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31 HB Fiscal Polices Et Procedures <br /> A. Overview <br /> This section applies to the closing processes that occur at month, quarter, and year-end. The <br /> close process results in a set of financial statements that provide critical information as to the <br /> financial performance and condition of HB. The primary purpose of closing procedures is to bring <br /> control, reliability, and audit-ability to the accounting process. Finance completes close process <br /> with information submitted by staff on a regular basis (outlined in sections 3 and 4). <br /> B. Policies Ft Controls <br /> 1. Staff provide information critical to the close process to Finance in a timely manner. <br /> 2. Perform a monthly, quarterly, and annual closing process of the accounting records in a <br /> timely manner. <br /> C. Procedures <br /> Period Target Date" <br /> Cash Receipts <br /> 1. Print cash receipts summary <br /> reports after final day's receipts Month 5 X <br /> are recorded. <br /> 2. Review cash receipts and post to Month 5 Review Enter <br /> GL, if not already posted. <br /> Cash Accounts <br /> 1. Complete bank reconciliations Month ip Review Et X <br /> for each cash account approve <br /> 2. Analyze aging of un-cleared <br /> checks and clear stale checks as <br /> appropriate. Follow up on Month 10 Review X <br /> significant outstanding amounts, <br /> including outstanding checks <br /> issued to employees. <br /> RECOGNITION9.2 REVENUE <br /> Accounts Receivable <br /> 1. Generate and analyze Accounts Follow up <br /> Receivable aging report. Follow on <br /> up on significant outstanding Month 5 Review X outstandi <br /> amounts. ng <br /> led ges <br /> 2. Post interest and dividends Month 10 Review X <br /> income to GL <br /> 3. Post grants and pledges Provide <br /> receivable to GL as per executed Month 10 Review X pledges <br /> award letters/contracts and and <br /> pledge forms. awards <br /> 4. Prepare and send invoices for <br /> amounts owed to the Quarter 15 X <br /> organization. <br /> Last updated September 2022 <br />