Engineering Society Financial Handbook

Transcription

1 Engineering Sciety Financial Handbk

2 Page 2 f Welcme Welcme t banking with the Engineering Sciety! The purpse f this handbk is t prvide yu with all the details abut banking with the sciety. The sciety ffers a variety f resurces fr grups wh bank with us, and can prvide additinal financial services based n individual needs f grups. 1.1 The Banking System The Engineering Sciety has a bank accunt with the Bank f Mntreal where all f the sciety s mney is saved and used. Thrugh ur accunting sftware, Simply Accunting, each grup wh banks with us is assigned a specific 4-digit liability accunt number. Each time yu depsit r withdraw mney, this accunt number is used t recrd the transactins. This way, every debit and credit t yur accunt is recrded accurately. All f the sciety s finances are dne thrugh a bkkeeper at a Certified General Accunt s ffice in rder t ensure that the finances are accurate and transparent. Additinally, a yearly Financial Review is cmpleted by Chartered Accuntants. 2.0 Wh s Wh There are varius peple wh have access t the financial system, all f whm are here t help yu ut! 2.1 Directr f Finance Erin, the Directr f Finance, is the primary cntact fr all the grups wh bank thrugh the sciety. The Directr f Finance is respnsible fr all the day-t-day financial transactins f the sciety, including withdrawals, depsits, accunt balances, and ther financial services. 2.2 Vice-President (Operatins) Peter, the VP Operatins, is respnsible fr the verall peratins f the sciety and wrks t streamline the financial prcess. Any majr cncerns abut the system can be directed t her. 2.3 General Manager Jay, the General Manager, wrks full-time in the EngSc ffice and is there t act as a general resurce and t prvide lng-term versight. Jay can help with a wide range f tpics, including accunt balances and histry. 2.3 Bkkeeper Rxanne, the bkkeeper, is respnsible fr entering all the data related t the financial system. She recrds all the transactins in the accunting sftware, writes the cheques, remits taxes, and

3 Page 3 f 6 mre. Rxanne needs all the required infrmatin t be filled ut prperly n the withdrawal and depsit frms in rder t better help all the grups wh bank with us. 3.0 The Basics The mst cmmnly used functins f the banking system are t make withdrawals, depsits, and view accunt balances. All f these transactins will be recrded fr yu in the accunting prgram, but yu culd als keep yur wn recrds f all withdrawals and depsits t yur accunt t ensure that everything is accurate. 3.1 Withdrawals T withdraw mney frm yur accunt, yu have t fill ut a payment requisitin frm. Payment requisitin frms can be fund in the EngSc ffice as well as n the website. Fill ut the date, yur name, , accunt #, accunt name, ttal cst, wh the cheque shuld be paid t, a payment mem, and a mailing address (if yu want the cheque mailed smewhere). In rder t pay fr a charge r be reimbursed, an invice r an riginal receipt (including a breakdwn f expenses) must be submitted with the frm. Once the frm is filled ut, give it and the invice r receipt t a member f the ED team. In the event that the payment requisitin is fr an amunt greater than the balance in yur accunt, a cheque will nt be able t be written. Hwever, if there is a depsit abut t be made, then an exceptin can be made and the cheque can still be written. Purchases frm the LCBO, Beer Stre, etc. will nt be able t be reimbursed. Hwever, purchases frm licensed establishments will be hnred. 3.2 Depsits T depsit mney int yur bank accunt, yu have t fill ut a depsit frm. Depsit frms can be fund in the EngSc ffice as well as n the website. Fill ut the date, yur name, , accunt #, accunt name, as well as the cheque, cash, and cin details. Please srt and bundle the bills by type and rll any cin that is being depsited (if there are mre than 25 lnies r tnies, 40 quarters, 50 dimes, 40 nickels, r 50 pennies). Then, place the depsit and the frm int a sealed plastic bag and give it t a member f the ED team. The depsit will shw up in yur accunt at the end f the mnth. 3.3 Accunt Balances At any pint, yu can view yur accunt balance as well as the accunt histry, including all debits and credits t the accunt. In rder t view yur accunt balance and/r histry, please d ne f the fllwing:

4 Page 4 f 6 Erin at finance@engsc.queensu.ca and tell her yur accunt name and number. She can then send yu a statement f yur accunt electrnically. Cme int the EngSc lunge and talk t Jay. He can print yu a statement f yur accunt at any pint. Cme int the EngSc ffice during Erin s r Peter s ffice hurs and ask ne f them t print a statement f accunt fr yu. 4.0 Services Available The sciety als ffers sme ther services fr the grups wh bank with us, in additin t the basics. Yu can request t rent a flat, the debit/credit machine, r use a credit card. 4.1 Flats A flat f a maximum f $100 can be requested t be rented ut in a lck bx. This is typically used fr events, ticket sales, merchandise sales, etc. In rder t btain a flat, the mney and bx need t be signed ut by the Directr f Finance. There are a limited number f flats available, s please cntact Erin well in advance f the event (at a minimum f ne week) t ensure that there is enugh time t prepare the flat fr yu. In the event that the lck bx and/r keys that yu use are lst r damaged, yu will be respnsible fr replacing them. Yu can request that the flat be in any distributin f cash and cin t best accmmdate yur needs. 4.2 Debit/Credit Machine The sciety has a prtable debit/credit machine that can be bked ut. This is useful fr events where a high-priced item is being sld. In rder t bk the machine, yu must cntact Erin at least ne week in advance; therwise the machine may nt be available. On the day f the sale, the machine can be signed ut in the mrning and then needs t be returned befre the end f the day. If the machine is lst r damaged, there will be extra fees assciated with replacing r repairing the machine. There are additinal charges assciated with the use f the machine that can either be cvered by the grup using the machine r passed n t the custmer. The fees are as fllws: Debit: $1/transactin Credit: 2%/transactin These funds will be depsited directly int the Engineering Sciety bank accunt, s a debit/credit frm has t be filled ut after use in rder t have the funds transferred t yur accunt. All the receipts must be included with the frm.

5 Page 5 f Credit Cards The Engineering Sciety has fur crprate credit cards (General Manager, President, VP Operatins, VP Student Affairs) which can be used fr large purchases, in the ccasin that a cheque isn t acceptable, r in the case f an emergency. In this case, the purchase must be apprved by the President r VP Operatins and the funds must be in yur accunt. After the purchase is made, the receipt fr the purchase must be given t the cardhlder. Once the credit card statement is received at the end f the mnth, the funds will be transferred t yur accunt. 5.0 Timeline The financial system fllws the same schedule n a weekly and mnthly basis. A package cntaining payment requisitin frms is sent t the bkkeeper twice weekly, at which pint the written cheques are picked up. This happens Mnday and Wednesday afternns. In rder t help yu plan: If yu submit a cheque requisitin between Mnday afternn and Wednesday mrning, it will be returned and signed by the end f the fllwing Tuesday. If yu submit a cheque requisitin between Wednesday afternn and Mnday mrning, it will be returned and signed by the end f the day Thursday. The quickest turn-arund time is therefre t drp the cheque requisitin frm ff n Mnday mrning. Depsits t the bank are dne n a weekly basis t ensure that there is never a significant amunt f mney in the safe at nce. The depsit tracker is sent t the bkkeeper at the end f each mnth and is recnciled with the bank statements. At which pint, the depsit will shw up in yur accunt n the accunt sftware. Our accunt infrmatin is updated n a weekly basis and is received in the package that returns n Wednesday. The accunting system will then be updated by the end f day Thursday, s any accunt balances will be mst up-t-date then. 6.0 Questins? Hpefully, this has served as a useful resurce fr yu and will help make yur banking experience with the sciety extremely psitive. If yu have any additinal questins, please cntact any f the fllwing: Erin Murphy, Directr f Finance (finance@engsc.queensu.ca (613) ) Daily banking needs including depsits, payment requisitins, accunt balances, and ther services. Peter Davidsn, VP Operatins (vpps@engsc.queensu.ca (613) )

6 Page 6 f 6 Majr prblems r cncerns, suggestins fr imprvements t the system. Jay Yung, General Manager (gm@engsc.queensu.ca (613) ) Accunt balances, general inquiries, general resurce.