Treasurer's Procedures: Difference between revisions
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=Procedures for Maintaining Financial Records= | =Procedures for Maintaining Financial Records= | ||
* A key point for maintaining accurate financial records is to provide receipts for all dues and donations paid in cash. Electronic payments are recorded by the respective payment processors, so a record will exist for those items. | |||
*In order to track the financial performance of the organization, a google spreadsheet is maintained under the treasurer account for each year. Each book will have 13 sheets: 1 sheet for each month, and a summary sheet. | |||
*To set up a spreadsheet for a new year, make a copy of the spreadsheet and rename it for the appropriate year. | |||
*On the summary sheet, change the summary year in cell B1, and bring forward the final cash balance from the previous spreadsheet and enter it into the starting cash balance in cell E1. | |||
*Once the spreadsheet is set up, you should enter and annotate all transactions as described in the other procedures. | |||
*To confirm that all transactions are entered and accounted for, you should add up the balance of cash in the cashbox, the balance in the paypal account, the balance in the google checkout account (usually zero, as google deposits regularly, unlike paypal, which maintains a balance), and the balance of the checking and savings account at Y12FCU. This total should match the current running balance in the accounting system spreadsheet. | |||
*If the numbers do not match, subtract to find the difference. Often it will be a common amount, such as $48.25. That value is the net result from one month's dues via paypal. That example would indicate a missed paypal transaction. Other values that do not correspond to a transaction are commonly tied to a data entry error. | |||
*Additionally, there is sometimes a processing delay between balance and transactions listed. For example, if the transaction for paying the electric bill is entered into the spreadsheet before the transaction enters Y12FCU's system, there will be a difference that will corrected soon. | |||
=Procedures for Collecting Dues= | =Procedures for Collecting Dues= | ||
Revision as of 01:26, 30 December 2012
Procedures for Maintaining Financial Records
- A key point for maintaining accurate financial records is to provide receipts for all dues and donations paid in cash. Electronic payments are recorded by the respective payment processors, so a record will exist for those items.
- In order to track the financial performance of the organization, a google spreadsheet is maintained under the treasurer account for each year. Each book will have 13 sheets: 1 sheet for each month, and a summary sheet.
- To set up a spreadsheet for a new year, make a copy of the spreadsheet and rename it for the appropriate year.
- On the summary sheet, change the summary year in cell B1, and bring forward the final cash balance from the previous spreadsheet and enter it into the starting cash balance in cell E1.
- Once the spreadsheet is set up, you should enter and annotate all transactions as described in the other procedures.
- To confirm that all transactions are entered and accounted for, you should add up the balance of cash in the cashbox, the balance in the paypal account, the balance in the google checkout account (usually zero, as google deposits regularly, unlike paypal, which maintains a balance), and the balance of the checking and savings account at Y12FCU. This total should match the current running balance in the accounting system spreadsheet.
- If the numbers do not match, subtract to find the difference. Often it will be a common amount, such as $48.25. That value is the net result from one month's dues via paypal. That example would indicate a missed paypal transaction. Other values that do not correspond to a transaction are commonly tied to a data entry error.
- Additionally, there is sometimes a processing delay between balance and transactions listed. For example, if the transaction for paying the electric bill is entered into the spreadsheet before the transaction enters Y12FCU's system, there will be a difference that will corrected soon.