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 Transactions
Invoices
•
Invoices are bills
–
Price, quantity, date,
product description
•
Discrepancies from
PO's
•
Reconciled with BO's
or credit notes.
Verifying Transactions
Receipts
•
Receipts confirm that money has been paid.
–
Again product description, price, quantity, date
–
Taxes paid should also be recorded on receipt.
Verifying Transactions
cheques
•
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 together
The 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/ Comment
Ref/Cheq. #
Carried Fwd >>>
9-Jan-08 DEPOSIT
10-Jan-08 SCHOOL DISTRICT #71
1457
10-Jan-08 THE UPS STORE
1458
10-Jan-08 CURT HANSEN
1459
10-Jan-08 RICK JEANS
1460
10-Jan-08 R. SAUNDERS
1461
21-Jan-08 DEPOSIT
21-Jan-08 DEPOSIT
19-Jan-08 Glacier Greens
1462
Month total >>>
Acc't 1.2
Acc't 1.1
Meetings &
Acc't 1.3
Acc't 1.4
Acc't 1.5
Acc't 1.6
Acc't 1.7 PR
Courses
events
Regalia
Newsletter
National Dues District Cont & donations
12740.01
3831.14
482.15
440.64
761.00
651.00
1030.46
84.80
175.40
208.36
48.75
40.22
545.92
781.41
887.83
821.63
0.00
175.40
0.00
0.00
0.00
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