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48 th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS

48 th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS. TREASURERS/BODS-ELECT SCHOOL 1 MAY 2010. COLLECTION / PAYMENT TECHNIQUES. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS. Most important asset is cash asset in the bank Using monthly bank statement as the basis

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48 th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS

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  1. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS TREASURERS/BODS-ELECT SCHOOL 1 MAY 2010 COLLECTION / PAYMENT TECHNIQUES

  2. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS • Most important asset is cash asset in the bank • Using monthly bank statement as the basis for accounting • Perform Bank reconciliation every month. • Proper document keeping & filing • Updating on a regular basis CASH BOOK ACCOUNTING

  3. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS FINAL ACCOUNTS • Balance Sheet • Profit & Loss Account • Club Administration Account and Club Activities Account AUDITED OR UNAUDITED • Statutory Requirements

  4. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS RECEIPTS Receive all monies from the secretary and deposit the currency in a bank or banks recommended by the finance committee and approved by the board of directors Recommendations: Bank in all collections promptly including cash collections. Do not use cash collections to pay for expense as this may lead to loss of transaction trail as one may forget about these transactions totally. Furthermore, it would avoid “teeming and lading”

  5. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS PAYMENTS Pay the club’s obligations authorised by the Board of Directors. All cheques and vouchers shall be signed by the treasurer and countersigned by one other Officer, determined by the Board of Directors Recommendations: • Use cheque payments all the time • All payments must be supported by bills or invoices • All payments must be properly authorised Standard mandates: • $300 (By President) • Above $300 but below $2,000 (By Board of Directors) • Above $2,000 (By General Body)

  6. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS ADMINISTRATION ACCOUNT & CLUB ACTIVITIES ACCOUNT Clubs should prepare two accounts: • Administration Account • Activities Account • ____________________________________________________________ Administration Account The administrative account is what finances clubs operations. Its income comes mostly from club dues.

  7. 48th MD 308 CONVENTION 2010 CLUB OFFICERS SCHOOLS Activities Account The activities account finances the club’s activities and projects. Its income should come from special fund raising projects held by the club in the community. Income from the club’s fundraising project cannot be used to defray the club’s administrative costs, even if the club advertises that funds raised will be used for club’s own purposes. The club can, however, deduct the direct of the fundraising project from the funds raised. ADMINISTRATION ACCOUNT & CLUB ACTIVITIES ACCOUNT Tax Implications

  8. SAMPLES – CASH BOOK & CERTIFIED ACCOUNT • Sample – Cash Book • Sample – Certified Account

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