We are a non-profit (a church specifically). Our new administrators are making a big overhaul to our Chart of Accounts: Adding new accounts (parent and child), changing parent accounts of existing sub-accounts, and reordering the stucture of the g/l and how it flows into the income statements.
What are the ramifications of making these changes? How will the changes affect historical data?
Any tips for making the changes/additions easier or things to be aware of?
NOTE: In the past, the books have never been closed at the end of any calendar year. I have just followed that practice after coming on board as Financial Director. Should I close the books as of 12/31/2022?
April [last name removed]
Financial Director
[company name removed]
