The ACNC requires SLSC’s to maintain financial records that correctly record and explain how the SLSC spends or receives money or other assets (transactions), correctly record and explain the SLSC’s financial position and performance, and allow for true and fair financial statements to be prepared and reviewed (or audited)
The ACNC provides the following examples of financial records:
- General account books – Including general journal and general and subsidiary ledgers
- Cash book records – including receipts and payments
- Banking records – including bank and credit card statements, deposit books, cheque butts and bank reconciliations
- Creditor’s records – including creditors ledger, invoices and paid bills
- Debtor’s records – including debtors leger, invoices and receipts
- Details of any contracts – including service agreements, office equipment leases, property rental agreements
- Details of any grant payments and acquittals
- Tax invoices and other relevant tax records
- Stock records
- Records of expenses – for example, motor vehicle expenses
- Records of payments relating to employees – including ‘pay as you go’(PAYG) withholding, superannuation and fringe benefits provided
- Assets list or register
- Emails, letters and other communication about finance – for example, an email about repaying unspent grant funds.
Note, modern bookkeeping software is well set up to record most of the above financial records (eg Xero, MYOB ).
A job description template is available for the SLSC Treasurer position at the end of this document (see Appendix).
SLSNSW recommends that SLSC Treasurers take part in the SLSNSW Club Management Induction Program and read the ‘Damn Good Advice for Treasurers’ by Community Smart, especially if they are new to the role and familiarise themselves with the ACNC’s guidance about reporting annually to the ACNC and annual financial reports.