Duties of the Treasurer Treasurers have a fiduciary duty A legal duty of trust Responsible for the...
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Transcript of Duties of the Treasurer Treasurers have a fiduciary duty A legal duty of trust Responsible for the...
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