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To: Pastors, principals, administrators, business managers and bookkeepers
From: Brenda Leslie, director of financial services; Patrick Warner, parish accounting manager; Office of Finance
REMINDERS BEFORE CLOSING FISCAL YEAR-END 2021-2022
IMPORTANT DATES:
Below is a reminder of the important dates concerning the 2021-2022 fiscal year-end.
August 31, 2022 – Close fiscal year 2021-2022.
Non-ParishSOFT Accounting users, please submit your June 30, 2022
financial reports to the Office of Finance by this date
September 30, 2022 – Submit the Certification Letter for fiscal year 2021-
2022 to the Office of Finance. The parish and school certification
letter templates are posted on the Office of Finance webpage under
Policies, Procedures & Best Practices.
October 31, 2022 – Submit a copy of the annual report, published for
parishioners or school parents, to the archdiocesan Office of Finance.
CASH – DEPOSITS IN TRANSIT – Before closing Year-End, make sure there is a zero balance in account 1070, Cash – Deposits in Transit. Clear any balance in the account before closing the fiscal year. This account must be zero before closing.
OUTSTANDING CHECKS AND DEPOSITS – Clear any outstanding checks or deposits, from the Bank Reconciliation, that are over 60-90 days old.
LOANS – If the parish/school has a loan, be sure to reconcile the loan balance on the balance sheet to the loan balance on the June 30, 2022 D&L (Deposit and Loan) statement from the archdiocese. Please reconcile to the amount shown on the line for “Ending Principal Balance”.
RECONCILE – Reconcile all non-checking/savings account balances on the balance sheet. Contact Patrick Warner if:
– You have remitted all the 2nd collections but still have 2nd collection balances on the balance sheet;
– You have any tax withholding accounts (federal, FICA, state) with balances.
– You have 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 2021-22. The Catholic Foundation of North Georgia, typically, distributes the June 30th statements the last week of July. Please record the endowment activity for entire year.
ARCHDIOCESAN INVOICES:
As one of the last journal entries for the 2021-22 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, 2022. In ParishSOFT Accounting, these unpaid invoices will be recorded as journal entries. You will Debit the appropriate expense – Assessment, Annual Appeal Shortfall, Employee Benefits, etc. – and credit the Balance Sheet account, GL# 2990 Due to Archdiocese (we may need to add this GL# to your chart of Accounts). Please date the journal entry 6/30/2022. When these specific invoices are paid in the future, you will use the GL# 2990 on the bill/check to the archdiocese, instead of the actual expense account.
PPP LOAN – ROUND 2:
All Round 2 PPP Loans were forgiven during fiscal year 2021-22. If your parish or school received a Round 2 PPP Loan, be sure record the loan proceeds as PPP Loan income: Parish GL# 4750; School GL# 6750.
If you have any questions or need assistance, please contact Patrick Warner at pwarner@archatl.com or 404-920-7410.
