Monthly reconciliation

The corporation should perform monthly reconciliation and reporting of all financial transactions to ensure the board of directors has visibility into the financial health of the organization.

RoboJackets responsibilities

These tasks should be completed by end of day on the first day of the following month.

• Sync BILL Spend & Expense transactions to QuickBooks

• Sync invoices and payments from Loop to QuickBooks

• Notify Foundation Group when BILL Spend & Expense and Loop transactions are synced to QuickBooks

Once Foundation Group provides reports, review the reports within two business days and provide written sign-off.

Foundation Group responsibilities

• Create expense entries for reimbursements to students, credit card account payments, credit card refunds, and expedited shipping fees from BILL Spend & Expense

• Split any foreign transaction fees from BILL Spend & Expense transactions paid to foreign merchants

• Split processing fees deducted from Square deposits

• Create expense entries for any Mercury credit card or bank account transactions

• Reconcile BILL Spend & Expense and Mercury account statements with QuickBooks

• Produce reports describing activity for each month as well as the financial position at the end of each month