General ledger

Yearly Financial timing
Activity	Timing
Jaarrekening	January
Patrimoniumtaks	March
General Assembly	January-June
Griffie	February-July
Tax declaration	May-July
Yearly budget	September-October
Grant review	November
Grant approved	December

A small VZW can run a simplified version of the general ledger.^[1]

Detailed financial transactions need to be registered, in case of control by the authorities. Keep electronic bank account statements. Wikimedia Belgium has no cash-transactions.

The yearly financial statements need to list the balance, and income and expense account reporting.

Setup

Detailed, daily Income and expense register (by bank account, cash register, category) -> Formulier A (Internal and for control by authorities)
Overview of income and expenses -> Formulier B
Balance sheet (could be run at any time if bookkeeping is in sync) -> Formulier C

Transactions must reflect reality. Therefore it could be needed to book provisions (e.g. late invoices related to a large project, delayed projects, promised funding and grants, grants to be returned, early grants).

Jaarrekening

Content:

Header: identification of the organisation as per the statutes, the book year, book year end-date, reference to General Assembly (date)
Income and expense overview
- Income and expense ventilation (by subcategory)
(simplified) Balance sheet
General ledger principles (en toelichting)

Format

You can create it with Excel (one sheet for each of the sections, in landscape)

Store it electronically.

You better also create a PDF document (non-repudiation). You will need it as attachment to the (electronic) tax declaration.

To be approved by the General assembly. Prepare and publish the document before the GA so the members can review it.

A printed version need to be deposited for small VZW at the Commercial tribunal; for big VZW at the Balanscentrale van de Nationale Bank.

Print single-side; prepare 2 copies for the administration. A board member should write his full name and sign once on the first page. You can send the documents by post. If you deposit the document personally, you immediately get a copy with a receipt confirmation stamp.

Tip: if you have changes to the statutes, then you can perform all administrative activities at the same time (efficient working...)

Small VZW need to upload the PDF copy to BIZTAX

See Procedures/Preparation of the Financial statements.

Data entry timing

Strict (yearly) timing is needed. Otherwise financial (government) penalties can apply.

The latest legal filing date is the last day of the month following that of the general assembly, without falling more than six months behind the close of the financial year.

Before end of March of the next year, you need to declare and pay the Taks tot vergoeding der successierechten (balance smaller/larger than 25.000 EUR).

Other components

Yearly budget
Project expenses (required for the Foundation)
Financial reporting
Project reporting

External links

General ledger

Yearly balance sheet

VZW

References

↑ VSDC vzw Review, maart-april 2022, nr. 200, p. 5-6

[1] VSDC vzw Review, maart-april 2022, nr. 200, p. 5-6

[1]