Notes of Guidance for the Treasurer


Bank Accounts

  1. A bank account should be opened in the name of the club or society.

  2. At least two signatures should be required before a withdrawal can be made.

  3. All cheques made payable from the account should be crossed ‘account of payee only’.

  4. The Treasurer must maintain (a) either a bound account book for recording details of the financial affairs of the club or society or use a computer based program from which printouts can be made in the format of an account book. If a computer based system is used, appropriate back-up arrangements must be put in place to avoid irretrievable loss of data. Normal bookkeeping practices must be observed particularly in that entries should never be changed but any errors corrected by a new entry. (b) a receipt book with numbered counterfoils.

  5. All monies and cheques, etc. received should be paid into the club or society bank account, recorded in the account book and, for cash received, a receipt issued from the numbered counterfoil receipt book. No cash payments should be made directly from cash received.

Payments and Receipts

6. Where money receipts are numerous (e.g. subscriptions), a separate book may be maintained, where subscriptions may be analysed: termly, annual or life. Such a book should be ruled off and the total brought into the main account book each time payments are made into the bank.

7. Major payments should be made by cheque; such payments should only be made on evidence of an invoice. Where frequent purchases are made from a supplier, it is advisable to check the statement of account to ensure that it accords with the society’s records. When submitting a cheque in payment of an account, it is advisable to quote the invoice number. All payments made by cheque should be recorded in the expenditure column of the account book. If cash payments are made, all transactions should be supported by receipts.

8. The purpose for each payment or receipt should be recorded in the account book (e.g. hire of room, purchase of stationery, subscriptions). At the end of each term, the account book should be ruled off, added up and balanced. The bank statements should be reconciled with the balance shown in the account book. On changeover of Treasurer, the accounts should be formally signed over to the new Treasurer after balance. The bank concerned should be notified of change of account holder(s) and authorised signatories.

9. All invoices, statements of accounts, receipt and cheque stubs should be properly filed and retained for audit.

10. All applications for refunds in respect of minor authorised expenditure by members should only be made on production of a receipt or a written statement of the reason for the expenditure.

Inventory

11. An inventory should be kept (conveniently at the back of the account book) of all equipment, books, etc. owned by the society and their location (see specimen). A copy of this list must be sent at the start of each Michaelmas Term to the University’s Insurance Officer, Finance Division, 23-38 Hythe Bridge Street, Oxford OX1 2ET. New items of property must be added to the list as soon as they are acquired, and notified to the Insurance Officer. The Insurance Officer must also be informed as soon as any item on the inventory is disposed of.

Audit

12. Particular attention is drawn to regulation 1.11 (1) (m) which requires non-sports Clubs with a turnover or anticipated turnover, in excess of £25,000 per annum to have their accounts inspected and reported on by independent professional person(s) approved in advance by the Proctors.

Clubs with a turnover of less than £25,000 are advised to have their accounts inspected each year by two independent persons. The Notes of Guidance for Inspection of Club Accounts will be of assistance.

It is important to keep full and well-organised financial records: this makes it easier (and cheaper) for people inspecting the records to carry out their job.