Download ConnectNow Accounting - Fiscal Year End Process Below is the

ConnectNow Accounting - Fiscal Year End Process
Below is the process for closing out the fiscal year in ConnectNow Accounting. Please keep in mind that you can
work in fiscal year 16 before you close out fiscal year 15. There is no rush to close out the year but the annual
report is due by August 31, 2015 so fiscal year 15 should be closed by then.
1. Make sure all deposits and bills are entered into ConnectNow Accounting for FY15. Remember, for a bill
the invoice date dictates what month the expense will be created. If the invoice is dated for June and
the goods/service was received in June, the invoice should be dated in June even though you are
entering and paying it in July.
2. Do bank reconciliations for all of your bank accounts.
3. Reconcile all your other accounts on your statement of financial position. This is verifying that the
accounts are correct.
a. For example - your accounts payable account should match the accounts payable aging detail
report. This report is under Ledgers and Payables, Transactions, A/P aging detail by period.
4. After you have all of your transactions in for the month, don't forget to do your monthly entry for the
funding sources.
5. The next step is to close the year in ConnectNow accounting. This is just like closing the month except
you are doing it for the year. You have to do an end of month for July 2014 to May 2015 before you can
close out the year. Keep in mind, you do not do an end of month for June but instead you do an end of
year. Don't worry, the system will not allow you to do an end of month for June.
Under Ledgers & Payables, click on Process
Click on End of Year.
For the net asset account, use 3100NA00P00 (Unrestricted Net Asset for the Parish) If you have a cemetery
and/or school, then make sure you use the correct unrestricted net asset account.
Click Submit
6. That is all you need to do to close out the year in ConnectNow Accounting. On your statement of
financial position for July, the beginning balances should match the ending balances for June for all the
accounts except the unrestricted net asset account. The reason this is not the same is because when
you close out FY15, it zeros out all income and expense accounts to the unrestricted net asset account.
7. The DOW annual reports are due by August 31st.
 Statement of financial Position- In ConnectNow Accounting
Click on Ledger Report Writer
Then Statement of Financial Position
Click on Annual Report-Statement of Financial Position
Make sure the Month is June and the FY ending is 6/30/2015
Click on Preview Report
Click on Open
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Print the report, enter church name/city and have it signed/dated and sent to the Diocese of
Winona by August 31st.
Statement of Activities - Follow the instructions for statement of financial position but click on
statement of activities
Statement of Parish Inventory & Historical Data - Under www.dow.org, go to departments,
finance and then parish financial reports (annual). Print the report and have it signed/dated
and sent to the Diocese of Winona by August 31st.
Internal Control Questionnaire - Under www.dow.org, go to departments, finance and then
parish financial reports (annual). Print the report and have it signed/dated and sent to the
Diocese of Winona by August 31st.