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Senior project final presentatiom
- 2. Leadership Long Beach Accounting Policies and Procedures
- 4. • • • • • Willie Cole Fabian Georges Steven Jorgensen Jason Nick Sheri Smoody Eagle Consulting
- 5. The Team
- 6. The Mission Develop and Connect Principled Leaders to Strengthen the Community Leadership Long Beach
- 7. • A Non-Profit Organization Established in 1989 • Support Civic Programs • Educate and Produce Leadership • Serve the Community Leadership Long Beach
- 9. • Accounting Policies and Procedures • Bookkeeping Intern Training Procedures • Enhanced Financial Reporting • Improved Document Control • Improved Internal Controls Project Scope
- 10. • Accounting Policy and Procedures Manual • Document Control and Reconciliation • Intern Procedure Manual • Increased Functionality in QuickBooks Solution
- 11. Client Meeting
- 12. The Accounting Policies and Procedures Manual The Deliverables
- 13. The Deliverables
- 14. • Blueprint for Procedures and Policies • Internal Control • • • • • Accuracy Compliance Safeguard Assets Deter Fraud/Theft Transparency Accounting Polices and Procedures Manual
- 15. Cash In • • • • Contributions Fundraising Tuition Membership Dues Cash Out • Payments to Vendors • Staff Training and Redevelopment • Licenses/Renewal Fees • Petty Cash Cash In & Cash Out
- 16. • • • • • LLB Meeting Expenses Marketing and Promotional Materials Employee Reimbursements Credit Card Usage Bank Account Reconciliation Policy Organization Expenses and Reconciliation
- 17. • Property and Equipment • Personnel Records • End of Month/Year End Close Compliance
- 18. • FDIC Insured Bank • Bank Account Signatures • Donations over $50 • Correcting Mistakes on Documents Policy Statements
- 19. The Forms The Internal Controls
- 20. • Organization • Communication • Documentation • Internal Control Accounting Forms
- 21. ACCOUNTING FORMS LIST FORM NO. 500 501 502 503 504 505 506 507 507-A 508 509 510 511 512 513 514 515 516 FORM NAME Donation Receipt Donation Receipt Log Check Request Form Funds Allocation Form Journal Entry & Allocation Form Stop Payment/Void Check Request Form Voided Check Log Bank Reconciliation Spreadsheet Bank Reconciliation Example Petty Cash Fund Disbursement Form Petty Cash Reconcilitation Form Donated Property Form Stop Payment Authorization Letter to Bank Funds Received Log Cash Receipts Control Form Fixed Asset Log Reimbursement Request Form Mileage Expense Log Forms List REVISION DATE (IF ANY)
- 22. CHECK REQUEST FORM Please prepare a check to the following payee: Payee: Address: Check Amount: Acct. No. $0.00 Date Needed: Class Accounts to be Charged Amount Acct No. Class Requested by:_________________________________ Date requested: ____________________, __________ Approved by:__________________________________ Date approved ____________________, __________ TOTAL: $0.00 Please attach supporting documents. The total of these amounts must equal the check amount. Special Handling: ____________________________________________________________________________________ Other: _____________________________________________________________________________________________ form 502 ver. 1 Check Request Form Amount
- 23. JOURNAL ENTRY APPROVAL & ALLOCATION FORM Re ason for adjustme nt: Journal Entry: Account to Adjust De bit $0.00 Cre dit $0.00 debi ts must = credi t Re que ste d by Name : Title : Date : Approved by CPA or Tre asure r: Date : form 504 ver. 1 Journal Entry Form
- 24. BANK RECONCILIATION SAMPLE Bank Reconciliation Outstanding Checks For Account Checking # 1010 F & M as of : January 31, 2012 Bank Reconciliation for Account____________________ Outstanding checks are those checks written and recorded in the accounting records, but have not yet cleared the bank checking account. In other words, these checks have not yet been listed on a previous bank statement or on the current bank statement. Checks written in previous months which have not yet cleared the bank: Date of Check Check Number Check Amount 11/12/2011 8354 11/15/2011 8425 8520 8538 8588 8604 $89.12 12/31/2011 8650 + $250.00 $123.00 12/24/2011 $ $8,013.56 $45.00 12/24/2011 Check Amount $13.00 12/16/2011 Check Number $6.00 11/27/2011 Date of Check $110.00 Ending Balance on Bank Statement Dated: January 31, 2012 Adjustments to Bank Statement Balance: Add : Deposits in transit (See Note 1 below) $224.20 Subtract : Outstanding checks (Also see Note 2 below.) Adjusted Balance on Bank Statement - Balance per Accounting Records or Check Register (as of date of bank statement): 1/31/2012 $7,022.36 $1,241.20 A $1,489.60 Adjustments to be Entered in Accounting Records: Total of checks written in previous months that remain outstanding: $610.32 A Add : Additions found on bank statement that are not in accounting records: Interest from bank Check Number Check Amount Check Number Check Amount 8692 $111.34 8759 $80.00 8698 $22.00 8761 $10.00 8762 $60.00 8763 $129.95 8764 $230.00 8765 $512.00 8739 $300.00 8766 $521.00 8768 $75.00 8751 $679.00 8769 $100.00 8770 $17.00 8753 $25.00 8771 $64.75 8754 $83.23 8772 $39.00 8755 $12.00 8773 $175.00 8756 $150.00 8774 $40.00 8758 Other:__________________ Cash , credit __________________________)+ (debit $295.89 8757 $10.00 $295.00 8752 $1.26 + $1,500.00 8742 + (debit Cash , credit cash sales ) $1,500.86 $300.00 8733 $ Check Amount $69.95 8732 Check Number $138.43 8730 Check Amount $317.50 8721 Check Number (debit Cash , credit Interest Revenue ) Other: Deposit error Checks written during the month of the bank statement but have not cleared the bank: $ $59.00 Total of checks written during the month of the bank statement that remain outstanding: Grand Total of All of the Outstanding Checks as of Date Shown at Top of Form: Subtract : Deductions found on bank statement that are not in accounting records: Bank service charges (debit Miscellaneous Expense , credit Cash ) - $18.75 NSF checks (debit Accounts Receivable , credit Cash ) - $161.91 NSF check bank fees (debit __________________________, credit Cash )- $20.00 Other: _________________ __________________________, credit Cash )(debit Other: _________________ __________________________, credit Cash )(debit Adjusted Balance per Accounting Records (as of date of bank statement) $6,412.04 B $59.00 $ $1,241.20 B The bank statement is reconciled when the amounts shown as A and B are identical. $7,022.36 A+B Bank Account Reconciliation form 507-A ver. 1 Note 1. Deposits in transit are amounts received by the company as of the date of the bank statement but not yet appearing on the bank statement. Note 2. Checks written as of the date of the bank statement but not yet appearing on any bank statement (previous or current). Use Form G5 to list the check numbers and amounts of the outstanding checks.
- 25. REIMBURSEMENT REQUEST FORM Date Expense Amount Mileage $0.00 TOTAL EXPENSES: $0.00 Number of miles 0 Name: Approved By: Name: Signature: Signature: Date: Date: For Accounting Use Only Account # 5040-Business Relations 5070-Conferences & Training 5080-Decorations 5130-Entertainment 5170-Meals 5270-Receptions 5305-Retreat (Board) 5320-Office Supplies form 515 ver. 1 Amount Account # 5370-Travel (mileage, meals, parking) Amount Other Accounts: TOTAL (must match total above): $0.00 Expense Reimbursements
- 26. The Intern Manual The Bookkeeping
- 28. • Posting Payments • Posting to Accounts • Assembling Deposits • Filing Documentation Intern Duties
- 29. • Paying Bills • Writing Checks • Posting Expenses to Correct Accounts • Filing Documentation Intern Duties
- 30. • Click on “Banking” • Choose “Make Deposits” • Start Typing the Customer’s Name in the “Received from” Drop Down Menu • Select the Correct Customer Step by Step Instructions
- 31. Screenshots of Quick Books
- 32. • Reports • Financial Statements • Duplication of Efforts • Reconciling Bank Accounts • Chart of Accounts Challenges of QuickBooks
- 33. Cost and Benefits The Payoff
- 34. • Cost Effective Intern/Accounting Manual • Pro Forma Cost Evaluation • Benefits to Our Customer Cost and Benefits Analysis
- 35. • Analyze the Existing System and Policies • Developing Best Use of Technology • Producing Printed and Digital Deliverables • The Deliverable is Intellectual Property • Existing Hardware, Software and Office Space Cost Parameters
- 36. • Document the Policies and Procedures • Relieves the Director of Some Accounting Responsibilities • Allows the Director More Time to Generate Revenue • A 10 percent increase or $30,000 Benefits
- 37. • Total Team Time to Date • 377.24 Man Hours • $65.00 Hourly Rate • $26,000 • 5 Members on the Team • 75.5 Man Hours Per Person • Annual Labor Cost of $4,900 Per Person • Polled Costing Range • $3,000 to $12,000 Plus Materials Costing
- 38. Actual • Immediate Benefit Upon Implementation • Zero Cost to Recover Pro Forma • Estimated Cost $9,800 • Estimated Annual Revenue Increase $30,000 • Break Even 3.92 Months Break Even Point
- 39. Break Even Point 3.5 0-cost 3 Axis Title 2.5 Pro Forma 2 1.5 1 Time line to recoop 0.5 0 1st month 2nd 3rd 4th 5th Axis Title Break Even Point 6th
- 42. • Policies and Procedures • Intern Duties and Processes • Version Control Quality Assurance
- 46. • Establish Proper Interface Between QuickBooks and Bank Accounts • Interface QuickBooks and DonorPerfect • Enter Annual Budget into QuickBooks • Scale Back Existing Chart of Accounts Recommendations
- 47. • Implement Password Internal Controls • Implement Daily or Weekly Computer System Backup Procedures • Implement a Written Safety Program Recommendations
- 49. • Accounting Manual • Intern Manual • Benefits for LLB Conclusion
- 50. Limiting Scope Communication Logistics Size of the Project Utilizing QuickBooks Features
- 51. • Leadership Long Beach • Jeff Williams (Executive Director LLB) • Rolando Cruz (Treasurer LLB) • Oscar Cosby (Communications Director) • Colleen Briski (Devry Librarian) • Heather Burke (Devry Librarian) • Professor John Rollins & Professor Russ Walker Thank You
- 52. Questions?