QuickBooks Pro Manual

Transcription

1 QuickBooks Pro Manual for Development Organisations Fifth version prepared December 2009 for users of QuickBooks Pro For limited circulation within Mango and selected NGOs (further information from Mango and

2 QuickBooks Pro Notes for NGOs CONTENTS 1. USING THIS MANUAL CHOOSING THE RIGHT VERSION FOR THE ORGANISATION EQUIPMENT REQUIREMENTS AND INSTALLATION IT PROCEDURES INTERNAL CHECKS AND CONTROLS SETTING UP THE ORGANISATION (EASY STEP INTERVIEW) SETTING UP THE QUICKBOOKS OPENING WINDOW SETTING UP USERS AND PASSWORDS SETTING UP THE CHART OF ACCOUNTS USING CLASSES FOR RESTRICTED FUNDS /PROJECTS CASH AND BANK TRANSACTIONS BANK RECONCILIATION JOURNAL ENTRIES REPORTS EXPORTING REPORTS TO EXCEL YEAR END TASKS SETTING UP BUDGETS FOREIGN CURRENCY CHECKLIST 1 - SETTING UP QUICKBOOKS CHECKLIST 2 MONTHLY CHECKS AND PROCEDURES QuickBooks is a registered trademark of Intuit Inc in the United States and other countries.

3 2 1. Using this Manual This manual is for users of QuickBooks Pro 2006, which is a multicurrency version of the software. At the time of writing the most recent version of QuickBooks in the UK is QuickBooks Pro This is not multicurrency and has several different working features to those explained in this manual. The Menus leading you to the required feature in QuickBooks are shown in uppercase in this manual. This is to help you find you way round the software. For example, if you need to find the option for using multi-windows instead of single window this would be shown as follows: EDIT-PREFERENCES- DESKTOP VIEW- MY PREFERENCES. You would find the option for selecting multi windows in the last window My Preferences. If you need detailed information about how QuickBooks software works you should select the menu HELP! This manual should be adapted to meet the needs of your organisation. In the appendices there are checklists to help you set up QuickBooks, and to carry out regular checks and operating procedures. 2. Choosing the right software for the organisation QuickBooks can only handle 8 Digits plus 2 decimal points for individual transactions. If your currency has many digits QuickBooks may not be right for you. You should ask other NGOs in the region what software they use. Alternatives might include Pastel, MYOB and SAGE carry out some research before you start! We recommend QuickBooks Pro (not the Non Profit version unless you are based in the UK) as this has features for Budgeting and is also Multi-currency. Non UK users should not use the Payroll add-on as this designed for the UK tax system. Check that the version has multicurrency at the time of writing QuickBooks 2008 does not have multi-currency. There is a French multicurrency version that can only be purchased via a Canadian resident from Intuit Canada. 3. Equipment requirements and installation Do check that your computer system is up to date. QuickBooks 2006 requires as a minimum a 200 MHz Pentium and 64 MB of RAM, and 350 MB of free disk space, plus 70 MB for Microsoft Internet Explorer. Refer to the QuickBooks manual for further details. It is highly desirable to run QuickBooks on a computer that has access to the internet, for registration and updating of the software. The QuickBooks manual that comes with the software explains how to install and activate the software. Remember to close all open programmes, including anti-virus, before installing the software. You should print out the details of the Serial number, Installation key and Licence key after activating the software.

4 3 4. IT procedures It is essential that your NGO has a written IT Policy which will include regulations about computer access and security, and anti-virus precautions. Regular Backups must be kept in a secure location away from the computer. An external hard drive, and CDs, are recommended for your backups. See the Checklist in Appendix 1. If QuickBooks is installed on more than one computer each computer must have its own licence. If you transfer company files across from one computer to the other this is done by backing up (FILE BACKUP) the file to be transferred, and then restoring it on the second computer (using the FILE- RESTORE menu). Do take care that the correct filenames are used during this process, so that you do not delete a needed file on the second computer by mistake. If your computers are online the QuickBooks files are automatically updated from time to time so that your computer has the most recent version. When transferring a file from one computer to another you must make sure that you have the same version of the software on each computer. A computer with an older version may not accept a newer version file. The Automatic Update feature can be switched off on both computers if this is likely to cause problems (FILE UPDATE QUICKBOOKS OPTIONS). 5. Internal checks and controls AIM: To make sure that the control features of QuickBooks software are used as a part of the normal internal checks and controls of the organisation. NGOs should never rely on software systems to provide sufficient check and controls on the accuracy or security of their accounting systems. Reports that are produced from the accounting software must be checked; backup kept and access to the software restricted to the accounting staff. QuickBooks is a flexible system and it is up to you to choose PREFERENCES that will give your organisation the control as to who can access the software. You can also decide if users should be restricted in what they can do. Note that ADMINISTRATOR has total access to the QuickBooks system, including the editing or delete of past transactions entries. You should have someone other than the Administrator who is responsible for entering transactions. This person will have their own password, and will not have the Access Right to edit or delete transactions, or to enter into previous periods. The Administrator should not be the person who does the daily entering of transactions into QuickBooks (and one person should be responsible for all the daily entries into QuickBooks). The person nominated as the Administrator will typically be the Finance Director. The person responsible for making entries into QuickBooks might be the Accounts Assistant. The Accountant might be responsible for reviewing and printing reports and for preparing input documents for the accounts assistant to enter into QuickBooks. The Administrator should set up a number of controls into the system: a) The Administrator will set up Users and determine what they can and cannot do. For example a User responsible for making the daily entries will not have the ability to edit or delete past transactions entries. b) Journal entries should be approved by the Finance Director. c) The Administrator should choose a password (keep a copy of this with someone who does not make entries in QuickBooks). d) Once management reports and annual accounts have been prepared the Administrator should ensure that the past accounting period is Closed and password protected so that it can only be opened again by the Administrator. This is to ensure that no changes are made prior to the date of closure.

5 4 6. Setting up the Organisation (Easy Step Interview) AIM: Set up QuickBooks properly so that it works smoothly for you right from the start. Some features that you choose at this stage cannot be easily changed later! Welcome work through the screens. Company NGO name and address Select Type of Business Not for Profit organisation When you come to the screen Your Income and Expense Accounts make sure that you deselect Yes and select No, I would like to create my own Accessing your company: Users and Passwords see section 4 of this manual. Preferences These are features that you can turn on or off. They can be found in EDIT-PREFERENCES. It is a good idea to review them as they can make life easier if they are set up properly. The Easy Step interview will prompt you on key features as follows: STOCK defaults to NO MULTICURRENCY defaults to NO (see section 15 in this manual) Invoice format, Employees (only relevant in the UK), Estimates defaults to YES; you may change this to NO unless you issue invoices Time Tracking defaults to YES; you may change to NO unless you require time records CLASSIFYING TRANSACTIONS defaults to NO, but you will probably want to change this to YES (see section 8). Two ways to handle Bills if you are not using the suppliers ledger select the first option Enter the cheques directly Reminders List most NGOs would not use this feature as they would have other ways to be reminded of tasks to be carried out. ACCRUALS OR CASH BASED REPORTING it is strongly recommended that you leave the setting on Accrual based reports even if your accounting and reporting is cash based! VAT Remember to change the default setting to NO unless you are registered for VAT in the UK. Start Date It is usually best to set the start date as the first day of your financial year even if you will start to use QuickBooks at a later date. (TIP: If you have time and a good accounting knowledge it is a good idea to enter the previous year s trial balance into QuickBooks and use this to set up reports with comparative figures etc.). Income Accounts, Expense Accounts Our advice: LEAVE Easy Step interview at this point. See section 7 below concerning the setting up of your chart of accounts.

6 5 7. Setting up the QuickBooks opening Window AIM: To remove all unnecessary icons, etc from the QuickBooks opening window and to set up a system that will enable you to access the most used menus and reports at the touch of a button! Our suggestion: Clear all menus and icons and start with an empty page! We suggest that you then open the Shortcut List VIEW select SHORTCUT LIST The SHORTCUT LIST is extremely useful. You can prepare a shortcut a list of frequently used menus and reports and these are displayed on the left hand side of your monitor screen. These menus and reports are then available to you at the touch of a button! NOTE: You can keep opening as many windows as you like while using QuickBooks but make sure that you close down unused windows from time to time. If you have too many windows open the computer may crash! 8. Setting up Users and Passwords AIM: To restrict access to authorised persons and to set the limits as to what each user can and cannot do. When you set up QuickBooks you are prompted to enter a Password for the Administrator (named as Admin ). This is a first step in establishing control over access to the software. The Administrator should not normally be the person who is responsible for the daily entering of transactions into QuickBooks. The Administrator is a senior person with a supervisory role, and the responsibility to check that entries into QuickBooks are authorised and accurate. The Administrator will set up other USERS, each with a password, and will decide upon the ACCESS RIGHTS of each person. The menu to set up Users and their Access rights is found under COMPANY SET UP USERS. Here the Administrator can Add, Edit or Delete Users. The Administrator can then set up the password and access rights of the new user. The Access rights range from full access to selective access, and where the user can modify past transactions or not. Your organisation should have very clear procedures concerning the security of PASSWORDS. If the Administrator s password is lost, or if the Administrator is no longer contactable, the whole system could be blocked if there is no backup plan! Someone, preferably at Board level should have access to the files in this situation.

7 6 9. Setting up The Chart of Accounts AIM: To set up your own Chart of Accounts and set up Account Numbers. METHOD 1 Preparing your Chart of Accounts in QuickBooks. On the SHORTCUT LIST you will see in the first section, COMPANY, the item CHART OF ACCOUNTS. Click on this. You will then enter the chart of accounts window. There will be a few system generated accounts there (Payroll liabilities, Giro etc.) a) The first task is to set up QuickBooks to accept account numbers: Account Numbers - EDIT-PREFERENCES-ACCOUNTING-COMPANY PREFERENCES- USE ACCOUNT NUMBERS ** ALSO SHOW LOWEST SUB-ACCOUNT NUMBER ONLY but you can only select this once all existing accounts have been allocated account numbers! So go back to the Chart of Accounts and delete or edit the existing accounts and give them appropriate numbers. Then you can return and select Show lowest sub-account number only. METHOD 2 Importing your Chart of Accounts from an Excel Spreadsheet If you have a list of your Accounts on an Excel Spreadsheet this can be directly imported into QuickBooks. Go to FILE- IMPORT-EXCEL FILES and then follow the instructions. The accounts on the Excel spreadsheet should be arranged so that the account numbers are in one column; the account names (which must not exceed 32 characters) in a second column, and the account Type (i.e. Income, Expense etc. as used in QuickBooks) in a third column. CREATING NEW ACCOUNTS we recommend Right clicking the mouse and selecting NEW. Alternatively go through the EDIT menu. DELETING ACCOUNTS this can be done through the EDIT menu. QuickBooks will not let you delete accounts in which transactions have been recorded TIP: Making Accounts Inactive. If after some time you have many accounts that you no longer use you can make them inactive (right click the mouse). If you do this we recommend that you click on the Account button at the bottom of the window and select Show all accounts. Otherwise you can forget that they are there! TIP: If you have main accounts with sub-accounts where transactions are entered you may wish to write the main account names in capitals/ uppercase, or place a suffix such as a full stop in from of the name. In this way the person making entries into QuickBooks is less likely to enter transactions into the main accounts by mistake.

8 7 10. Using Classes for Restricted Funds /Projects AIM: To set up a method for allocating transactions to individual projects and funds and monitoring their financial activity. The QuickBooks word Class may indicate a Fund, Programme or Project in your organisation. Transactions may be classified as well as posted to their respective general ledger account. This is very useful for NGOs if you have to track the use of restricted funds, projects, departments etc. It may be advisable to allocate all income and expenditure to a class. In this way there is less possibility of forgetting to allocate items to a particular class. Setting up Classes Classes may be set up either as you enter each transaction, or by selecting the menu : LISTS- CLASS LIST and then creating a new class. Note that it is possible to create subclasses. This is useful if you have a project that is co-funded or where you need to have a sub total of income and expenditure for a group of funds or projects. MANAGEMENT REPORTS The PROFIT AND LOSS BY CLASS report gives a breakdown of income and expense for each class for the dates that you specify. There is also a column that lists all transactions that have not been classified. This is useful as you can review each item by double clicking on the amounts listed in the unclassified column, and then check if the transaction should have been entered into a particular class. It is recommended that you check that all income and expenditure transactions have been allocated into their respective classes NOTE: The dates cannot straddle a financial year, and the QuickBooks year end function does not carry forward balances for individual Classes. Work around solutions have to be found! The year end date may be temporarily changed (in COMPANY COMPANY INFORMATION) Temporary OTHER INCOME accounts may be set up by a journal entry at the beginning of the year recording opening Class (Project/Fund) balances. Create an account entitled Opening fund balance The account type is Other Income Prepare a journal dated the first day of your financial year. Debit and credit this account with the opening balances on all funds. If this is done correctly debits will equal credits! Record the balances against the correct Classes Your management reports for Classes will show the opening and closing balance to date in respect of each project. No journal is required at the end of the year as the QuickBooks year end routine will automatically zero out this Opening Balance income account. BUDGET REPORTS FOR A SPECIFIC CLASS A budget may be prepared for a specific class. This is a completely separate operation from recording a budget for the whole NGO. When you enter the BUDGETING & PLANNING MENU (see section 14 below) Additional Profit and Loss Criteria you must select Class The amounts you enter will NOT be integrated in your overall NGO budget. When you need to prepare a report comparing actual against budgeted results for a particular Fund/Project the procedure is as follows:

9 8 select the budget report entitled BY ACCOUNT AND CLASS. When the report is displayed you will see that the budget picks up figures for all Classes for which you have set up budgets, and the actual results are for the whole organisation. select MODIFY ACCOUNT menu, and the FILTER tab. The select Classes and enter the name of the Class for which you need a report. The report will then only display the actual and budget figures for the class you have selected. you may wish to memorise the report, or add it to Shortcut Reports list so that it is easily retrievable. 11. Cash and Bank transactions AIM: To enter cash and bank transactions into QuickBooks together with date, reference numbers, class allocation and other relevant details. Cash and Bank accounts must both be set up as Bank accounts in QuickBooks. There are two ways of recording receipts and payments in a particular bank (or cash) account : METHOD 1 a) Close open windows and then go to BANKING-WRITE CHEQUES (or MAKE DEPOSITS) (You will find these menus on the SHORTCUT LIST) b) Select the appropriate Bank account c) For payments, use the tab to move from one entry to the next as follows: Cheque (or reference) no; Date; Name of the person you are paying; Memo (best to write Meme details here as it will appear in the General ledger reports) Account number/name Amount Memo (not necessary to use this if you enter details in the first Memo space) Customer Job (not necessary if you are not using sales invoicing) Class (see section 10). HINT: You will see that the window displays the opening cash or bank balance in the top right corner. This is a useful check if you are copying entries from a manual cash book where balances are recorded. METHOD 2 (note: Method 2 does not work for foreign currency bank accounts) a) Close open windows and then go to BANKING-USE REGISTER b) Select the appropriate Bank account c) Add this to your SHORTCUT Menu by clicking on the QUICKADD button at the bottom of the Shortcuts List. d) Enter up the details of the transaction as follows: Date Reference no. Person to whom money is paid/ from whom money is received The amount in the payment or receipt column The account number Memo details Press ALT P to see a further window where you can record the Class. TIPS:

10 9 Click on RECORD (or ALT D). QuickBooks then saves the transaction. QuickBooks memorises names of the person you are paying as you enter them. You are given a choice as to which list you would like to record the name Supplier, Employer, Customer or Other. We suggest that DO NOT use the Employer option unless you are using the Payroll software in the UK. Place these names in Other. You can find the account by typing in either the name or the number (but be careful if two accounts have similar names) Use Control C to Copy and Control V to paste same details (or use the mouse) If you enter a receipt as a payment or a payment as a receipt QuickBooks will not allow you to immediately correct it. You have to start entering the whole transaction again. 12. Bank reconciliation AIM: To prepare and record regular bank reconciliations. The process is found in the menu: BANKING - RECONCILE HINTS: You may temporarily Leave the bank reconciliation to make an entry or to correct a figure in the bank account, while you are preparing the bank reconciliation. It is a good idea to print out the detail report when you have finished the reconciliation. This is a useful control report, especially for the month at the end of the financial year. 13. Journal entries AIM: To enter non cash/ bank transactions, year end adjustments, etc in QuickBooks. The Journal is found in the menu BANKING MAKE JOURNAL ENTRIES

11 Reports AIM: To produce timely management reports at the press of a button! You will find a large number of reports, and illustrations, in the menu REPORTS REPORT FINDER then SELECT A TYPE OF REPORT. Once you have selected a type you will find at the top of any report menus to select the date; to modify fonts and layout; to export to excel, to reorder transactions etc. In the Modify menu there are sub menus to change the display and contents; filter data; change headers and fonts. Experiment until you have the result that you want! Then QUICKADD the report to the Shortcut list. It will be there for you to retrieve whenever it is required. There are a number of settings for DATE. You can set this for actual dates or to a period of time such as This financial year to date. The report you have listed in Shortcuts is then automatically updated to the current date (assuming your entries are up to date as well!) KEY REPORTS These should include: Company & Financial Standard Profit and Loss Account Company & Financial Standard Balance Sheet Accountant & Taxes Trial Balance TIP: If you double click on an amount listed on the Trial Balance QuickBooks will take you to a screen displaying the detailed transactions; if you need to look at all the transactions, including those of previous periods, change the Dates setting to ALL. Accountant & Taxes General Ledger TIP: If you do not wish to include ledger accounts for which there are no transactions or balances click on the MODIFY menu and then click on the box marked ADVANCED (bottom right); then select In use. Accountant & Taxes Journal TIP: This report includes all transactions, including cash. If you want a listing of general non cash journals only go to MODIFY; then FILTER; then select transaction type and choose Journal. Accountant & Taxes Account Listing TIP: It may be helpful to export this report to Excel so that you can design it to display sub accounts etc.

12 Exporting reports to Excel The export of QuickBooks reports to Excel is usually achieved without difficulty. You will find the Export Tab just above the report that you have prepared. You should however check that dates and figures in the Excel sheet are correctly formatted. If there is a problem it could be that the Regional Settings on your computer are not the same as those that are assumed to be in place by your QuickBooks software. The solution to this is to modify the Regional Settings on your computer. These settings are adjusted as follows: Close down QuickBooks and Excel. Go to START-CONTROL PANEL- and find REGIONAL AND LANGUAGE OPTIONS Edit the format of dates and numbers as required Note that changing the Regional and Language settings may have an impact on other Excel files so you should make a note of changes you have made in case you have to change them back to the original settings. 16. Year end tasks There will be the usual year end accounting tasks, such as adjustments for debtors, creditors and stocks, and the year end cash and bank reconciliations. Make sure that you print out all reports. It is strongly recommended that you print out a hard copy of the whole of the General Ledger. This will be need for audit and for your archives, and should be retained for at least 7 years. QuickBooks knows your year end date and automatically closes down all income and expense accounts on that date. The balances on these accounts are transferred to an account called RETAINED EARNINGS. The balance on this account represents the overall surplus or deficit for the year on all funds and projects. If your NGO has several funds you will need to prepare a journal on the first day of the New Year to transfer the balance brought forward on the Retained Earnings Account to the respective funds/ project accounts. 17. Setting up Budgets AIM: To set up an annual budget so that management accounts comparing budget with actual results may be prepared this information could also be used to prepare a cash flow forecasts. The menu is found in COMPANY- PLANNING & BUDGETING. Follow the instructions for setting up a budget BY ACCOUNT (not BY ACCOUNT AND CLASS)! ZERO BUDGETS Budget figures must be entered for ALL income and expenditure accounts. If there is no budget for a certain account a Zero must be entered. The reason for this is that if no entry is made the QuickBooks report does not calculate/ display the variance between any actual income (or expenditure) and the zero budget. CAPITAL BUDGETS A Work around solution has to be found if you wish to include and monitor budgets for capital expenditure during the year (Balance Sheet accounts are not included in the QuickBooks Revenue Budget). The suggested solution is to create temporary capital expenditure accounts as OTHER EXPENSES, in addition to the accounts in the Fixed Assets Category of Accounts. Expenditure during the year is recorded here. Then at the end of the year the capital expenditure is transferred to the Capital accounts (fixed asset accounts).

13 12 NOTE: QuickBooks will not allow you to use the same name for two accounts so the account in Other Expense should be given a slightly different name to differentiate between the two. HINT: Be careful when entering expenditure that you do not record it in the Fixed Asset account by mistake! BUDGET REPORTS If you wish to compare the actual results to date with the budget for the whole year you should select This Financial Year and not This financial year to date for the period covered by your report. The slight problem with this is that the header at the top of the actual column will give the dates of the whole year, rather than the period for which you are preparing the report. There are two suggested work around solutions for this. Either change the Report heading to indicate the period covered by the report in respect of the actual results, or export the whole report to Excel, where the header of the Actual results can be changed to the dates of the period covered. 18. Foreign Currency AIM: To operate cash and bank accounts in more than one currency. To prepare reports in the Home Currency and other management reports disclosing transactions in the foreign currencies. If you purchase the UK version of QuickBooks Pro, but your Home Currency is a different currency, you can set up the MULTICURRENCY option in QuickBooks and then select or set up a different currency as the home currency. Once you have selected the option to run the multicurrency feature it cannot be changed. However, you can add and edit currencies. Setting up Multicurrency This is set up through EDIT-PREFERENCES- ACCOUNTING-COMPANY PREFERENCES. Select Use Multicurrency. After Multicurrency has been activated you can add or edit currencies through LISTS- CURRENCY LIST Hints and Tips on the use of multicurrency a) Entering exchange rates example: Your home exchange rate is USD. You have opened a bank account for a local currency (Mtn) and the exchange rate is 1 USD = 25 Mtn. The exchange rate that must be entered into QuickBooks is calculated as follows: 1 USD divided by 25 Mtn = Enter into QuickBooks. b) Payee /Recipient names in the Foreign Currency Cash Book (using Write Cheques or Make Deposits). You cannot use the same name as those that have been used in the Home currency bank accounts. We suggest that you add a prefix, such as. in front of the name. You will also find that when QuickBooks prompts you to either QuickAdd or Setup a new name you will need to go into setup and set the foreign currency in respect of the person concerned. Example : Adam Banks is the name of a supplier. He is paid in home currency and his name is recorded as Adam Banks; He is then paid in foreign currency and his name is listed as.adam Banks. The first time you set up a new name as a supplier or customer you will be prompted to set up an Accounts Payable account in the ledger. (This account is necessary even if you are not using the Supplier or Customer invoiving and ledger facility in QuickBooks). c) Reports

14 13 You can only enter budgets in your home currency. Certain reports General ledger, Bank payments, etc can be set up to display both the home currency and the foreign currency that was used for the transaction. d) Differences arising re transfers from between bank accounts for different currencies. Transfers should be recorded using the menu BANKING TRANSFER MONEY. Enter the precise exchange rate used for the transfer and after you have saved the transaction go to the two bank accounts to check that the amounts recorded are correct. You may find small rounding differences that will need adjustment. A suggested method of calculating and entering the precise exchange rate is to use Excel for the calculation (up to 9 decimal places) and then copy and paste the result from the cell in Excel directly into the exchange rate cell in QuickBooks, e) Transfers between two bank (or cash) accounts both designated in the same foreign currency These transfers should also be recorded using the menu BANKING TRANSFER MONEY. It is important to enter the exchange rate of the foreign currency with the Home currency, even though the transfer is between two foreign currency bank accounts in the same currency. If this is not done QuickBooks will enter the foreign currency as if the exchange rate with the home currency is 1! f) Exchange profits and losses. Your home currency equivalent balance in respect of each foreign currency bank account will need to be adjusted from time to time. This is due to exchange fluctuations. Your organisation should have a policy as to how often an adjusting journal should be prepared in this respect. The procedure to adjust the home currency to reflect the new exchange rate is as follows: - prepare a journal that effectively writes off the foreign currency bank balance at the previous rate of exchange. - prepare a second journal writing back the same foreign currency bank balance but this time apply the new rate of exchange.

15 Checklist 1 - Setting up QuickBooks Has a printout been kept with the Product, Installation and Licence number of each QuickBooks installation?... Is Automatic Update feature operating on all computers?... Are other IT Procedures in place, including backup, password protection and security copies?... Have regularly required Reports been saved to the ShortCut list and to Memorised Reports...

16 Checklist 2 Monthly checks and procedures Monthly QuickBooks Operator and Accountant (by 12th of month) Prepare bank reconciliations (and print the QB reconciliation reports)... Check reports and make corrections where necessary... Print and file the following QuickBooks reports as permanent accounting records: TRIAL BALANCE... GENERAL LEDGER (includes cash and bank accounts)... JOURNALS (if required)... Prepare Exchange profit/loss month end journal (inc. bank rounding adjustments)... Reconcile Monthly Control account with UK Office... Reconcile Salaries control accounts... Open Excel previous month file and save for current month... Print the following reports for managers PROFIT AND LOSS ACCOUNT (Monthly, cumulative, by Class etc)... BUDGET V ACTUAL (Monthly, cumulative, by Class etc)... BALANCE SHEET Export QB Reports to Excel monthly financial report file (to link in with Donor or other preformatted management Reports; to convert to other currencies etc): TRIAL BALANCE (for monthly or cumulative account totals)... GENERAL LEDGER (for detailed list of transactions on each account) File reports & supporting documents... Sign and send reports to the Administrator... Carry out back up procedures... Monthly QuickBooks Administrator (for example Finance Director) Check and countersign cash and bank reconciliations... Close down past month (password protected) so that changes cannot be made... Check that Operator and Accountant s monthly checklist has been completed... Check monthly exchange rate and distribute memo with new rates... Compare exported QB report with Excel worksheet... Review Excel Management Reports and Donor Reports... Sign and authorise reports to be forwarded to Donors/ Regional Office/ H.O.... Ensure that back up copy of QuickBooks is prepared and kept in a safe location... Set Close Down date and password in QB... Give copy of password to xxx... Periodic Accountant/ Administrator Prepare and distribute updated Chart (List) of Accounts... Ensure that Password and IT procedures are being followed... 1st Day of new month Record exchange rate changes after closing down previous month...