Keeping with the original premise: the books must be tied down, reconciled, fixed and accurate BEFORE the Form 990 or 990EZ and other regulatory information returns can be accurately prepared. Remember the GIGO principle- Garbage In Garbage Out? Monthly is preferable, quarterly may suffice, and if once a year is all you have then make that effort your best effort! Accounts Payable - Total accounts payable must agree to the total monies owed your vendors at the end of the month and fiscal year. Run an aging report by vendor, if you have the capability. Compare each vendor balance to the vendor’s statement to ensure your books agree. Follow up and correct if they don’t agree.
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Preparing for the 990/990EZ- Accounts Payable







