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Posted: Sun Aug 24, 2008 5:17 pm
by aebrown
Esogs wrote:I just found this discussed in the forum thread:

http://tech.lds.org/forum/showthread.ph ... =reconcile

If the information here is correct, when our Stake Auditor comes by and asks us to run an Income/Expense report for the month that they are auditing, the auditor should NOT be surprised if the Income/Expense report doesn't match the church finance statement or the reconciliation report for that month.

Basically, if any adjustments were made to things like categories, such as if you are correcting an entry for a member from one category to another, that correction is recorded in the month the transaction was first entered, not in the month you are making the correction.

It is sometime pretty hard for me to follow what is happening on the reconcilations.

You are right that it can be a bit tricky, but you the thread you found can help. Indeed you are correct in saying that no one should expect an Income and Expense report that is printed at a later date to match the reconciliation. So you just need to do reconciliations monthly and move forward without an expectation that it will match. If you need it to match, you will have to analyze all the differences that have subsequently occurred, which can be a big job.

But as far as the audit is concerned, you do have to print an Income/Expense report for the 6 months of the audit period and then use the worksheet on the audit form to reconcile it against the financial statement. Hopefully the audit doesn't occur too long after the last statement of the period, so there shouldn't be too many differences from the reconciliation of that statement.

Posted: Mon Aug 25, 2008 8:27 pm
by gpetersen-p40
When I complete my monthly financial reconcilliations, I always attach the income and expense report for the "other" and "ward missionary" categories as well as the budget report for the month that is covered by the reconcilliation. That way, ithey will be available for the audit and it will always be correct.