1. Duties of the Treasurer Treasurers have a fiduciary duty A legal duty of trust Responsible for the protection and prudent management of financial and other assets of the organization.

2. Fulfilling the duty of Trust Put in place procedures and practices  Safe handling of cash  Verified handling of cash  Verified handling of assets

3. Safe Handling of Cash Receipts Deposit slips Verified counts

4. Verified handling of Assets Complete and accurate record keeping  Includes crosschecking Purchase orders Invoices Receipts Cheque recording All serve to confirm transactions

5. What is a transaction? Transfer of money  Person to person  Person to organization  Organization to person Transfer of Goods and services  As for money above

6. Verifying Transactions Purchase orders Purchase Orders  Confirm quantity, price & specs “I want to buy this many widgets @ this price”

7. Verifying Transactions Invoices Invoices are bills –Price, quantity, date, product description Discrepancies from PO's Reconciled with BO's or credit notes.

8. Verifying Transactions Receipts Receipts confirm that money has been paid. –Again product description, price, quantity, date –Taxes paid should also be recorded on receipt.

9. Verifying Transactions cheques Cheque is the final document in the verification process. Cheque can be its own receipt or proof of payment when cleared through the bank

10. Putting it all together The Journal All receipts and disbursements (payments) are recorded in date order. Cheque #'s are also recorded & voided cheques are noted. There can be no missing cheque #'s Deposits are recorded with date of deposit, to match bank statement.

11. AA Journal example

12. Reconciliation Have all your documents, receipts, invoices, deposit slips and check stubs Everything entered in your journal accurately and in order Check off items on the bank statement and allow for outstanding items(o/s cheques) The balance in the journal matches bank statement.

13. Congratulations ! You are the keeper of the Golden Egg