With Abila’s Year-End Survival Guide by your side, you’re ready to navigate the inevitably choppy Q4 waters!

Well, almost.

In addition to budget prep, ACA reporting, annual report production, and pre-audit planning, there are still routine accounting activities demanding your attention.

Here’s a quick Year-End Quick Reference Checklist to keep you and your finance team on track, organized, and sailing smoothly into the new year.

  • Review chart of accounts and fund accounting system; ensure everything is set up to reflect anticipated needs for the year ahead
  • Prepare budget and get approval
  • Collect W-9s for service providers and vendors
  • Process all donations received or postmarked by the end of the closing year
  • Complete usual month-end checklist for the final month of the year
  • Complete any grant or contract reporting
  • Run annual reports, ensuring account balances, adjusted entries, and revenue and expenses are accurately accounted for
  • Review Income Statement, in comparison to budget
  • Prepare annual contribution statements for donors; stay ahead of the game to also prepare for end-of-year fundraising donations that come in the final months (and, even days) of the year
  • Prepare all financial statements
  • Hold annual board meeting (with minutes of meeting taken)
  • Prepare 1099 forms and W-2 forms for employees
  • Prepare for annual audit and IRS filings

Ticking off this checklist can be hard work. However, true fund accounting™ software can help knock out year-end, month-end, and day-end processes. Transitioning to a new year is also the perfect time to consider new software needs.