Creating Year End Accounts (Receipts and Payments)
ExpensePlus makes it super easy to create Year End Accounts for churches and charities creating accounts on a receipts and payments basis.
Top Tip: You need to submit accounts to the Charity Commission within 10 months after the last day of your financial year.
Whilst creating accounts isn't difficult, it is highly recommended that you get started with this within 1 to 2 months after year end.
Note: If you create accounts on an accruals 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 a Receipts and Payments 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 Receipts and Payments Year End Checklist are complete, the process of creating Year End Accounts and Reports using ExpensePlus is quick and easy.
Top tip: The Year End Accounts & Reports created using ExpensePlus goes above and beyond the basic free template the Charity Commission provides.
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.
Accounts Review, Sign Off & Submission
Independent Examination
Once you have downloaded your Year End Accounts & Reports from ExpensePlus, if your total annual income is over £25,000, then you will need your accounts to be 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 and has signed the independent examination declaration within the document, one of the trustees needs to sign the accounts on behalf of the other trustees.
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 trustee's meeting minutes, with one of the trustees 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.
To find answers to other Frequently Asked Questions relating to Year End check out this help guide article.