Mickleover Running Club
Our Committee
Cash Management/Records
All transactions should be recorded regularly on an electronic accounting system or spreadsheet.
For each transaction entered, you should record:
At the end of each month, the figures recorded should be checked against bank statements. You should also summarise what the club owes (the club's creditors) and what money is owed to the club (the club's debtors).
Transactions can be recorded manually through a cash book, although this may take time and requires manual calculation. Electronic spreadsheets are generally quicker, more accurate to use and can be emailed through to other club members if required. Care needs to be taken in setting the calculations up on a spreadsheet to ensure accuracy.
At the end of the club's financial year, clubs should have accounts audited by an independent and professional person (an auditor). If the club is a limited company, it must have a registered auditor who produces a report under the requirements of the Companies Act.
Details of receipts should always be recorded. These are often the same as those identified in the income side of the club's budget. Receipts are entered in up to three places, depending on the amount of detail your club works upon. Receipts are entered in the amount column, under its income type, and in the banked column when banked. Often the banked figure will be an accumulation of all money received since the banking was last carried out. Listing individual amounts by banking date gives the opportunity for cross-checking to be carried out.
All receipts should be tallied at the end of each month. Monthly totals are accumulated to give a record of receipts for the year-to-date. Where quarterly reports are required, it may be more efficient to calculate cumulative figures month-by-month for each quarter, rather than by doing it for the entire year.
It should be noted that MRC does not have a large number of transactions to manage as such whilst the items above may appear onerous they are actually not very time consuming to reconcile due to the clubs size and low level income/outgoings.