FinancialAdministration

FA Administration
Minutes of Last Meeting

FA/ [[Vishall Working Page FA/Min_2005_Mar_12 FA/Communictions

FA/Committee Communications

FA Committee Development
FA/Finan Admin Roles

FA/New Volunteer Orientation

FA/Training

FA/LearningObjectives

FA Task
Latest Balance Sheet

Latest Income Statement

Membership Records

Old Wiki
!!Task

FA/Joeabsent2007

!!Administration FinAdmin/Planning

!!Committee Development

!!Functions

!Bookkeeping: See Bookkeeper job description

!Accounting
 * 1) Compile totals for all columns in the Cash Payments and Cash Receipts Journals.
 * 2) Go to &quot;AESOP/C/Admin Finance/Bank Reconciliation Form.DOC&quot;. Print this form.
 * 3) Opposite &quot;Cash Balance (begin)&quot; enter the amount for Cash Balance(end)&quot; from the previous month.
 * 4) Using the instructions provided, print the Credit Union statement for the month.
 * 5) Open &quot;Quickbooks Pro&quot;. Select &quot;Open Company&quot; Enter the password.
 * 6) Open &quot;Activity&quot;. Select &quot;Make Journal Entry&quot;.
 * 7) Begin a new entry with the name of the journal page;e.g., CPJ-01.
 * 8) Find the total of payments under &quot;pay&quot; for the month.
 * 9) Subtract &quot;pay&quot; from the total for &quot;Cash&quot;.
 * 10) Enter the amount found in the previous step as a credit to &quot;Cash(chequing)&quot;
 * 11) Use the pulldown menu to identify each debit recorded in the journal and for each enter the amount from the column &quot;Expense Amount&quot;  under &quot;Debit&quot;. Do not include &quot;pay&quot;. This is entered in another journal.
 * 12) Enter the total from GST Receiveable as a debit identified as &quot;GST Receivable.&quot;
 * 13) Click on &quot;Next.&quot;  Begin a new journal entry with the prefix &quot;CRJ&quot; and the correct page number.


 * 1) # Reconciliation of bookkeeping accounts with bank statements.
 * 2) Recording of transfers from one category of internal account to another,using both journal and database entries.
 * 3) Production of monthly, quarterly and annual Balance and Expense/Income reports from accounting program.

!Management of Advertising Accounts

Advertising accounts may be for individual advertisements or for annual contracts.

The process for individual advertisements is as follows:


 * 1) The advertiser selects a size for the advertisement from the list of rates.
 * 2) The advertiser submits to the Finance Committee a print-ready hard copy of the advertisement along with a letter of request agreeing to the rate quoted.
 * 3) The Finance Committee forwards the advertisement to the PEN Editor, and keeps the letter of request on file.
 * 4) Upon receipt of the list of advertisements from the PEN Editor, the Finance Committee prepares an invoice for the advertiser. Before preparing the invoice, an entry needs to be made in Quickbooks using the menu "Contact List." Enter at least the name of the contact person,the address and the phone number.  The invoice is prepared on Quickbooks using the menu "Activities" item "prepare invoice".
 * 5) When payment is received, it is entered in the Cash Receipts Journal under "Advertising" and the deposit is made in the usual way.
 * 6) Record of payment is made in Quickbooks at the time of the month-end. Each Advertising item is entered individually using the menu "Activities" item "Payment Received".
 * 7) Access menu "Activities" item "Create Statement." Print and send a statement to act as a receipt for payment.

The process for annual contracts is as follows:


 * 1) The advertiser selects a size for the advertisement from the list of rates.
 * 2) The advertiser selects a number of advertisements for the year and whether to pay per ad or prepay for the year at a 10% discount.
 * 3) Prepare a contract specifying contact information, size and frequency of ad,cost per ad, typesetting fee, and total amount.
 * 4) If the terms of payment are "per ad" without discount, continue with "per ad" as above.
 * 5) If the terms of payment are "annual prepay discounted",prepare a Contact Information entry,and send the customer an invoice with the note "Please sign and return one copy of the contract enclosed". Enclose two copies of a contract, both signed by the PEN Editor.
 * 6) When payment is received, it is entered in the Cash Receipts Journal under "Advertising" and the deposit is made in the usual way.
 * 7) Record of payment is made in Quickbooks at the time of the month-end. Each advertising item is recorded individually, using the menu "Activities" item "Payment received".
 * 8) Each time this advertiser appears in the list of advertisers as having an ad published, prepare, but do not print an Invoice. This will debit the advertiser prepayments by the amount of one ad, and credit the PERC.
 * 9) When the balance on the account is only enough for one further ad, send a Statement of Account and phone the advertiser to arrange a contract renewal.

!Management of Membership Contributions

!Cashflow Analysis
 * 1) See Jello Documents:Administration;Financial Administration:&quot;Budget/Cashflow&quot;

!Budgeting

!!Budget 03/04

See File &quot;Budget&quot; in DotProject

!Treasurer


 * 1) Overseeing bookkeeping and accounting to ensure compliance with government regulations (requires working knowledge of Quickbooks program).
 * 2) Receiving and reviewing &quot;Balance Sheet&quot; and &quot;Expense/Income Statements&quot; from Accountant
 * 3) On-going liaison with Accountant, including ensuring that monthly bank reconcilaitions are balanced with all bookkeeping journals and Quickbooks accounting records.
 * 4) Liaison with the Co-ordinator to ensure adequate staffing and performance of volunteer financial functions.
 * 5) Reporting financial data to Board of Directors monthly, quarterly and anually.
 * 6) Preparation of Budgets (annually)
 * 7) Preparation, in collaboration with the co-ordinator, of cash-flow projections,as well as monthly updates.
 * 8) Interpretation of financial statements in terms of Budget and Cash-flow projections
 * 9) Advising the Board on financial policy.
 * 10) Presenting Financial Report to Annual General Meeting
 * 11) Report to Ontario Ministry of Corporate Affairs on Board Director data.
 * 12) Providing updated authorized signature files for Credit Union checking account and safety deposit box.
 * 13) Co-signing of cheques.
 * 14) Signing of Income Tax receipts for membership contributions.
 * 15) Providing manual Income Tax Receipts for donations other than membership (e.g., donations in kind.)
 * 16) Preparation of Record of Employment to HRDC in the event of Co-ordinator layoff.
 * 17) Mangement of accounts for PEN Advertising (see above).
 * 18) Preparation of reports to Customs and Excise (See below).
 * 19) Completing the six-month Ontario Sales Tax Return.
 * 20) Ensuring that the PERC and its related projects have an adequate insurance    policy.

!Reporting to Customs and Excise Whenever an expenditure, on which GST has been paid, is recorded in a bookkeping journal, 50% of the GST amount should be entered in the column &quot;GST receiveable&quot;. The net expense is then recorded under &quot;Amount&quot; as &quot;Cash&quot; minus &quot;GST receiveable&quot;. A similar notation should be made, where GST is involved in the General Journal. While closing the books for the fiscal year (ASAP after March 31) total the amount of the GST receivable. A claim form and return envelope are available in the &quot;Accounting&quot; box. The payment of the GST rebate is made by direct deposit from &quot;The Government of Canada&quot; into our account. It will appear on a date about threee weeks after the claim is made.
 * 1) Prepare and submit T4 and related forms for PERC employees.
 * 2) Report on status as a charitable organization (annually)
 * 3) Calculate and pay employee source deductions for Income Tax, CPP and E. I. (monthly). Keep a record of information on file copies to facilitate T4.
 * 4) Calculating and claiming refund of G.S.T. paid out.

!!Admin/Records
 * gather/organize computer files
 * FinAdmin Routine [Tasks Checklist]*Create [FinAdmin Six Month Plan]

!!C''ttee Development [Bookkeeper job description]