It is coming up to the 31st August, which is our Financial Year End, when we need to consolidate all Centres into our Group Accounts. You will receive your Year End Questionnaire at the end of August and this information is used to complete our Group Accounts and create the non-financial information for our Annual Report.
It is very important that all Centres have all records in Xero up to date so, if things are a bit behind, now is a good time to catch up. If you are a bit stuck, contact your Centre Adviser in the first instance, and they will work with Finance if they aren’t sure what to do. As a guide, bank reconciliations should be updated at least once a month, even if you aren’t having a committee meeting. It’s usually easier to do a small job more often, and you can uncover small problems and deal with them before they become big problems.
Thank you to all the Treasurers who take such care with coding their income and expenses. It really does make a big difference at Year End, as Finance have to match up all our records of funds going to Centres (particularly Bulk Funding), with your records of the same transactions. We’d really appreciate it if you checked all your Bulk Funding coding for the year. If you find a mistake, don’t worry, it’s not too late to go back and edit the transactions for this year. Check out this handy guide to Reconciling Bulk Funding in Xero (available here in the Finance Kit), do any changes you need to make in Xero, then you can get back to the important stuff – playing with the tamariki.