Accounts Payable
- Client to open mail and approve invoices
- Client scans and uploads or faxes approved invoices to Walten
Financial
- Input vendor invoices to payable system
- Cut checks to vendors based on due dates or client instruction;
- Reconcile vendor statements to accounts payable ledger
- Reporting to organization on detailed aged payables and cash
requirements
- Year end 1099 forms
Accounts Receivable
- Billings prepared by Walten Financial and mailed out (all billings
provided to Client for approval prior to mailing)
- Client to photocopy checks and provide them to Walten Financial
to process.
- Client to prepare deposit slips (provide to Walten Financial)
and make bank deposits
- Walten Financial to prepare monthly bank reconciliations
- Collections to be done by Walten Financial according to current
Client procedures
Payroll
- Time cards, after approval, will be scanned and uploaded or
faxed to Walten Financial prior to payday.
- Walten Financial completes payroll and client prints, signs
and distributes paychecks
- Employee earnings statements complete with current pay period
and year-to-date wages, taxes, and adjustments.
- Department summaries of month-to-date payroll data in addition
to reports customized for each clients’ specific requirements.
- Timely and accurate notifications of tax liabilities and deposits.
- Year end W-2 forms
Inventory
- Client to provide Walten Financial with a listing of all product
numbers in inventory and a count of the number of each product.
Walten Financial can assist Client in obtaining this information.
- Client to provide reports of inventory sold and inventory purchased
(exact method determined by individual client needs and systems)
- Annual physical inventory to be taken by client with Walten
Financial’s assistance.
- Walten Financial to reconcile physical inventories to accounting
system inventory and prepares any adjustments necessary
Financial Reporting
- Balance sheet and income statement compared to budget provided
10 working days after each month-end.
- Accounts Payable and Accounts Receivable aging provided after
each check run.
- Reports are customized for each clients’ specific requirements.
Quarterly
- Payroll tax filings (941)
- Sales and use tax filings (for some clients this may be monthly
for city business license and tax filings).
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