Keeping your association records
You must keep your financial records for at least 7 years. The 7 years starts from the date of the final entry in each record.
All associations must keep a cash book.
Your association’s cash book will record all:
- cash payments
- cheque payments (expenditure)
- keep it in chronological order from earliest to latest
- split it into 2 sections—payments and receipts
- balance your cash book at regular intervals (e.g. monthly)
- reconcile the cash book with your bank statements.
All associations must keep their receipt books.
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 will 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.
All associations must keep their bank statements.
- have an account with a financial institution
- keep the account in a Queensland branch
- make any payments of $100 or more by cheque or electronic transfer.
You will need to decide whether to:
- open a cheque account
- open a non-cheque account that still links to a chequebook
- make all payments by electronic transfer.
To make a payment, the treasurer may raise an invoice as a matter of business. This could be at a:
When they do, the committee must:
- approve or ratify the payment
- record each approval or ratification in the committee’s minutes.
Petty cash book
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.
All associations must keep an asset register.
Your asset register must record the details of all your association’s assets. This may include:
- 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 that you own after the date of incorporation. This includes assets bought or acquired before this date.
Journals and ledgers
Associations should consider keeping a journal and ledger (and may be required to do so).
Keeping a journal and ledger can help you keep track of numerous accounts. You should:
- record all transactions in the journal, keeping them in order from earliest to latest
- copy this data into the ledger, which you can sort into different accounts and purposes.
Submitting annual returns
You must also compile annual reports, and submit an annual return to us within 1 month of holding your annual general meeting.