|NESFA® Treasury Procedures – Table of Contents||Last updated 16-Apr-2012|
The books for a Boskone are closed in the NESFA Fiscal Year following the one in which it ran (see SR 2.5(8)). So Boskone 39 (which occurred in February 2002, during FY 35, from May 1, 2001 to April 30, 2002) closed in the FY 36 which started on 1 May 2002. A Boskone typically reports during the period of September through December following the convention.
When Boskone is closing, it transfers to NESFA all of its asset and liability accounts:
It is presumed that the NESFA/Boskone cross-charge account has been balanced regularly.
When the Boskone Treasurer turns over the check and/or paperwork closing out the checking account, and the amounts of all the advance accounts, those transactions should be done against the Boskone/NESFA cross-charge account. At the end of this process, Boskone's only asset should be the cross-charge account. The balance here should be equal to the difference between the Boskone's total income and it's total expenses. (Anything else is a probable error in the Boskone books which should be resolved before closing.)
Create two accounts, EX-Bnn and IN-Bnn.
Close out the Boskone with a single transaction which puts Boskone's income
in IN-Bnn and Boskone's expenses in EX-Bnn and zeroes out AS-Bnn.
Both of these entries should be made; i.e., they should not be
into a single entry.