Year-end Financial Close for Nonprofit Organizations

All nonprofit organizations, even the smallest of nonprofits, benefit from having a well-defined year end closing process. The first step is to determine the procedures to be performed at year-end. Once the procedures have been identified they should be ordered chronologically into a checklist. Procedures performed too early or not on time can result in confusion and delays for the accounting department. These delays can increase audit fees if the nonprofit auditor has to prepare schedules and closing entries that are expected to be performed by the organization’s staff. The checklist should include procedures for payroll, cash balances, accounts receivable, accounts payable, loans payab

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