Financial completions

At the end of a financial year or the end of a project or event, you need to close the books on it.

Ensure that reports are clear, concise and checked for accuracy. Then promptly send reports to the people they are supposed to go to. You will probably have a deadline and might also have to provide statistical information

In many organizations, you will normally do some or all of the following at the end of each month or quarter:

• Check that the general ledger is up to date
• Update the asset register
• Do a bank reconciliation statement and trial balance
• Produce a Profit and Loss statement and balance sheet for the Board

Then at the end of the financial year, you will normally close off the books and prepare for the annual audit.

In a project or event, the financial completion is usually the submission of an acquittal document to your bookkeeper, which shows how the funds were spent and closes the separate bookkeeping for the project. You might also have an internal audit.