We’re Getting Our Finances in Order
It’s the time of year when we get 2018 chapter finances in order in preparation for AAPC’s annual audit.
Uploading Bank Statements
Treasurers are required to input monthly income and expense amounts in the P&L form online, and also to upload the monthly bank statements. While many chapters have complied with this requirement, surprisingly, many haven’t. In some cases, officers have attempted to upload bank statements but for a variety of reasons, the statements are not there. For this reason, we ask that you do the following to confirm your chapter has complied:
- Go online to the Profit and Loss Statement and click on Oct 2018
- Scroll to the bottom where it says Upload Bank Statement (Oct Bank Statement) and look for the blue View Statement link
- If you do not see the blue View Statement link, your bank statement has not been uploaded
Comparing Bank Statements to P&L Information
Once the bank statements are uploaded be sure to check that the total closing balance in the P&L area is the same as the ending balance on your bank statement.
Reporting End of Year Balances and Bank Statements
November bank statements should be available online now or should arrive soon. When available, input the income and expense information for November as soon as possible and upload the bank statement also.
Important note! December’s financial information is due to be input by December 31st. This is due earlier than the other months of the year. You will most likely not have your bank statement by the 31st. In order to comply with the request of the auditors, go online and copy the history for the month, save that in a file, and upload it as your December bank statement.
Accurate Reporting is Crucial
Be aware that if correct information is not provided by the due date, there could be adverse effects upon your chapter. When AAPC’s financial team is provided with inaccurate or incomplete information, incorrect totals are reported and the chapter may have a larger than usual tax liability.