Branch Monthly Financial Report (Outside US and Canada)
- Unit Action List (Outside US and Canada)
- Stake/District Financial Summary
- Stake/District Fast Offering Analysis
- Fast Offering Recipient Report
Year end procedures
Some financial tasks are only completed at the end of the year.
- Tithing Settlement
- MLS Cleanup
- Escheating Outstanding Checks Over 6 Months Old
- Outstanding Checks
- Year End Donations
- Closing Out the Current Financial Year
Record retention and disposal
After the end of the year, securely dispose of outdated records by shredding or burning (see Record Retention).
Stakes in the United States are required to file Form 1099-MISC by January 31 if any payees have received over $600 during the previous year for rent or services, with several exceptions.