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To: Pastors, Parish Administrators, Principals, Business Managers and Bookkeepers
From: Michael Warren, Controller; Patrick Warner, Parish Accounting Manager; Office of Finance
Please review the following reminders before closing the 2017-2018 fiscal year.
Cash – Deposits in Transit: Before closing Year-End, please make sure there is a zero balance in account 1070, Cash – Deposits in Transit. This account must be zero before closing.
Outstanding Checks and Deposits: Please clear any outstanding checks or deposits from Bank Reconciliation that are over 60-90 days old.
Loans: If the parish/school has a loan, please reconcile the loan balance on the balance sheet on the June 30, 2018 D&L (Deposit and Loan) statement from the archdiocese. Please reconcile to the amount shown on the line for “Ending Principal Balance.”
Reconcile: Please reconcile all non-checking/savings account balances on the balance sheet. Contact Patrick Warner if you have:
• Remitted all second collections but still have balances on the balance sheet;
• Any tax withholding accounts (federal, FICA, state) with balances; or
• Any other balances in the assets or liabilities (ex. petty cash, payroll deductions, mass stipends, prepaid items, etc.) that you cannot reconcile.
Endowment Entries: Please do not close the fiscal year without recording the endowment entries through June 30 for fiscal year 2017-2018. The Catholic Foundation of North Georgia anticipates distributing the June 30 statements during the week of July 23. At the end of July, we will distribute detailed instructions for recording the endowment entries in ConnectNow, including how to account for the 10% parish annual appeal refund applied to the endowment.
Old Pension Accrual: If there is a balance in GL 2070 – Accrued Lay Retirement – from prior pension accruals, please contact Patrick Warner for assistance in removing the balance before closing the 2017-2018 fiscal year.
Archdiocesan Invoices: As one of the last journal entries for the 2017-2018 fiscal year, the Office of Finance requires all parishes and schools to record, on the balance sheet, any unpaid archdiocesan invoices (more than 60 days old) as of June 30, 2018. In ConnectNow, these unpaid invoices are recorded as journal entries. You will debit the appropriate expense – Assessment, Annual Appeal Shortfall, Employee Benefits, etc. – and credit the Balance Sheet account, 2990 Due to Archdiocese (we may need to add this GL# to your chart of Accounts). Please date the journal entry as 6/30/2018.
Please see the attached instructions. For questions or more information, please contact Patrick Warner at pwarner@archatl.com or 404-920-7410.