3.3 Daily & Monthly Procedures
1. Daily Entry and Coding:
• Income (Donations, Grants): o Assign each transaction to the correct Class and revenue account (e.g., “Unrestricted Contributions,” “Grant - Foundation XYZ”). • Expenses (Vendor Bills, Checks): Video Tutorial: o For Continuing with the detailed steps to transition Fathers On A Mission (FOAM) to GAP-aligned accounting within QuickBooks Online (QBO) : o Select the appropriate expense category from the COA. o Tag each expense to its relevant program, class, or project. •
3.3 Daily & Monthly Procedures
1. Daily Entry and Coding:
• Income (Donations, Grants): o Assign each transaction to the correct Class and revenue account (e.g., “Unrestricted Contributions,” “Grant - Foundation XYZ”). • Expenses (Vendor Bills, Checks):
o Select the appropriate expense category from the COA. o Tag each expense to its relevant program, class, or project. Video Tutorial: o For guidance on recording daily transactions §
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QuickBooks Online Restricted and Unrestricted ank Deposits
2. Weekly or Bi-weekly Reviews:
Transaction Detail Review: o Run a Transaction Detail by Account report to spot-check coding accuracy. o Identify and correct any misallocated transactions.
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3. Monthly Close:
• Reconciliation: o Complete bank and credit card reconciliations by a set deadline (e.g., 5th of the following month). • Approvals: o The Treasurer or CFO reviews significant journal entries (e.g., those above a predetermined threshold). • Reports: o Generate the following for management and board review:
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