End-of-year activities

Every year end requires a closing of the books process, and the preparation of the activities and the required finances for the next year.

WMF Grants

The payment of the WMF Grant should be completed before, or shortly after new year.

Bank accounts

Bank payments to third parties can only be done with the current account. Internal transfers are possible amongst all bank accounts (current account, savings account, term deposit account).

Current account

Before new year

• Request and pay any pending expenses and invoices
• Download the Excel transactions for the last year.
• Verify the bank payments to be 1:1 matching with the ledger transactions
• If there is any mismatch, perform the necessary actions (extra payment, or correction).
• Pay a new year gift for any volunteer having requested an expense claim in the past year.
  • Send a thank you message to the volunteers.

After new year

• Download PDF transactions for all passed quarters.

All other bank accounts

Before new year

• Plan the required budgets for the next months and quarters
• Transfer non-urgent amounts to a savings account, the e-DEPO, or a term deposit account
  • Take into account legal limitations.

After new year

• Download PDF transactions for all passed quarters, and the Excel transactions for the last year.
• Login to e-DEPO, and PayPal
  • Check the balances

General ledger

• Close the previous year general ledger
  • Report on expense categories (activity related, salaries, operations, other). The aggregated amounts must be reported on the financial statements.
• Open the new year ledger
• Prepare the financial statements (use the downloaded PDF and Excel files).

WMF reporting

By the end of January an activity report, and a financial report must be published.