Main Objective:

The primary objective of this project is to develop robust financial records, optimize corporate tax filings, and prepare financial projections for grant submissions. Using Waveapps as the primary financial tool, students will manage transaction data, conduct historical audits, and deliver actionable financial insights. By the project's end, students will gain practical experience in bookkeeping, tax preparation, and financial reporting within a real-world business environment.

Deliverables:

1. Bookkeeping Outputs:

• Summary report of flagged or unclear transactions for review.
• Reconciled Mastercard and ATB bank accounts in Waveapps.
• Accurate and categorized financial entries in the chart of accounts for 2024.

2. Financial Reporting Outputs for Grant Application:

• A historical financial report for 2024.
• A future financial projection report formatted for grant submissions.

Project Scope and Activities

1. Bookkeeping Tasks:

Historical Account Audit and New Entry Verification:

• Review historical transactions to identify patterns in account allocations and validate consistency.
• Propose new accounts or categories in the chart of accounts to address changes in 2024.
• Verify all new entries for compliance and consistency with financial standards.

Mastercard Data Import and Account Allocation:

• Import Mastercard transactions from CSV into Waveapps, ensuring no duplicates.
• Cross-reference each transaction with monthly PDF statements for accuracy.
• Allocate transactions to the correct accounts, using historical data to maintain consistency for recurring items.
• Flag and report unusual or unclear transactions for review.

Bank Transaction Importing and Vendor Payment Allocation:

• Import ATB bank transactions from CSV into Waveapps, carefully managing duplicates.
• Verify accuracy by reconciling against ATB’s monthly PDF statements.
• Assign transactions to the appropriate chart of accounts, referencing historical allocations.
• Raise any questions regarding unclear vendor payments or allocations.

2. Financial Reporting and Grant Submission Tasks:

Historical Data Entry:

• Enter 2024’s historical financial data into the provided financial reporting template.
• https://www.dropbox.com/scl/fi/xokshlef6bxt4fvcz4kem/Financial-Analysis-For-Newbies-and-Techies-Startup-Week-Edmonton-Unlimited.mp4?rlkey=sukiff2ktpd2c07oxsfd8nawj&e=2&dl=0
• https://www.dropbox.com/scl/fi/jb54t23eqgixj1huobhfr/3-Year-Financial-Analysis-October-2024.xlsm?rlkey=1ze8kyp87gw8k00284tzoh0gj&e=2&dl=0

Financial Projection Development:

• Create projections for future revenue and expenses to support grant applications.
• (Project Scope and Prices provided)

Report Export and Formatting:

• Format historical and projection data for grant submission templates, ensuring clarity and professional presentation.