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FINANCE 101 Your guide to Finance. INTRODUCTION As an org of La Salle, we are subjected to the rules and regulations of CSO (Council of Student Organizations)

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Presentation on theme: "FINANCE 101 Your guide to Finance. INTRODUCTION As an org of La Salle, we are subjected to the rules and regulations of CSO (Council of Student Organizations)"— Presentation transcript:

1 FINANCE 101 Your guide to Finance

2 INTRODUCTION As an org of La Salle, we are subjected to the rules and regulations of CSO (Council of Student Organizations) The CSO implements specific protocol for document processing

3 INTRODUCTION TERMS AND DEFINITION An organization would be entitled an Operational Fund by the university – This is a sum of money given by the University through S-LIFE to an organization, which is regulated by the CSO. – Each year, the university will give each organization an Operational Fund. Any excess funds remaining after each year in the OperFund will be given back to the university. – The CSO treasurer would be the one regulating the use of the Operational Fund.

4 INTRODUCTION TERMS AND DEFINITION An organization also has its OWN money. The Working Fund represents the organization’s money made through fundraising activities, donations or solicitations. Composed of two types of funds: – Depository Funds: deposited on the Accounting office – Petty Cash Funds: money held by the org treasurer for small expenses Does not exceed P3000

5 DOCUMENTS Different documents are made for different types of processes Depending on the situation, document requirements may differ

6 DOCUMENTS The different document types are: – List of Expense (LOE) – Petty Cash Fund (PCF) – Reimbursement (RM) – Cash Advance (CA) – Liquidation (LQ) – Direct Payment (DP) – Book Transfer (BT)

7 KNOWING THE DIFFERENT KINDS OF DOCUMENTS/PROCESSES

8 1.) LOE – List of Expenses This is a post-activity document required for all activities where expenses were incurred. This document summarizes all the expenses incurred for an activity. ONE ACTIVITY = ONE LOE (if there is/are an expense(s)). – If there is no expense, instead of a LOE, a No expense document is submitted

9 2.) RM – Reimbursement Memo Reimbursement is a procedure done when officers used personal money for expenses incurred for an activity. This would mean that the treasurer would withdraw money from the Depository Fund AFTER the associated activity.

10 2.) RM – Reimbursement Memo Reimbursement for Venues, equipment rental, printing and transportation expenses are NOT ALLOWED A Reimbursement Memo is submitted for activities involving Reimbursements

11 3.) CA – Cash Advance A Cash Advance is a procedure done to withdraw cash from the Depository Fund BEFORE the activity for to be made expenses Cash Advances are NOT ALLOWED when withdrawing from the Operational Fund

12 3.) CA – Cash Advance A Cash Advance memo is submitted for activities involving Cash Advances A Liquidation form is given to the treasurer after Cash Advance

13 4.) DP – Direct Payment Direct Payment is a procedure where the organization issues a check to the establishment to be paid for Instead of withdrawing cash, the organization is given a check to be given to the establishment

14 4.) DP – Direct Payment A Payment Memo is submitted for activities involving Direct Payments A Liquidation form is given to the treasurer after Cash Advance

15 5.) LQ – Liquidation Liquidation is a procedure done after a Cash Advance or a Direct Payment The treasurer summarizes the actual expense incurred for the activity where the withdrawn cash or check was used for

16 5.) LQ – Liquidation CSO and the Accounting office would verify if the withdrawn money was put into its intended use Excess money should be again deposited to the Depository Fund A Liquidation form is filled up for activities involving Liquidation

17 6.) BT – Book Transfer Book Transfer is a procedure where funds are transferred from one account into another within the same institution One example of this is when an organization pays for food expenses transacted with establishments within the university (e.g. La Casita) A Book transfer memo is submitted for activities involving Book Transfer

18 6.) BT – Book Transfer Here are the establishments recognized for Book Transfer: – University Bookstore (MTO Bookstore) – Marco Polo Canteen (SPS Canteen) – Animo Canteen – Zaide Cafe (Z 2 Café) – La Casita Canteen – MRDO – Filtrex (Any Photocopier within the Campus) – IMS – Venue (Physical Facilities Office)

19 7.) Petty Cash Petty Cash is the funds held by the treasurer. This cannot exceed P3000. A Establishment of Petty Cash should be first done. Each expense taken from the Petty Cash should not exceed P100.

20 7.) Petty Cash To regain the money taken for expenses from the Petty Cash Fund, a process called Replenishment is done. Replenishment “resets” the Petty Cash Fund. Cash will be withdrawn from the Depository Fund to compensate for the funds taken from the PCF.

21 OTHER DOCUMENTS Working Fund Statement (WFS) - This is a summary of inflow and outflow of cash that an organization has incurred during a particular period, usually each term. This summarizes all the expenses and gains involving the Depository Fund and the Petty Cash Fund.

22 OTHER DOCUMENTS Variance Statement - This is a document to be prepared at the end of a certain period so as to compare the projected revenues from actual revenues and budgeted costs from actual costs. – *revenue is the income before deducting the expenses

23 OTHER DOCUMENTS Income Statement - This is a detailed report of the revenues and expenses that an organization has incurred during a fundraising activity.

24 OTHER DOCUMENTS Payment Requisition Slips (PRS) – Requisition signify a deduction or taking of money from the organization’s funds. – PRS’s are commonly used for transactions or procedures involving withdrawal of money from an organization’s funds.

25 OTHER DOCUMENTS Deposit Slips – forms submitted signifying depositing of money into the organization’s funds.

26 OTHER DOCUMENTS FRB (Financial Record Book) – This book will contain records of all cash inflows and outflows during the school year. There are 4 separate sections in the book namely: Operational Fund, Depository Fund, Petty Cash Fund and List of Expenses for each term in the same school year.


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