Duties of the Treasurer

Treasurers have a fiduciary duty A legal duty of trust Responsible for the protection and prudent

management of financial and other assets of the organization.

Fulfilling the duty of Trust

Put in place procedures and practices Safe handling of cash Verified handling of cash Verified handling of assets

Safe Handling of Cash

Receipts Deposit slips Verified counts

Verified handling of Assets

Complete and accurate record keeping Includes crosschecking

Purchase orders Invoices Receipts Cheque recording

All serve to confirm transactions

What is a transaction?

Transfer of money Person to person Person to organization Organization to person

Transfer of Goods and services As for money above

Verifying Transactions

Purchase orders Purchase Orders

Confirm quantity, price & specs

“I want to buy this many widgets @ this price”

Verifying TransactionsInvoices

• Invoices are bills

– Price, quantity, date, product description

• Discrepancies from PO's

• Reconciled with BO's or credit notes.

Verifying TransactionsReceipts

• Receipts confirm that money has been paid.

– Again product description, price, quantity, date

– Taxes paid should also be recorded on receipt.

Verifying Transactionscheques

• Cheque is the final document in the verification process.

• Cheque can be its own receipt or proof of payment when cleared through the bank

Putting it all togetherThe Journal

• All receipts and disbursements (payments) are recorded in date order.

• Cheque #'s are also recorded & voided cheques are noted. There can be no missing cheque #'s

• Deposits are recorded with date of deposit, to match bank statement.

AA Journal example

Disbursements (Paid out)

Date Item/ CommentCarried Fwd >>> 12740.01 3831.14 482.15 440.64 761.00 651.00 1030.46

9-Jan-08 DEPOSIT10-Jan-08 SCHOOL DISTRICT #71 1457 84.8010-Jan-08 THE UPS STORE 1458 175.4010-Jan-08 CURT HANSEN 1459 208.3610-Jan-08 RICK JEANS 1460 48.7510-Jan-08 R. SAUNDERS 1461 40.2221-Jan-08 DEPOSIT21-Jan-08 DEPOSIT19-Jan-08 Glacier Greens 1462 545.92 781.41

Month total >>> 887.83 821.63 0.00 175.40 0.00 0.00 0.00

Ref/Cheq. #Acc't 1.1 Courses

Acc't 1.2 Meetings & events

Acc't 1.3 Regalia

Acc't 1.4 Newsletter

Acc't 1.5 National Dues

Acc't 1.6 District Cont

Acc't 1.7 PR & donations

Reconciliation

• Have all your documents, receipts, invoices, deposit slips and check stubs

• Everything entered in your journal accurately and in order

• Check off items on the bank statement and allow for outstanding items(o/s cheques)

• The balance in the journal matches bank statement.

Congratulations !

• You are the keeper of the Golden Egg