Financial Management Policy

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Financial Management Policy"

Transcription

1 Financial Management Policy POLICY STATEMENT: Hastings Early Intervention Program Inc. is required by the Associations Incorporation Act 2009 to keep proper financial records, ensure financial probity and submit an annual audit to the Department of Fair Trading. HEIP is committed to effective management of the organisation s finances, the prevention of fraud or mismanagement of its funds and accountability to our members for the use of organisational funds and to funding bodies or donors for the funds they have provided. HEIP will: maintain appropriate records of financial transactions and accounts that comply with the Australian Accounting Standards implement a system of approvals for financial transactions document delegations of authority for approving financial expenditure ensure safeguards are in place to prevent fraud and financial mismanagement provide staff who are responsible for bookkeeping and financial management with relevant documented financial procedures. Policy context: This policy relates to Standards or other external requirements NSW DSS: Standard 6 Service Management. Legislation or other requirements Associations Incorporation Act 2009 NSW Dept. of Liquor, Gaming & Racing (Charitable Fundraising Act 1991) Contractual obligations NSW Dept Of Education and Communities Intervention Support Program Funding Agreement. NSW Family and Community Services - ADHC Funding Agreement and Acquittal Guide. Bank Accounts Hastings Early Intervention Program Inc. currently maintains the following accounts with The Commonwealth Bank. These accounts and their purpose are as follows; Society Cheque Account # Everyday cheque account for deposits of fees and grants, payments of expenses, payroll and administrative costs. An EFTPOS system is linked to this account for payment of fees. Business Online Saver # Online Saver deposit of reserve monies.

2 The Management Committee must approve the opening and closing of any bank account and the investment of funds. A transfer of funds between any two HEIP accounts will require the approval of the Management Committee. This approval will be in the form of motions passed at a Management Committee meeting. PROCEDURES Maintaining appropriate records Financial records will be kept according to Australian Accounting Standards. Financial records will be maintained in the following manner: Transactions will be recorded electronically using accounting software MYOB/Account Right Plus Electronic entry of transactions will be carried out by the Administrator. Accounts will be reconciled monthly by Administrator and presented to the Director for verification. Hard copy primary records will be maintained by the Administrator in appropriate folders Financial records will be archived for a period of 7 years. Processing transactions All accounts and monies will be dealt with promptly and within reasonable time frames. Accounts Receivable: The Administrator will manage all accounts receivable through MYOB and: send out invoices for fees once per term and reminder notices as required. process payments received and bank deposits. issue receipts on payments made. maintain documentation. The Director is able to receive fees in any form, receipt them and place them in the locked cash drawer. The Administrator then process the payment through MYOB. Other staff are able to receive money or cheques for fees if the Director or Administrator are not available. These are then placed in an envelope with the clients name, amount and signature in the locked cash drawer to be receipted and processed through MYOB by the Administrator.

3 Accounts Payable: The Administrator will manage all accounts payable and: ensure all purchases have the necessary approval before processing process payments to creditors either by cheque, credit card or electronic funds transfer (EFT) issue a remittance advice to a creditor when an EFT payment is made where necessary. Approvals and delegations All expenditure must be approved by the appropriate delegated person or people. Delegations of authority for expenditure are set by the Management Committee. The Management Committee approves the annual budget which sets the parameters for annual expenditure. Expenditure within budget and up to $500 requires authorisation by the Director. Other than the payroll transaction, PAYG, Superannuation, Insurance and BAS payments, and other ongoing accounts such as electricity etc, expenditure within budget and over $500 requires the authorisation by the Management Committee. In emergency situations the President can approve the expenditure and it will be tabled at the next committee meeting. Any item of expenditure that is a budget overspend above $500 requires authorisation by the Management Committee as outlined above. In emergency situations the President can approve the expenditure and it will be tabled at the next committee meeting. All cheques must be signed by any two of the people who are authorised signatories. These include the Director and two committee members as nominated by the Management Committee each year. Cheques are presented to the signatories for signing accompanied by the invoices. All EFT payments must be presented by the Administrator, to the Director, as Unprocessed Electronic Payments along with the invoices being paid. The Director will then sign the payment summary to authorise the payments before they are processed. All electronic transfers are processed using two CommBiz Security Tokens which are password protected. The Administrator and the Director are authorised by the bank to operate these tokens. These tokens are kept separately in two locked drawers. No payments can be made without this 2-step, 2-to authorise process. Preventing fraud and financial mismanagement Financial management security is maintained through: Procedures for obtaining and documenting approval for expenditure. (As stated above) The receipting and reconciling of all money received by the organisation with banking records.(as stated above)

4 Monitoring and checking of accounts and bank reconciliations by the Director and Treasurer. A regular finance report by the Treasurer to the Management Committee at each Committee Meeting Monitoring of the budget by the Director and the Management Committee. *Payment of Wages Wages are paid fortnightly and adjustments to ordinary hours are made from written changes that are recorded by staff on their wages sheet. The Administrator reviews these wage sheets and records the hours staff have worked onto the Timesheet Form and signs it. The Director reviews this Timesheet and co-signs to authorise payment of wages according to these hours Wages are processed through MYOB payroll by the Administrator.These are then processed through the Commonwealth Bank online system, CommBiz, as outlined above. (ie the 2-step, 2-to authorise process.) Payroll Advice and Payroll Summary Reports are generated and filed in the appropriate folder for review by the external auditor. All staff are paid via electronic banking methods. No cash payments are made to staff for wages. Confidential sealed pay slips are provided to each staff member. Superannuation payments are made to the staff s nominated schemes each pay period. These are generated fortnightly but paid monthly. As HEIP is classified as a Public Benevolent Intitution all staff have the opportunity to Salary Package part of their wage each fortnight to a Westpac Employee Benefits card. This salary packaging is capped at an annual amount of $16,050 and is managed through the payroll by the Administrator. All staff are encouraged to seek independent financial advice before entering into a Salary Packaging agreement. *Accessible Funds (Petty Cash) Credit cards Three staff members have access to a credit card to be used for the purchase of consumable items, fuel, stamps and other items used in the day to day operation of the service. The credit cards are also used for the purchase of resources, payment of bills and staff development as provided for in the budget. The three staff members include the Director, Administrator and a long term staff member of 12 years. All purchases require the proof of a reciept which is then used to reconcile the credit card statement at the end of the month. Theses statements are itemised, receipts are attached and all are required to be checked and signed by the credit card user and signed off by the Director. In the case of the Director s credit card statement the treasurer will check receipts and sign off on the reconciliation. The Credit Card account is paid by automatic Direct Debit in the last week of each month from the Society Cheque Account. Petty Cash The reconciliation of Petty cash is the responsibility of the Administration officer. Procedure is as follows.

5 - A cheque is generated, signed by 2 signatories. - Cheques is cashed for the sum of monies (not exceeding $100). Cash is placed in locked draw in locked cash tin. (Director and Administrator have keys.) - Staff obtain permission from director to purchase goods and are reimbursed by the administrator from petty cash if it is under $30. Receipts must be given to the Administrator and the transaction is recorded in the Petty Cash Book against expenditure. Reciepts are attached. Petty Cash is included in the whole of service audit by an external auditor at the end of the financial year. - If purchases are over $30 a cheque will be generated (and signed by 2 authorised signatories) upon presentation of a receipt for the staff member to be reimbursed. - When Petty Cash Float becomes less than $10 the procedure is started again. *Reports Financial Reports are generated through MYOB/Accounts Right Plus. The following reports are presented by the treasurer to each Management Committee Meeting. - Budget Analysis Profit and Loss - Trial Balance - Standard Balance Sheet *BAS Business Activity Statement (BAS) is reported quarterly to the Taxation Office (ATO). It is prepared in MYOB and paid by cheque. The BAS statement is prepared and paperwork completed for lodgement by the Administrator. This paperwork is attached to the cheque and presented to two authorised signatories to be signed. PAYG Tax is paid monthly by cheque as above. *Accounting Support HEIP accounts are audited annually by an external auditor, currently NorthCorp Accountants. They provide accounting and finanical advice upon request and recommendations following the audit process. The Auditor presents the financial report at the AGM each year. *Budget HEIP operates on a financial year of July 1 st to June 30 th. A budget based on expected funds is prepared each year in collaboration with the Director, Administrator and Treasurer. It is reviewed by the Management Committee and advice sought from the accountant as applicable. Funding is sometimes quite difficult to predict so the budget sometimes needs to be adjusted as funding becomes clearer. The budget is reviewed by the Administrator and the Director (and the accountant at times) and then presented to the Management Committee for adjustment. All decisions which impact on the budget are made by the Management Committee at a Committee Meeting. Ratified:

TOWN OF CARLYLE POLICY MANUAL

TOWN OF CARLYLE POLICY MANUAL TOWN OF CARLYLE POLICY MANUAL POLICY DESCRIPTION: POLICY NUMBER: IAC 0010 Internal Accounting Controls DATE APPROVED: March 26, 2008 DATE REVISED: October 12, 2011 Purpose of Policy: To promote and protect

More information

POSITION TITLE: Payroll and Accounts Officer Page 1

POSITION TITLE: Payroll and Accounts Officer Page 1 Page 1 KEY AREAS OF RESPONSIBILITY The Payroll and Accounts Officer is responsible for: Accurately processing the Payroll and meet all reporting requirements. Performing the Accounts Payable and Accounts

More information

GUIDE FOR P&C ASSOCIATION TREASURERS

GUIDE FOR P&C ASSOCIATION TREASURERS GUIDE FOR P&C ASSOCIATION TREASURERS Edition 2 Printed 2014 Guide for P&C Treasurers Copyright Federation of Parents and Citizens Associations of New South Wales Locked Bag 40, Granville NSW 2142 T: 1300

More information

What does it mean? Payroll is the process and systems that businesses have in place to pay wages and salaries to directors and employees.

What does it mean? Payroll is the process and systems that businesses have in place to pay wages and salaries to directors and employees. Payroll Procedures Payroll is the amount of salary, wages, bonuses and deductions paid to employees. 3.1.1 Payroll What does it mean? Payroll is the process and systems that businesses have in place to

More information

Sheffield Parent Carer Forum - Financial Standing Orders

Sheffield Parent Carer Forum - Financial Standing Orders Contents 1. Responsibilities of the Trustees 2. Maintenance of these standing orders and financial procedures 3. Maintenance of records and financial control 4. Security of financial information 5. Annual

More information

CANI Financial Policy and Procedures

CANI Financial Policy and Procedures CANI Financial Policy and Procedures Policy CANI Council is conscious of the need to ensure that all funds received by the organisation are used in accordance with the aims and objectives of CANI; that

More information

The policy and procedural guidelines contained in this handbook are designed to:

The policy and procedural guidelines contained in this handbook are designed to: BASIC POLICY STATEMENT The Mikva Challenge is committed to responsible financial management. The entire organization including the board of directors, administrators, and staff will work together to make

More information

Financial Policy and Procedure Manual

Financial Policy and Procedure Manual Table of Contents Scope... 2 Financial Authorisation Policy... 3 Purpose of the Policy... 3 Procedure... 3 Bank Account Policy... 4 Purpose of the Policy... 4 Procedure... 4 Variations to Bank Account

More information

Guide to MAINTAINTING FINANCIAL RECORDS

Guide to MAINTAINTING FINANCIAL RECORDS March April 2016 C&S Program Guide to MAINTAINTING FINANCIAL RECORDS (AKA Treasurers Handbook) C&S Office Ground Level, Manning House c.socs@usu.edu.au 9563 6118 9563 6160 www.usu.edu.au 2 CONTENTS INTRODUCTION...

More information

APPENDIX A DRAFT Policy DIE-1 School Funds: Audit & Financial Monitoring Procedures

APPENDIX A DRAFT Policy DIE-1 School Funds: Audit & Financial Monitoring Procedures APPENDIX A DRAFT Policy DIE-1 School Funds: Audit & Financial Monitoring Procedures Administrative Guidelines Financial Monitoring Procedures The following Administrative Guidelines support the Principal

More information

Financial Management and Centre Based Services

Financial Management and Centre Based Services Financial Management and Centre Based Services A Children s Services Central Phone LinkUp Presented by Carol Lymbery for Community Child Care in conjunction with Contact Inc. October 2007 Program for Isolated

More information

Checklist. Internal financial controls for charities. Contents. 1. Self-assessment checklist

Checklist. Internal financial controls for charities. Contents. 1. Self-assessment checklist 1 of 9 Internal financial controls for charities Checklist Contents 1. Self-assessment checklist 1 2. Some key issues, monitoring arrangements and risk of fraud 2 3. Income 3 4. Purchases and payments

More information

Great Aycliffe Town Council. Purchase Ordering and Payment for Goods and Services Policy

Great Aycliffe Town Council. Purchase Ordering and Payment for Goods and Services Policy Great Aycliffe Town Council Purchase Ordering and Payment for Goods and Services Policy Finance Section April 2013 1.0 Introduction 1.1 This policy sets out the Council s arrangements for ordering, receiving,

More information

Section 1 School Bank Account

Section 1 School Bank Account Section 1 School Bank Account 1. Introduction All schools operate a local bank account, which allows them to pay for all costs directly, including employee s salaries. The proper administration of bank

More information

IMMANUEL COLLEGE JOB DESCRIPTION. Classification: Grade 3 Lutheran Schools Enterprise Agreement 2012

IMMANUEL COLLEGE JOB DESCRIPTION. Classification: Grade 3 Lutheran Schools Enterprise Agreement 2012 IMMANUEL COLLEGE JOB DESCRIPTION Title: Finance Officer Payroll & Accounting Classification: Grade 3 Lutheran Schools Enterprise Agreement 2012 Tenure: Ongoing, full-time 1. Summary of the broad purpose

More information

Revision Number: 1. BSBFIM502A Manage payroll

Revision Number: 1. BSBFIM502A Manage payroll Revision Number: 1 BSBFIM502A Manage payroll BSBFIM502A Manage payroll Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes the performance outcomes, skills and knowledge

More information

CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL. February 2014

CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL. February 2014 CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL February 2014 I. Introduction The purpose of this manual is to describe all accounting policies and procedures currently in use at The

More information

University of St Andrews. Unit Income and Cash Handling Policy

University of St Andrews. Unit Income and Cash Handling Policy University of St Andrews Unit Income and Cash Handling Policy Last reviewed 17 September 2014 CONTENTS page 1 Introduction and Policy Statement 3 2 Cash Free Units 3 3 Securing Cash 3 4 Receipting Cash

More information

Release: 1. BSBADM505A Manage payroll

Release: 1. BSBADM505A Manage payroll Release: 1 BSBADM505A Manage payroll BSBADM505A Manage payroll Modification History Unit Descriptor This unit covers establishment and monitoring of security procedures related to managing payroll services,

More information

Approved and commenced March 2015 Review by March, 2017 CONTENTS

Approved and commenced March 2015 Review by March, 2017 CONTENTS Related Policy Responsible Officer Approved by Approved and commenced March 2015 Review by March, 2017 Responsible Organisational Unit CONTENTS Cashiering and Revenue Collection Procedure Invoicing & Receivables

More information

Guidelines for Branch Treasurers. Version 1.1 25 August 2012. Page 1 of 31 Guidelines for Branch Treasurers - Aug 2012 FINAL.doc

Guidelines for Branch Treasurers. Version 1.1 25 August 2012. Page 1 of 31 Guidelines for Branch Treasurers - Aug 2012 FINAL.doc Guidelines for Branch Treasurers Version 1.1 25 August 2012 Page 1 of 31 Table Of Contents WELCOME AND THANK YOU!...... 4 1. INTRODUCTION............ 5 2. WHAT DOES A TREASURER DO?...... 5 3. RAISING MONEY

More information

Chapter 9. Learning Objectives. Define internal control. Objective 1. Internal Control and Cash

Chapter 9. Learning Objectives. Define internal control. Objective 1. Internal Control and Cash PowerPoint to accompany Chapter 9 Internal Control and Cash Learning Objectives 1. Define internal control 2. Describe good internal control procedures 3. Prepare a bank reconciliation and the related

More information

LOCAL TRAINING INITIATIVE

LOCAL TRAINING INITIATIVE Training Standards System LOCAL TRAINING INITIATIVE BOOKS OF ACCOUNT AND RECORD KEEPING Best Practice Guidelines Page 1 of 13 The LTI must comply with public procurement guidelines when purchasing goods

More information

FINANCE COMMITTEE PROCEDURES. Audit Process. Cash Handling

FINANCE COMMITTEE PROCEDURES. Audit Process. Cash Handling 1 FINANCE COMMITTEE PROCEDURES Audit Process 1. Internal audits are conducted once a year. 2. The bookkeeper will provide the following information: bank statements, prior year vouchers, and access to

More information

Internal Controls over Cash for Small Nonprofits

Internal Controls over Cash for Small Nonprofits Internal Controls over Cash for Small Nonprofits Internal controls may be a sensitive issue in small nonprofit organizations. These organizations are built on the concepts of honesty, truthfulness, and

More information

Fiscal Procedure Sequence page number

Fiscal Procedure Sequence page number Table of Contents Fiscal Procedure Sequence page number Treasurer Responsibilities Maintenance of General Ledger Financial Statements Financial Signature/Review Policy Insurance Protection Payroll Procedures

More information

Treasurer s Guide 1 : Introduction to Financial Management

Treasurer s Guide 1 : Introduction to Financial Management Treasurer s Guide 1 : Introduction to Financial Management CONTENTS 1.1. The Role of the Treasurer 1.2. Do s & Don'ts 1.3. Job descriptions 1.3.1. Treasurer 1.3.2. Book-keeper 1.3.3. Cashier 1.3.4. Stewardship

More information

THE NATIONAL BIODIVERSITY NETWORK TRUST RULES AND STANDING ORDERS

THE NATIONAL BIODIVERSITY NETWORK TRUST RULES AND STANDING ORDERS THE NATIONAL BIODIVERSITY NETWORK TRUST RULES AND STANDING ORDERS ANNEXE 2 FINANCIAL MEMORANDUM (A WORKING PAPER) TABLE OF CONTENTS Sarah Hyslop Last updated 14 th December 2011 Page 1 of 10 1. INTRODUCTION

More information

FINANCIAL MANAGEMENT MANUAL

FINANCIAL MANAGEMENT MANUAL FINANCIAL MANAGEMENT MANUAL Financial Procedures & Policies for Non- Profits Underpinning all financial management systems is a series of financial policies and procedures which guide operations and lay

More information

SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES

SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES CASH MANAGEMENT I. Checks a. All checks are restrictively endorsed, using the endorsement stamp maintained by the building secretary.

More information

ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL

ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL (Name of Organization & logo) ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL (Date) Note: this sample manual is designed for nonprofit organizations with the following staff involved with accounting

More information

Release: 1. BSBCMN207A Prepare and process financial/business documents

Release: 1. BSBCMN207A Prepare and process financial/business documents Release: 1 BSBCMN207A Prepare and process financial/business documents BSBCMN207A Prepare and process financial/business documents Modification History Unit Descriptor This unit covers the processing of

More information

GRAP Implementation Guide for Municipalities

GRAP Implementation Guide for Municipalities GRAP Implementation Guide for Municipalities TOPIC 2.3: BANK ACCOUNTS AND CASH This section of the manual sets out the FSOP s that need to be executed by the municipality regarding Bank Balances and Cash.

More information

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688 How to set up a people based accounting system that makes your small business work for you. By Thomas G. Post Certified Public Accountant 281-351-2688 www.texastaxman.com 1 Title How to set up a people

More information

Gen er a l L ed ger Fin a n c ia l In fo r m a t io n P o lic y

Gen er a l L ed ger Fin a n c ia l In fo r m a t io n P o lic y Gen er a l L ed ger Fin a n c ia l In fo r m a t io n P o lic y Classification: Policy Name: Council Policy General Ledger Financial Information Policy First Issued / Approved: 11 August 2015, C 10311

More information

Letter of Engagement. Peter Vickers and Associates Pty Ltd Chartered Accountants ACN 003 466 813

Letter of Engagement. Peter Vickers and Associates Pty Ltd Chartered Accountants ACN 003 466 813 6 September 2013 Suite 2, 345 Pacific Highway Lindfield NSW 2070 t: (61-2) 9416 9266 f: (61-2) 9416 9149 e: services@pva.com.au www.vickersgroup.com.au Ms M Client Sydney Street NSW 2086 Dear Michele,

More information

2.1 Entering Transactions

2.1 Entering Transactions April 2.1 Entering Transactions You are now ready to start entering transactions. These can be divided into a variety of categories, as detailed below: (a) Sales Sales involve all sales that the organisation

More information

Daily Till Reconciliation

Daily Till Reconciliation 1. Remove the till float and print reports 2. Sort the contents of the till drawer Ensure that the till float has been removed from the till Print a Current Report Print a Product Sales Report Commence

More information

BSBFIA303A Process accounts payable and receivable

BSBFIA303A Process accounts payable and receivable BSBFIA303A Process accounts payable and receivable Revision Number: 1 BSBFIA303A Process accounts payable and receivable Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes

More information

Table of Contents. 1 P a g e

Table of Contents. 1 P a g e Table of Contents Financial Regulations 2 General... 2 Accounting Procedures... 2 Internal Audit... 3 Budget Planning And Preparation... 3 Power To Incur Expenditure Within Approved Estimates... 4 Budget

More information

ANZSLA FINANCIAL PROCEDURES MANUAL

ANZSLA FINANCIAL PROCEDURES MANUAL Finance Policy 1 Policy Statement ANZSLA FINANCIAL PROCEDURES MANUAL 1 In keeping with the primary and subsidiary purposes as set out in the Constitution, ANZSLA is committed to providing for its members

More information

Accounting Manual for Parents and Citizens Associations

Accounting Manual for Parents and Citizens Associations Accounting Manual for Parents and Citizens Associations Version 3.2 August 2013 P&C Accounting Manual Version 3.1 Page 1 of 98 Table of Contents Introduction... 4 A Message from the P&Cs Qld... 4 The P&C

More information

Income Tax Return Information Checklist for Company For the Year Ended 30 th June 2013

Income Tax Return Information Checklist for Company For the Year Ended 30 th June 2013 Income Tax Return Information Checklist for Company For the Year Ended 30 th June 2013 IMPORTANT NOTE WORKFLOW MANAGEMENT As your 2013 Tax Return is due for lodgment by the 15 th May 2014 (or as otherwise

More information

INTERNAL AUDIT SERVICES Glenorchy City Council Internal audit report of Derwent Entertainment Centre financial business and operating systems

INTERNAL AUDIT SERVICES Glenorchy City Council Internal audit report of Derwent Entertainment Centre financial business and operating systems INTERNAL AUDIT SERVICES Internal audit report of Derwent Entertainment Centre financial business and operating systems ADVISORY Contents Executive summary...2 Internal audit findings...4 Summary of other

More information

FINANCIAL PROCEDURES FOR SCHOOL. Reviewed by the Governing Body 2012

FINANCIAL PROCEDURES FOR SCHOOL. Reviewed by the Governing Body 2012 FINANCIAL PROCEDURES FOR SCHOOL Reviewed by the Governing Body 2012 If you require advice on financial matters which you feel are not addressed by this document please contact your Schools Finance Support

More information

Financial Procedures. 3.0 Section 3 - Bank and Cash. 3.1 Stopped cheques. 3.2 Cheque log. 3.3 Authorities for signing. Panel A

Financial Procedures. 3.0 Section 3 - Bank and Cash. 3.1 Stopped cheques. 3.2 Cheque log. 3.3 Authorities for signing. Panel A Procedures 3.0 Section 3 - Bank and Cash 3.1 Stopped cheques On being informed of a lost/stolen/issued in error cheque, the Assistant / completes a stop payment form and faxes it to the bank to stop the

More information

FINANCIAL ACCOUNTANT

FINANCIAL ACCOUNTANT FINANCIAL ACCOUNTANT St John s Community Care Ltd is seeking applications from suitably qualified persons for the above position based at our Redlynch Office in Cairns. This is a full-time permanent position.

More information

Girl Guides Queensland SIMPLE BOOK-KEEPING. Requirements on How to Keep a Cash Book. Support Group and District Support Team Accounts

Girl Guides Queensland SIMPLE BOOK-KEEPING. Requirements on How to Keep a Cash Book. Support Group and District Support Team Accounts Girl Guides Queensland SIMPLE BOOK-KEEPING Requirements on How to Keep a Cash Book Support Group and District Support Team Accounts 2012 Girl Guides Queensland Girl Guides Queensland 17 Gould Rd Herston

More information

DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY

DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY 1. Purpose The Dixon Montessori Charter School Board of Directors ( Board ) has reviewed and adopted the following policies and procedures to ensure

More information

Important Disclaimer. Copyright Information

Important Disclaimer. Copyright Information Important Disclaimer This checklist is provided to assist churches in fulfilling the requirement of Book of Order provision G-10.0400, 4, d. The Book of Order does not require that the annual review of

More information

BOOKKEEPING WITH COMPUTERS

BOOKKEEPING WITH COMPUTERS BOOKKEEPING WITH COMPUTERS INTRODUCTION Whether manual or computerised, bookkeeping is essentially the same. Both methods use the same concept of DOUBLE ENTRY, i.e. Debits () and edits (). Double entry

More information

IAB LEVEL 1 AWARD IN COMPUTERISED BOOKKEEPING

IAB LEVEL 1 AWARD IN COMPUTERISED BOOKKEEPING IAB LEVEL 1 AWARD IN COMPUTERISED BOOKKEEPING Qualification Accreditation Number 500/9405/1 (Accreditation end date 31 st December 2012) CONTENTS QUALIFICATION SPECIFICATION 1. Introduction 2. Aims 3.

More information

AFRICAN TECHNOLOGY POLICY STUDIES Financial and Accounting Policies and Procedures Manual

AFRICAN TECHNOLOGY POLICY STUDIES Financial and Accounting Policies and Procedures Manual 1. INTRODUCTION 1.1 Authority This manual has been developed with the assistance of Deloitte & Touche (D&T) and issued by the Board of Directors, of African Technology Policy Studies Network (ATPS) Limited.

More information

Internal Control and Cash

Internal Control and Cash Accounting Principles, 7 th Edition Weygandt Kieso Kimmel Chapter 8 Internal Control and Cash Prepared by Naomi Karolinski Monroe Community College and Marianne Bradford Bryant College John Wiley & Sons,

More information

FINANCIAL CONTROLS POLICIES AND PROCEDURES FOR SMALL NONPROFIT ORGANIZATIONS

FINANCIAL CONTROLS POLICIES AND PROCEDURES FOR SMALL NONPROFIT ORGANIZATIONS By Cindy Cumfer NOTE: These policies and procedures are designed for small nonprofits that do not have an administrator with financial expertise. They are set up to divide the fiscal control roles between

More information

Introduction to Accounting 2 Modul 1 Internal Control and Cash

Introduction to Accounting 2 Modul 1 Internal Control and Cash Introduction to Accounting 2 Modul 1 Internal Control and Cash After studying this chapter, you should be able to: 1. Describe the Sarbanes-Oxley Act of 2002 and its impact on internal controls and financial

More information

FNSBKG405A Establish and maintain a payroll system

FNSBKG405A Establish and maintain a payroll system FNSBKG405A Establish and maintain a payroll system Revision Number: 1 FNSBKG405A Establish and maintain a payroll system Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes

More information

Chapter Five: Cash Receipts

Chapter Five: Cash Receipts Chapter Five: Cash Receipts A. Policies Overview In order to maintain good controls over accounting, the Central Office is responsible for depositing all cash and checks into the operating account. Cash

More information

COUNTY OF TRINITY CASH HANDLING PROCEDURES

COUNTY OF TRINITY CASH HANDLING PROCEDURES COUNTY OF TRINITY CASH HANDLING PROCEDURES Prepared by the Trinity County Auditor/Controller s Office Revised October 1, 2009 TABLE OF CONTENTS I. Introduction--------------------------------------------------------------------1

More information

AFRICAN WOMEN S DEVELOPMENT FUND Questionnaire for assessment of the financial management capacity of Grant recipients Dear Grantee

AFRICAN WOMEN S DEVELOPMENT FUND Questionnaire for assessment of the financial management capacity of Grant recipients Dear Grantee AFRICAN WOMEN S DEVELOPMENT FUND Questionnaire for assessment of the financial management capacity of Grant recipients Dear Grantee As part of AWDF s objective of providing technical support to our grant

More information

Debt Management (General) Procedure

Debt Management (General) Procedure Debt Management (General) Procedure Policy Code: FN1856 Table of Contents Purpose... 1 Scope... 1 Legislative Context... 1 Definitions... 1 Actions... 2 General Information... 3 Considerations prior to

More information

LIANZA Code of Practice - Part Four

LIANZA Code of Practice - Part Four LIANZA Code of Practice - Part Four Financial Guidelines and Practices for Regions and Special Interest Groups (SIGs) updated July 2011 following all accounts being streamlined into the LIANZA Trust Management

More information

Northern Ireland Education & Library Boards. Assessment of Best Practice in Schools

Northern Ireland Education & Library Boards. Assessment of Best Practice in Schools Northern Ireland Education & Library Boards Assessment of Best Practice in Schools May 2012 Assessment of Best Practice in Schools Introduction This revised booklet has been developed by Education and

More information

Accounting software & data

Accounting software & data Accounting software & data Accounting software and data should reside at church or be webbased where the data base can be accessed by multiple users Multiple people should be trained on software Software

More information

A B U S I N E S S M A N A G E M E N T S Y S T E M T H A T A D D S V A L U E A N D T I M E

A B U S I N E S S M A N A G E M E N T S Y S T E M T H A T A D D S V A L U E A N D T I M E A B U S I N E S S M A N A G E M E N T S Y S T E M T H A T A D D S V A L U E A N D T I M E The right business decision There s no diluting the fact. Business owners work hard, all day and after-hours. Accounts,

More information

Accounting Policies and Procedures

Accounting Policies and Procedures Accounting Policies and Procedures Purpose The purpose of this Document is to set out the policies and procedures to be used in accounting for the MIoD s financial transactions. Organisational Structure

More information

\)1,r,\, (il " i ) \ ' i, 1\.tff },,-:,, " ' " Ministry of Education. ~\ School Financial 'I. Procedures

\)1,r,\, (il  i ) \ ' i, 1\.tff },,-:,,  '  Ministry of Education. ~\ School Financial 'I. Procedures r -~ 1 \)1 r\ (il " i ) \ ' i 1\.tff } '. "'\1' ''" 9 i" >" " " -: " ' " Ministry of Education! ~\ School Financial 'I Procedures ! I ' I SCHOOL FINANCIAL PROCEDURES Quick Guides Table of Contents A) Introduction...

More information

Certificate IV in Bookkeeping FNS40215

Certificate IV in Bookkeeping FNS40215 Certificate IV in Bookkeeping FNS40215 Unit Descriptions & Evidence Required to Demonstrate Competency 13 Units of Competency 6 Core Units /7 Elective Units Agenda Course Description... 3 Pathways Information...

More information

FS-06-SF3 School Funds Receipt Log; FS-04-SF2 Schools Funds Payment Request; FS-04-SF1 School Funds: Advance of Funds

FS-06-SF3 School Funds Receipt Log; FS-04-SF2 Schools Funds Payment Request; FS-04-SF1 School Funds: Advance of Funds Administrative SCHOOL FUNDS Responsibility: Legal References: Related References: Executive Superintendent of Business Services Nil FS-04-SF4 School Funds: Receipts; FS-06-SF3 School Funds Receipt Log;

More information

This document is intended for use by University staff as a tool to understand Financial terminology.

This document is intended for use by University staff as a tool to understand Financial terminology. GLOSSARY This document is intended for use by University staff as a tool to understand Financial terminology. ACCRUAL ACCOUNTING ACCRUED ACQUITTAL ASSETS AUDIT FINANCIAL ANNUAL REPORT The method of recording

More information

August 2006 April 2011

August 2006 April 2011 POLICY SECTION ESTABLISHED LAST REVISED FINANCIAL ACTIVITIES ADMINISTRATIVE STANDARDS August 2006 April 2011 POLICY All financial activities for Brain Injury Services are managed by the manager, finance

More information

FINANCIAL PROCEDURES. Belfast Music Society

FINANCIAL PROCEDURES. Belfast Music Society FINANCIAL PROCEDURES Belfast Music Society CONTENTS Purpose of document 1. Ordering supplies and services 2. Payment authorisation 3. Cheque writing and signing 4. Handling of cash 5. Salaries, payroll

More information

FNS40211 CERTIFICATE IV FINANCIAL SERVICES BOOKKEEPING

FNS40211 CERTIFICATE IV FINANCIAL SERVICES BOOKKEEPING FNS40211 CERTIFICATE IV FINANCIAL SERVICES BOOKKEEPING POWER UP YOUR CAREER WITH A QUALIFICATION THAT MAKES A DIFFERENCE It is a must have qualification for individuals who possess significant theoretical

More information

Vance County Schools Individual School Accounting

Vance County Schools Individual School Accounting Individual School Accounting Internal Controls and Responsibilities Individual School Accounting Internal Controls and Responsibilities Contents Page Principal Statement of Understanding 3 Treasurer Statement

More information

{Insert name} Primary Academy

{Insert name} Primary Academy {Insert name} Primary Academy FINANCIAL PROCEDURES POLICY Created: Insert Date Approved by Governors: Next Review: Insert Date Signed Chair of Governors Date 1 CONTENTS 1. Introduction... 4 2. Register

More information

Internal Controls: Best Practices for Political Campaigns in New York City

Internal Controls: Best Practices for Political Campaigns in New York City Internal Controls: Best Practices for Political Campaigns in New York City This document describes standard financial controls and procedures that can help you protect and manage your campaign s assets

More information

Internal Controls Best Practices

Internal Controls Best Practices Internal Controls Best Practices This list includes the most common internal controls applied by small to medium sized businesses to their operations. It includes controls that apply to the processes most

More information

Checks and Balances: QAHC Anti-Fraud Protection Policy

Checks and Balances: QAHC Anti-Fraud Protection Policy Checks and Balances: QAHC Anti-Fraud Protection Policy Introduction The purpose of this policy is to protect QAHC s assets and reputation by outlining the processes and procedures QAHC uses to prevent

More information

SUSF Constituent Clubs Financial Processes and Procedures Manual 2014

SUSF Constituent Clubs Financial Processes and Procedures Manual 2014 SUSF Clubs Financial Processes and Procedures Accounts Payable In order to have an invoice paid the following needs to occur: Club needs to have sufficient funds in order for invoice to be paid. Official

More information

SuperAstute. Self Managed Super. Administration Services Guide March 2012. Distributed by

SuperAstute. Self Managed Super. Administration Services Guide March 2012. Distributed by SuperAstute Self Managed Super Administration Services Guide March 2012 Distributed by 2 Bendigo Wealth Superannuation This page has been intentionally left blank Contents Page About Self Managed Superannuation

More information

District and Provincial Treasuries will pay the following accounts:

District and Provincial Treasuries will pay the following accounts: SECTION 8: PROCESSING PAYMENTS AND ACCOUNTS All claims for payments for a Local-level Government shall be processed either in a District/Provincial Treasury or at a Cash Office situated in the vicinity

More information

Financial Management & Audit Act 1990 Governance Level Principle Responsible Organisational Financial Services

Financial Management & Audit Act 1990 Governance Level Principle Responsible Organisational Financial Services Invoicing and Receivables Policy Responsible Officer Chief Operating Officer Approved by Vice-Chancellor Approved and commenced March, 2012 Review by March, 2012 Relevant Legislation, University of Tasmania

More information

Caused By 1. Time. 2. Errors. lags $ XXX. but not by bank (e.g., deposits. Add: Deposits recorded by business. Cash balance per bank statement

Caused By 1. Time. 2. Errors. lags $ XXX. but not by bank (e.g., deposits. Add: Deposits recorded by business. Cash balance per bank statement ILLUSTRATION 8-5 BANK RECONCILIATION FORMAT Balances Should Agree Bank Reconciliation (Date) balance per bank statement Add: Deposits recorded by business but not by bank (e.g., deposits in transit) Less:Charges

More information

Saltwater Freshwater Arts Alliance Aboriginal Corporation

Saltwater Freshwater Arts Alliance Aboriginal Corporation POSITION DESCRIPTION CORPORATE SERVICES MANAGER Employer: Saltwater Freshwater Arts Alliance Aboriginal Corporation Job Title: Corporate Services Manager (full-time) Immediate Supervisor: Chief Executive

More information

Cash Handling Questionnaire

Cash Handling Questionnaire Cash Handling Questionnaire Internal Control Questionnaire Question Yes No N/A Remarks Because of the relatively high risk associated with transactions involving cash, universities should have a cash management

More information

Perriam & Partners Ltd Chartered Accountants & Business Advisors

Perriam & Partners Ltd Chartered Accountants & Business Advisors Perriam & Partners Ltd Chartered Accountants & Business Advisors 2014 BUSINESS QUESTIONNAIRE BUSINESS NAME: E-MAIL ADDRESS: CONTACT PERSON: HOME PHONE NUMBER: CELLPHONE NUMBER: ADDRESS: AUTHORITY AND TERMS

More information

PROCEDURE Banking. Number: G 1904 Date Published: 8 May 2014

PROCEDURE Banking. Number: G 1904 Date Published: 8 May 2014 1.0 Summary of Changes This is a new procedure which details the collection and handling of all income owed to Essex Police. This includes the handling of cash seized under the Proceeds of Crime Act (POCA).

More information

Part 2 PROCESSING TRANSACTIONS in GENERIC SOFTWARE

Part 2 PROCESSING TRANSACTIONS in GENERIC SOFTWARE 11 Part 2 PROCESSING TRANSACTIONS in GENERIC SOFTWARE 2.1 Getting Started Other manuals in this series have been written for specific accounting software, e.g. MYOB and QuickBooks. This manual is generic,

More information

Cash & Banking Procedures

Cash & Banking Procedures Financial Policies and Procedures Cash & Banking Procedures 1 P a g e Contents 1. Banking Procedures 1.1 Receipt of cash and cheques within a department 1.2 Storage/security of cash and cheques within

More information

This policy applies to all employees who hold or use petty cash funds, including the security, disbursement, reimbursement and use of these funds.

This policy applies to all employees who hold or use petty cash funds, including the security, disbursement, reimbursement and use of these funds. Policy Number: CS-1001-2013 Policy Title: Petty Cash Fund Policy Policy Owner: Chief Financial Officer Effective Date: April 17, 2013 1. PURPOSE The purpose of Mohawk College s Petty Cash Fund Policy (

More information

PAYMENT FOR WORKS, GOODS AND SERVICES FINANCIAL PROCEDURE 11

PAYMENT FOR WORKS, GOODS AND SERVICES FINANCIAL PROCEDURE 11 CHIEF FINANCE OFFICER PAYMENT FOR WORKS, GOODS AND SERVICES FINANCIAL PROCEDURE 11 OWNER: HEAD OF FINANCIAL CONTROL Version 2.0 September 2014 FINANCIAL PROCEDURE PAYING FOR WORKS, GOODS AND SERVICES CONTENTS

More information

Xx Primary School. Finance Policy

Xx Primary School. Finance Policy Xx Primary School Finance Policy 1. AIMS 1.1 This document has been adopted by the Governing Body, as the basis for the administration and management of finances. The aim of the policy is to create a framework

More information

Mango s Health Check. How healthy is financial management in your not-for-profit organisation?

Mango s Health Check. How healthy is financial management in your not-for-profit organisation? How healthy is financial management in your not-for-profit organisation? Version 3 2009 Mango 2nd Floor East, Chester House, George Street, Oxford OX1 2AU Phone +44 (0)1865 423818 Fax +44 (0)1865 423560

More information

JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT. Test Code: 4100 Version: 01

JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT. Test Code: 4100 Version: 01 JOB READY ASSESSMENT BLUEPRINT ACCOUNTING-BASIC - PILOT Test Code: 4100 Version: 01 Specific Competencies and Skills Tested in this Assessment: Journalizing Apply the accounting equation to journalize

More information

BIWP FINANCIAL POLICY AND PROCEDURES

BIWP FINANCIAL POLICY AND PROCEDURES BIWP FINANCIAL POLICY AND PROCEDURES Approved by the management committee on 17 th April 2015 1. Introduction 1. We have a management committee which is elected at the Annual General Meeting. 2. The management

More information

Clare College Financial Policies and Procedures Cash & Banking Procedures

Clare College Financial Policies and Procedures Cash & Banking Procedures Financial Policies and Procedures Cash & Banking Procedures M:\Bursary\Audit Committee\Financial Procedures -.doc- 1 - Contents 1. Banking Procedures 1.1 Receipt of cash and cheques within a department

More information

NRP Training Series 2001 Financial Record Keeping

NRP Training Series 2001 Financial Record Keeping NRP Training Series 2001 Financial Record Keeping Copyright 2001 Minneapolis NRP - All Rights Reserved What is the role of the Treasurer? Generally, the treasurer is responsible for compiling and keeping

More information

A Municipal Checklist for Internal Control-Part I, Cash Controls

A Municipal Checklist for Internal Control-Part I, Cash Controls A Municipal Checklist for Internal Control-Part I, Cash Controls I. General Internal Control & Banking 1 Is a professional (independent) audit done annually? 2 If you have an annual audit was the most

More information

Financial Information Kit

Financial Information Kit Financial Information Kit The purpose of this kit is to provide basic information on keeping financial records to facilitate compliance by registered charities with the requirements of the Canada Revenue

More information

Chapter 8. Internal Control. Chapter 8-1

Chapter 8. Internal Control. Chapter 8-1 8 Internal Control and Cash 8-1 Internal Control and Cash Internal Control Cash Controls Use of a Bank Reporting Cash The Sarbanes- Oxley Act Principles Limitations Control over cash receipts Control over

More information