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General ledger

From Wikimedia Belgium
Yearly Financial timing
Activity Timing
Jaarrekening January
Grant repayment January
Patrimoniumtaks March
General Assembly January-June
Griffie February-July
Tax declaration May-July
Yearly budget September-October
Grant review November
Grant approved December
Grant received December-January

A small VZW can run a simplified version of the general ledger, "Genormaliseerd model van dagboek".[1]

Detailed financial transactions need to be registered, in case of control by the authorities. Keep electronic bank account statements. Wikimedia Belgium has no cash-transactions.

The yearly financial statements need to list the balance, and income and expense account reporting.

Wikimedia Belgium uses extensions that allows cost based reporting.

See also: Tax declaration, general assembly.

Setup

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  1. Detailed, daily Income and expense register (transactions, by bank account, cash register, by category) -> Formulier A (Internal, and for control by authorities)
  2. Overview of income and expenses -> Formulier B = Genormaliseerd minimaal schema van de staat van ontvangsten en uitgaven
    • Outgoing invoices, accounts receivable
    • Ongoing projects
  3. Balance sheet (could technically be run at any time, provided that the bookkeeping is in sync) -> Formulier C = Genormaliseerd mimimaal schema van de staat van het vermogen, Inventaris van Activa, Rechten, Schulden en Verbintenissen (en Schema van toelichting)

Transactions must reflect reality. Therefore it could be needed to book provisions (e.g. accounts receivable, bad payers, late projects, late invoices related to a large project, delayed projects, promised funding and grants, grants to be returned, early grant payments).

Categorieën van uitgaven
Uitgaven Beschrijving WMF Programs
Goederen en diensten Realisatie van het maatschappelijk doel (activiteiten), verkoop en dienstverlening aan derden, betaalde lidgelden en bijdragen aan andere verenigingen, freelancers Programmatic expenses
Bezoldigingen Netto loon van werknemers (geen freelancers) Staff expenses
Diensten en diverse goederen Niet-activiteit gebonden vaste kosten, sociaal secretariaat, RSZ, bedrijfsvoorheffing Operating expenses
Andere uitgaven Vereffende provisies (b.v. terugbetaalde ongebruikte subsidies), onkostenvergoedingen, forfaitaire kostenvergoeding, vrijwilligersvergoeding, bankkosten Learning or training expenses

Travel and participation expenses

Jaarrekening

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Content:

  1. Header: identification of the organisation as per the statutes, the book year, book year end-date, reference to General Assembly (date)
  2. Income and expense overview and ventilation (by subcategory)
  3. Balance sheet, including provisions
  4. General ledger principles (schema van toelichting)

Format

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You can create it with Excel (one sheet for each of the sections, in landscape)

  • Store it electronically.

Control-click all sheets that you want to include in the report. Export a PDF document (non-repudiation). You will need it a second time as attachment to the (electronic) tax declaration.

To be approved by the General assembly. Prepare and publish the document before the GA so the members can review it.

Print single-side; prepare 2 copies for the administration. A board member should write his full name, sign, and date once on each page. You can send the documents by post. Include a stamped return envelope. You will get a copy with a receipt confirmation stamp.

Tip: if you have changes to the statutes, or board membership, you can perform all administrative activities at the same time (efficient working...)

  • Small vzws need to upload the PDF copy to BIZTAX

See:

Data entry timing

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Strict (yearly) timing is needed. Otherwise financial (government) penalties can apply.

The latest legal filing date is the last day of the month following that of the general assembly, without falling more than six months behind the close of the financial year.

Before end of March, you need to declare and pay the Taks tot vergoeding der successierechten.

Other components

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General ledger

Yearly balance sheet

VZW

See also

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References

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  1. VSDC vzw Review, maart-april 2022, nr. 200, p. 5-6