ConnectNow Accounting - Fiscal Year End Process

Below is the process for closing out the fiscal year in ConnectNow Accounting. Please keep in mind that you can work in fiscal year 16 before you close out fiscal year 15. There is no rush to close out the year but the annual report is due by August 31, 2015 so fiscal year 15 should be closed by then.

  1. Make sure all deposits and bills are entered into ConnectNow Accounting for FY15. Remember, for a bill the invoice date dictates what month the expense will be created. If the invoice is dated for June and the goods/service was received in June, the invoice should be dated in June even though you are entering and paying it in July.
  2. Do bank reconciliations for all of your bank accounts.
  3. Reconcile all your other accounts on your statement of financial position. This is verifying that the accounts are correct.
  4. For example - your accounts payable account should match the accounts payable aging detail report. This report is under Ledgers and Payables, Transactions, A/P aging detail by period.
  5. After you have all of your transactions in for the month, don't forget to do your monthly entry for the funding sources.
  6. The next step is to close the year in ConnectNow accounting. This is just like closing the month except you are doing it for the year. You have to do an end of month for July 2014 to May 2015 before you can close out the year. Keep in mind, you do not do an end of month for June but instead you do an end of year. Don't worry, the system will not allow you to do an end of month for June.

Under Ledgers & Payables, click on Process

Click on End of Year.

For the net asset account, use 3100NA00P00 (Unrestricted Net Asset for the Parish) If you have a cemetery and/or school, then make sure you use the correct unrestricted net asset account.

Click Submit

  1. That is all you need to do to close out the year in ConnectNow Accounting. On your statement of financial position for July, the beginning balances should match the ending balances for June for all the accounts except the unrestricted net asset account. The reason this is not the same is because when you close out FY15, it zeros out all income and expense accounts to the unrestricted net asset account.
  2. The DOW annual reports are due by August 31st.

·  Statement of financial Position- In ConnectNow Accounting

Click on Ledger Report Writer Then Statement of Financial Position

Click on Annual Report-Statement of Financial Position

Make sure the Month is June and the FY ending is 6/30/2015

Click on Preview Report

Click on Open

Print the report, enter church name/city and have it signed/dated and sent to the Diocese of Winona by August 31st.

·  Statement of Activities - Follow the instructions for statement of financial position but click on statement of activities

·  Statement of Parish Inventory & Historical Data - Under www.dow.org, go to departments, finance and then parish financial reports (annual). Print the report and have it signed/dated and sent to the Diocese of Winona by August 31st.

·  Internal Control Questionnaire - Under www.dow.org, go to departments, finance and then parish financial reports (annual). Print the report and have it signed/dated and sent to the Diocese of Winona by August 31st.