Accounting systems and software
The need for this will depend on the size of your club or association. If a club or association is small enough a manual system may be sufficient. However if your club is getting larger, or your treasurer is getting bogged down with keeping everything up to date, an accounting program may be more efficient to use.
A computerised accounting system is the easiest and simplest way to keep track of the accounts. There are several simple programmes or software packages available. Have a look around to see what's best for your needs. Some associations use a program called Xero as it is simple to use
Whatever computerised program you decide to use, as a guide your accounting programme should be able to;
- Calculate GST and allow you to allocate it by individual transactions
- Produce comprehensive financial accounts (profit, loss and balance)
- Allow you to make necessary adjustments easily
- Provide you with the information required in an easy-to-understand report form
- Provide information in a clear format that everyone using it can understand clearly.
A club's or associations financial records may be audited from time to time. It may also be an annual requirement of your club or associations constitution, so it may pay to check this out.
During an audit, a person independent of the club (such as an accountant) checks that the financial statements are a correct record of the financial position of the club at the time of the audit.
A suitably qualified volunteer can audit the club's accounts, or it may be necessary to use a professional auditing service. This can be costly, so finding a volunteer who is willing to perform the audit is preferable.
Auditing can be a lengthy process and it is a good idea to allow six to eight weeks for an audit to be completed.
An auditor will need:
- The club's cashbooks, written up and balanced for the year, and journals or ledgers that the club uses for records
- Bank statements for the whole year
- Copies of deposit slips and cheque butts
- Receipt books with duplicate and original copies, plus any unused receipt books
- Vouchers for payments made by the club, arranged in numerical order
- Receipts or copies of cheques paid to your club
- Copies of minutes from your management meetings that show how financial decisions were made and agreed
- Copies of any previous audit statements
- All financial statements for the year being audited
Please find below a list of resources
- Any other relevant financial documents.
that will assist you.
|Resource or link
|An online accounting system where you can
See your cash flow in real time , automatically imports and codes transactions, allows you to create and send invoices automatically and get paid online plus more