Bookkeeping: Difference between revisions
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==Bookkeeping== | ==Proposed Bookkeeping Updates== | ||
===Internal controls=== | ===Internal controls=== | ||
*Internal controls are the financial processes and procedures that enable an organization to safeguard its assets. Knox Makers has a responsibility to our members and our community to be good stewards of the funds entrusted to us. | *Internal controls are the financial processes and procedures that enable an organization to safeguard its assets. Knox Makers has a responsibility to our members and our community to be good stewards of the funds entrusted to us. | ||
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***Description: Professional repair services for the Embroidery Machine from Sewing Machines Etc | ***Description: Professional repair services for the Embroidery Machine from Sewing Machines Etc | ||
***Intended Use: To repair the Embroidery Machine and return it to being available for space use | ***Intended Use: To repair the Embroidery Machine and return it to being available for space use | ||
*Requesting a reoccurring Purchase Order requires that the requester provide a specific cost range (including tax), which account the funds will be drawn from, a description of the purchase, an estimated schedule of purchases, a specific person given approval to purchase, and the purchase’s intended use to be reviewed by the Board and approval requires a two-thirds Board vote. Rescinding approval for a reoccurring Purchase Order requires a simple Board majority vote. | *Requesting a reoccurring Purchase Order requires that the requester provide in writing a specific cost range (including tax), which account the funds will be drawn from, a description of the purchase, an estimated schedule of purchases, a specific person given approval to purchase, and the purchase’s intended use to be reviewed by the Board and approval requires a two-thirds Board vote. Rescinding approval for a reoccurring Purchase Order requires a simple Board majority vote. | ||
**Example: Reoccurring restock of hospitality concessions and cleaning supplies | **Example: Reoccurring restock of hospitality concessions and cleaning supplies | ||
***Estimate: Range of $1 to $250 (including tax) | ***Estimate: Range of $1 to $250 (including tax) | ||
Latest revision as of 20:17, 21 January 2017
Proposed Bookkeeping Updates
Internal controls
- Internal controls are the financial processes and procedures that enable an organization to safeguard its assets. Knox Makers has a responsibility to our members and our community to be good stewards of the funds entrusted to us.
Procurement
- To ensure accountability and proper documentation no Knox Makers funds may be used for purchasing without the use of a Purchase Order.
- Requesting a one-time Purchase Order approval requires that the requester provide in writing an estimate of the cost (including tax), which account the funds will be drawn from, a description of the purchase, and the purchase’s intended use to be reviewed by the Board and approval requires a simple Board majority vote.
- Example: Purchasing professional repair services for the Embroidery Machine
- Estimate: $110 (including tax)
- Account: Funds will be drawn from the Fabric Arts account
- Description: Professional repair services for the Embroidery Machine from Sewing Machines Etc
- Intended Use: To repair the Embroidery Machine and return it to being available for space use
- Example: Purchasing professional repair services for the Embroidery Machine
- Requesting a reoccurring Purchase Order requires that the requester provide in writing a specific cost range (including tax), which account the funds will be drawn from, a description of the purchase, an estimated schedule of purchases, a specific person given approval to purchase, and the purchase’s intended use to be reviewed by the Board and approval requires a two-thirds Board vote. Rescinding approval for a reoccurring Purchase Order requires a simple Board majority vote.
- Example: Reoccurring restock of hospitality concessions and cleaning supplies
- Estimate: Range of $1 to $250 (including tax)
- Account: Funds will be drawn from the Hospitality account
- Description: Reoccurring purchases of drinks and snacks to stock concessions and cleaning supplies, trash bags, paper products and disposable tableware to stock the supplies shelves
- Schedule: Restocking purchases will be done on a monthly basis
- Person Responsible: Board Treasurer Sam McClanahan
- Intended Use: Drinks and snacks in concessions are intended to provide hospitality to KM visitors and the supplies shelves are intended to help keep KM clean
- Example: Reoccurring restock of hospitality concessions and cleaning supplies