This newsletter is intended for 2022 leaders of Women's Council. This important information should be read thoroughly and shared with your local members as needed.
October 10, 2022
End of Fiscal Year Best Practices by Billhighway
We recommend the steps outlined below, so that your network has an accurate budget for the year and no transactions are left outstanding or unapproved. This will also help your network prepare for tax filing.
-
Review/Export the Income Statement and Balance Sheet in the Financial Reporting in Billhighway. We recommend these reports to help with filing taxes or to provide to your CPA.
-
Review Billhighway Income & Expense Chart of Accounts and reclassify as you see fit.
-
Review Fund Balance/Retained Earnings account and reclassify as you see fit.
-
Review any uncoded prepaid card transactions.
-
Review any unapproved ‘Send Money’ transactions and Send Money – Incoming Revenue transactions.
-
Review Outstanding Checks if applicable.
Please note that any outstanding checks will be cancelled automatically after they are a year old. -
Review Uncleared Online Bill Payments if applicable.
Please note that any Online Bill Payment checks will be cancelled after 180 days old.
Also, just so you are aware the 2022 Balance Sheet end balance will not carry over to the beginning balance on the 2023 Balance Sheet until the books are closed at a national level
Please review the links below which include financial reporting training and Year End Best Practices Guide for more information on how to complete the above items. If you have any questions, please feel free reach out to Client Care at support@billhighway.com / 866-245-5499, or to Emily Gates at egates@billhighway.com!
Sincerely,
Billhighway
Financial Reports Training Resources