Overview
Budget reconciliation is the process of closing out a project's financials after the activation is complete. This ensures all expenses are captured, coded correctly, and the final margin is accurate.
Closeout Timeline
- Week 1-2 post-event: Collect all outstanding invoices, receipts, and expense reports
- Week 2-3: Reconcile budget tool against QuickBooks transaction report
- Week 3-4: Submit final wrap report to Finance and Account Lead
- Week 4+: Finance reviews and closes the project in QuickBooks
Transaction Report Process
- Request a transaction report from Finance for the project code
- Compare every line item in the transaction report against the budget tool's payment tabs
- Identify and resolve any discrepancies (missing invoices, miscoded expenses, duplicate payments)
- Update the budget tool to reflect actual spend
- Flag any variances over $500 to Finance and Account Lead
Wrap Report
The wrap report is the final financial summary of the project. It includes:
- Final revenue vs. budget
- Final OOP spend vs. budget (by category)
- Final services spend vs. budget
- Final margin (production, services, blended)
- Key variances and explanations
- Lessons learned for future budgeting
Common Issues
- Missing receipts: Follow up with team members immediately. Unreceipted expenses delay closeout.
- Miscoded expenses: Correct in both Expensify/CC Log and the budget tool
- Outstanding invoices: Contact vendors for final invoices. Do not close until all invoices are received.
- Credit card charges: Ensure all CC charges are matched to receipts and coded