Keeping your association's records

Your association's cash book will record all:

• cash payments
• cheque payments (expenditure)
• receipts.

You should:

• split it into 2 sections—payments and receipts
• keep it in chronological order from earliest to latest payment or receipt
• balance it at regular intervals (e.g. monthly)
• reconcile it with your bank statements.

Whenever you receive money from another party you must:

• record the transaction
• issue a receipt if asked
• keep a duplicate of every receipt you issue
• keep a register of receipt books.

You’ll probably go through many receipt books in a financial year—use your register to keep track of them.

Your receipts should reconcile with your bank statements.

You must have an account with a financial institution that has a Queensland branch.

Any payments you make of $100 or more must be made by cheque or electronic transfer.

To make a payment, the Treasurer can raise an invoice as a matter of business at a:

• committee meeting
• general meeting.

The committee must approve or ratify the payment and record this in the minutes.

If you make payments from petty cash you must keep a petty cash book.

You can pay any amounts less than $100 from your association's petty cash—record this in the petty cash book.

Your asset register must record your association’s asset details including:

• when you acquired them
• how much they cost at the time
• whether they have depreciated in value
• where they're located (if applicable)
• how and when you sell them, give them away or throw them out.

Record these details for every asset you own after the date of incorporation. This includes assets bought or acquired before this date.

You should consider keeping—and may be required to keep—a journal and ledger. They can help you track your numerous accounts.

You should:

• record all transactions in the journal in order of earliest to latest payment or receipt
• copy this data into the ledger, which you can sort into different accounts and purposes.