Whether your fiscal year ends December 31 or follows a different calendar, closing the year properly is one of the most important things a church treasurer does. A clean year-end makes the next year easier, keeps the board informed, and protects the church from financial confusion later.
The Year-End Checklist
1. Reconcile All Treasury Accounts
Compare your StewardTrack treasury account balances against your actual bank statements and cash counts. Every peso in the system should match a real peso in a real account. Investigate and resolve any discrepancies before closing the year.
2. Record All Pending Transactions
Are there any expenses that were incurred in December but not yet recorded? Utilities paid in cash? Honoraria for visiting speakers? Supplies purchased before year-end? These need to be in the system before you run your final reports.
3. Generate and Review Financial Reports
In StewardTrack, run the following reports for the full fiscal year:
- Income and Expense Summary (by giving category and expense category)
- Ministry Fund Balances
- Budget vs. Actual (if you set up budgets at the start of the year)
- Giving Summary by Member (for those who request it)
Review each report for anything that looks wrong — categories with unusually high totals, funds with negative balances, or items that look like they were coded to the wrong account.
4. Prepare the Annual Report for the Congregation
Most churches present a financial report at the annual congregational meeting or in the year-end bulletin. StewardTrack's reports can be exported to PDF or printed directly. Summarize income, expenses, and fund balances in a format your congregation can understand.
5. Set Up Next Year's Opening Balances
When you are satisfied that this year's records are complete, set the opening balances for next year based on the ending balances of the current year. This carries forward your treasury account balances into the new fiscal year.
6. Archive Records
StewardTrack maintains a complete transaction history — you do not need to print and file everything. But it is good practice to note the year-end date and confirm that all records are complete before moving on.
If you are doing this for the first time, allow yourself a full weekend. It goes faster every year once the system is set up properly.
