All posts by admin

Free accounting assistance for registered charities in your area – Book an appointment now! 

This was an e-mail that i received from Charities Services.  Some of you may be interested in this.

Kia ora, talofa lava and warm greetings,

Does your registered charity need some help with its Annual Return, Performance Report or some face to face support to get your head around the financial reporting standards?

Charities Services’ accountants will be available on Thursday 22 February from 12 – 4pm in our DIA Manukau office to help registered charities with any accounting queries related to their charity’s Annual Return, Performance Report and the financial reporting standards. If your charity would benefit from some free accounting expertise, book your appointment now.

How it works

We have limited appointments available, so please select your preferred appointment time here. The appointments will be for approx. 20 minutes, so to maximise your time with us you’ll be asked to provide:

·         The legal name or Charities Registration number (CC number) of your charity.  You can find this on the Charities Register.

·         A brief description of your accounting query.

Once you’ve submitted your request for an appointment, we’ll get in touch with you to confirm the time of your appointment with one of our accountants.

*If you’re receiving this email but you’re not in charge of your charity’s finances, please forward this invitation on to the relevant person in your charity, or anyone you think might be interested.

GST Returns – Methodist Church Online System

There may be times when you need to enter a GST return for a month that is NOT the current GST month and you need to change the dates.  This can be done but you need to change the “Covering Period From” and the “Covering Period To” dates on the GST form that is presented when you log into the GST System.  These are highlighted below.

Please note that ALL entities that report to the Conference of the Methodist Church of New Zealand are registered under one GST return. All Methodist entities are REQUIRED to lodge a GST return in the Methodist Church GST system on a monthly basis ON or BEFORE the 25th of each month.

For those of you using Xero, you need to deal with the GST return in Xero, finalise it for the month and then enter the GST information from Xero into the Methodist Church GST system.  At present there is no automatic way of transferring the GST information from Xero to our GST system.

“Catching up” on GST returns going back more than two months is not considered acceptable to the IRD and may also not be allowed by the Church.

 

Performance Reports (Annual Financial Statements)

For all Methodist entities that report to the Conference of the Methodist Church of New Zealand, a copy of the Performance Report (your annual financial statements) needs to be with the Connexional Office by 5.00pm Thursday 12 October.

If you are NOT able to meet this deadline, please inform the Connexional Office.

Please remember that you are also required to lodge your approved Performance Report with Charities Services as part of the Annual Return.  This needs to be done by 31 December 2017.

Performance Reports – 30 June 2017

Just a reminder that your fully completed financial statements (now called the Performance Reports) need to be sent to the General Secretary at the Connexional Office by Friday 12 October 2017 at the very latest.

The annual Performance Report needs to be in a format that meets the financial reporting standard that you have elected to comply with and that you are able to use (Tier 1,2,3 or 4).

If the Operating Expenditure shown on the Statement of Financial Performance (profit and loss account) is over $500,000 this year and last year, you will require an independent assurance report (a review or audit).  Please refer to the Resources Page of the Accounting Blog site for a copy of the Assurance Policy of the Methodist Church.

 

M2-Form Parish Statistics Information

Just a note to remind you that the annual parish statistics information can be completed online through the GST System.  The person who would normally file the monthly GST information will have the user name and password.  Information on this has already been sent out.

If you require a paper based form then ask Wendy Kier for one and she will send you are copy.  The completed M2 Form is due to be with Wendy by Friday 18 August 2017.

End of Year Checklist

Christine has started up a checklist for people when they are preparing their end of year financial statements for the Church.  Click on the link below.

If you have anything to add to the checklist, we would welcome your feedback to either Peter or Christine in the Connexional Office.

Finalising Transactions for the Year End

Tier 3 – Depreciation – Buildings

The Tier 3 PBE reporting standard (PBE SFR-A (NFP))has provisions for depreciation on what is commonly known as property, plant and equipment. There is also an Explanatory Guide A5 (EG A5) that includes some helpful information relating to how to complete the optional template for Tier 3 reporting entities.

The attached document includes an explanation on the components of depreciation that relate to buildings using the cost method and determines that depreciation for buildings with long useful lives may need to be 0%.

If you need any further assistance, please let Peter van Hout know.

Depreciation for Tier 3 Using the Cost Model June 2017