Creating Year End Accounts (Accruals)
ExpensePlus makes it super easy to create Year End Accounts for churches and charities creating accounts on an accruals basis.
Top Tip: You need to submit accounts to the Charity Commission within 10 months after the last day of your financial year.
If you are a charitable company, the deadline is reduced to just 9 months as your accounts will also need to be filed with Companies House who have a shorter deadline.
It is therefore highly recommended that get started with creating your accounts within 1 to 2 months after year-end.
Note: If you create accounts on a Receipts and Payments (cash) basis, check out this separate help guide article.
Year End Tasks
Before creating year-end accounts, you need to first ensure that you've completed all necessary tasks and checks. To help you with this, we've created an Accruals Year End Checklist.
Check out the video below which covers the tasks in the checklist in more detail.
Year End Accounts & Reports
Once you are happy that all of the tasks within the Accruals Year End Checklist are complete, the process of creating Year End Accounts and Reports using ExpensePlus is quick and easy.
From the sidebar menu, select the Year End Accounts option.
This NEW module is made up of different sections, each of which is displayed in different tabs across the top of this screen.
Before downloading your accounts, you first need to review and update the information in each of these tabs.
The report is available to download in two different formats (PDF or Word Document). Keep reading to find out more information about what to do once you have downloaded this year-end report.
Top Tip: If you wish to edit any of the wording within the accounts, then choose the 'Download Word Document' option.
IMPORTANT NOTE: The year-end accounts template in ExpensePlus will help you prepare accounts that comply with the Charities SORP.
If you have any questions about how to create your year-end accounts or what should be included, you should contact your Independent Examiner. Some charities also ask their Independent Examiner to create their accounts for them for an additional fee. To learn more, please read this article on year end FAQs.
Accounts Review, Sign Off & Submission
Independent Examination
Once you have created your Year End accounts , your examiner will need to independently examine them.
If your income is over £1m, then your accounts will need to be audited rather than independently examined. The video below covers this in more detail.
If you don't already have an Independent Examiner or you are looking to change independent examiners, then check out the examiners listed below who are familiar with ExpensePlus and highly recommended by other churches and charities that use them:
Top Tip: We'd highly recommend using an Independent Examiner who is familiar with charity accounting! Just because someone is an accountant, this doesn't mean they understand the principles of fund accounting.
As well as sending your Independent Examiner the year-end accounts & reports document download from within ExpensePlus, you will also need to provide them access to ExpensePlus so that they can complete their Independent Examination and ensure the information within the accounts is correct.
Sign Off
Once your Independent Examiner has completed their independent examination, one of the trustees then also needs to sign the accounts on behalf of the other trustees (as well as the Independent Examiner signing their report).
Top Tip: Typically year-end accounts are reviewed and agreed at a trustees' meeting, with the accounts circulated to the trustees ahead of the meeting. This is then documented in the meeting minutes, with one of the trustees then signing the accounts.
Submission
Completed accounts need to be submitted to the Charity Commission via the Charity Commission online portal.
Top Tip: If you don't have access to the portal, it's worth checking who in your organisation does have access so that they can add you as a user to your charity's account. Alternatively, you might want to contact the Charity Commission.
Note: If your charity is a charitable company, you will also need to file your accounts with Companies House (in addition to submitting them to the Charity Commission). Don't forget there is a shorter deadline for filing with Companies House! Additionally, consider what other reporting is necessary - e.g. many Church of England Dioceses require a copy of the signed accounts to be filed with them too.
To find answers to other Frequently Asked Questions relating to Year End check out this help guide article.