View source for Finance Action Plan 2012/13

General comments from the Treasurer

This plan has been produced by the Wikimedia UK treasury function (consisting of John Byrne, Jon Davies and Richard Symonds). It aims to set out a timeline for the implementation of the changes to Wikimedia UK’s finance procedures, recommended or required in the light of:
# Our auditors UHY’s management letter for the 2011-2012 Financial Year produced as part of the annual audit (which therefore covered only the completely different accounting system before the WMUK office took over the accounts function in February 2012)
# The [[Governance/2012 Financial review by Garfield Byrd, WMF CFO|report produced by Garfield Byrd]], Chief Finance Officer of the Wikimedia Foundation during his visit in October 2012
# The post-audit report of UHY, our auditors, produced after a visit in September 2012
# The revised version of the Wikimedia UK 2012 Finance Policy, as discussed by the board on 17-18 November 2012
# Any other financial issues that have come to light in the previous year

Please comment on the talk page rather than editing here. [[User:Johnbod|Johnbod]] ([[User talk:Johnbod|talk]]) 01:08, 25 November 2012 (UTC)
== Implementation timetable ==
The ends of the months given are the deadlines. The timetable below uses a notation system to refer to two particular reports: 
* Garfield Byrd’s report is specified by the use of GARFIELD, followed by the numbers used in Garfield’s report.
* UHY’s report is specified by the use of UHY, followed by the page number of the report, and then the individual point on that page. 
* We note that GARFIELD 2.1.i. is a broader governance matter that links in to the expert review. It is not covered below and will be responded to by the whole board in the light of the expert review when this is produced in early 2013.

=== Already implemented by November 2012 ===
* GARFIELD 2.c.i - Approval of all general ledger entries to be done by JB and JD at month end, by one of them signing a copy of the journal entry printouts. 
* GARFIELD 2.f.i - The PayPal account is now being reconciled to Sage.
* UHY 3.5 - Sage training started in November 2012 - ongoing, obviously.
* UHY 4.1 - The depreciation policy has been approved by the board. Additionally, the treatment of ‘years of acquisition and disposal’ depreciation (YofA full year; Yofd zero) to be added. 
* UHY 4.2 - Depreciation cost is not a significant figure. Currently to be calculated and posted for year end accounts only.
* UHY 4.3 - Currently, we process depreciation annually, and might possibly move to quarterly in the course of next year. 
* UHY 5.1 & UHY 9.1 - We are now calculating prepayments & accruals at year end only.  Again, we might move to more regular posting in the course of next year. 
* UHY 6.1 - Unity bank reconciliations are processed monthly.
* UHY 6.2 - Principality bank reconciliations are processed monthly.
* UHY 6.3 - Co-Op Guaranteed Investment Account has now been closed. UHY have provided opening journals as requested.
* UHY 6.4 - Co-Op current a/c bank reconciliations continue, currently reconciling figures approx six weeks behind present date.
* UHY 6.5 - PayPal account balance provided. PayPal now reconciled up to August 2012. 
* UHY 7.6 - Top up cards being tracked, and reconciled approximately 4 weeks behind present date.
* UHY 7.7 - Petty Cash being reconciled and tracked, but is much less used now due to top-up cards. 
* UHY 10.1 - There are currently no restricted funds. We are able to implement the correct protocols and processes for any restricted funds that may exist in the future.
* UHY 15.2 - recording expense authorization. For remote claimants of expenses, print off the email accompanying the claim - this is already done.
* New Admin assistant (Richard Nevell) joined on November 23; will help with work & reduce pressure on Richard Symonds 
 
=== November 2012 ===
* Final points on revised finance policy to be drafted and agreed by the board; discussed at last BM and most changes agreed.
* GARFIELD 2.B.i - Reconciliations will be performed on all accounts and cards at November month end.
* GARFIELD 2.b.ii - Cash flow document will be created by month end. Simple cash flow forecasts are already in use.
* GARFIELD 2.d.i - This is the plan.
* GARFIELD 2.g.i - List of desired reports - JB will set up an initial list of desired reports, which the board will add to. Staff will then provide these reports.  More will follow when the new COA is established next financial year.
* UHY 4.1 - Internal invoice references will be added. 
* UHY 4.2 - We will reconcile the Fixed Assets Register to Sage. 
* UHY 13.2 - We will print out paper copies of monthly payroll reports, and keep these in a locked drawer. 
* UHY 14.2 - At the November board meeting, the Board discussed what treatment of Gifts in Kind to follow in future - agreed, or nearly so, that we will only note significant  items in the notes to the accounts rather than include them in the main Income & Expenditure figures.
* UHY 15.3 and UHY 16.1 - Specific items. These are small issues to check, but RS believes they are already resolved.

=== December 2012 ===
* UHY visit Dec 12th to discuss new form of Chart of Accounts.  New scheme to be devised and agreed by end January at latest.
* UHY 10.2 - PayPal reconciliations are progressing well, and a new bank account is being set up to accept solely membership subscriptions. This account is expected to be operational by December 2012.
* UHY 13.1 - Form of payroll ledger entries. Fully analysed payroll journals will be processed from December onwards.
* UHY 15.1 - The membership database is fully up to date and accurate at present. By end of December 2012, membership income on CiviCRM will be reconciled against Sage.
* GARFIELD 2.e.i. and UHY 12.1 - (see "uncertain" also) New CiviCRM system being developed with contractors between November and January. Produce overall reconciliation to see scale of difference on old system and decide how to proceed. As soon as the system is implemented, we will begin reconciliations to work out what level of detail is necessary when reconciling the two systems. We expect that a new system will be in place by the end of January 2013, in preparation for the new financial year. RS (with KB assistance) to check some individual months to reconcile PayPal and Sage by end of December 2012.

=== January 2013 ===
* UHY 8.2 - Vat codes - We are now posting as T9, but we have not gone back over previous postings and reallocated them as T9. To be completed by January.
*Preparations for year-end: accruals, prepayments, fixed assets, new chart of accounts and reports.
*2013 Budget finalized

=== February 2013 ===
* New financial year & audit begins. 
* UHY 14.1 From February 2013 (the new financial year), a new budget will be entered onto Sage and line by line reports against actuals produced on a regular basis. A new department/budget structure is to be constructed along with new chart of accounts for FY 2013/14. This is currently being done on spreadsheet, but not to the lowest levels of detail. 
* UHY 8.1 Authorisation of purchases. Currently, purchase invoices are authorised by staff, but coding invoices remains an issue, pending the construction of a new chart of accounts to use from February 2013.

=== March 2013 ===
* First reporting with new COA and reports.

===Uncertain===
* GARFIELD 2.e.i. and UHY 12.1 - (See January also) New CiviCRM system being developed with contractors between November and January. As soon as the system is implemented, we will begin reconciliations to work out what level of detail is necessary when reconciling the two systems. We expect that a new system will be in place by the end of January 2013, in preparation for the new financial year.

[[Category:Financial 2013]]