1. 2016-17 ‘Managing Your Money: From Budgets to Exchequer’ by KCLSU Finance

2. Overview Who we are Managing Your Money Benefits of using Exchequer
The Dos and Don’ts
Exchequer Live Demonstration
Basic VAT Rules
Please make sure your are considering Value with Values

3. ‘Wait, we don’t have enough money?
Managing Your Money
Budgets: Important to sort out early!
Use budget template on ‘Running a Group’ page to help you plan out finances for the year
‘Wait, we don’t have enough money?
I already paid for it!’

4. Budget Template
Student Activity Group Annual Budget
Balance from Previous Year
August
September
October
November
December
Income
Membership fees Income
Sponsorship Income
Ticket Income
Members Contribution
Other Income
Total Income
Expenditure
Event Expenditure
Food and Drink Expenditure
Travel
Freshers' Fair Expenditure
Other Expenditure
Total Expenditure
Surplus/Deficit
Note:
1. Any project should not go ahead if it is in a deficit position
2. The income and Expenditure Items listed above are not exhaustive, please amend the template to suit the nature of the project.
Briefly discuss how to use budget template for benefit of group.

5. ‘Awesome idea! How are we going to pay for that?’
Managing Your Money
Once you have your budget and activities planned, you can seek funding through…SPONSORSHIP:
Sponsorship has loads of benefits:
Increasing society resources
Chance to run own events or competitions
More opportunities to enter competitions (if relevant)
Links with potential employers
Potential for student development workshops provided by the sponsor
Improving the overall member experience
Sponsorship Guide available on
‘Running a Group’ KCLSU webpage
‘Awesome idea! How are we going to pay for that?’

6. Managing Your Money (Societies & Activity Groups)
Once you have your budget and activities planned, you can seek funding through…
THE ACTIVITIES FUND:
New, simpler funding model: there are no longer multiple pots of money (aka ‘Core Grant’ and ‘Development Fund’)
4 windows for your group to apply for any funding you need (includes core activities, new projects, Welcome Fair, One World, etc.)
Check ‘Activities Updates’ page for dates
‘Awesome idea! How are we going to pay for that?’
Applications Open
Applications Close
June
July
Sept
October
January
February
April
May

7. Benefits of using Exchequer live
Quicker way to be paid
Less paper work
Can be accessed anywhere
Please make sure your are considering Value with Values

8. Dos and Don’ts
You must fill out a payment request form (PRF) with support and attach in Exchequer Live.
Do not claim reimbursement for yourself.
Only use internet explorer for exchequer live. Do not use any other web browser.
Any payments to college should be put through Exchequer Live. Do not allow society member to pay directly to college.
If you haven’t heard anything from us with in 2 weeks after submitting payment request please contact Finance staff with relevant purchase order number.

9. Exchequer Live Demonstration
Step A:
Select “Order” to create a payment request.

10. Exchequer Live Demonstration
Step B:
Click the Magnifying glass Icon to find the Payee account – Type the payee name and a drop down list will help you find the right person. Double click the name on the list to bring up the payee account.
STEP C:
Your Ref – can be invoice number(if you have an invoice from supplier), or anything to help you keep traces track of the expenditures in your account, use something that you will understand, or you can use for example “PR ”.
Alternative Ref- Put your SAG department code, for example, “100”. This reference will help you to view all payment requests for your department.
STEP D:
You must click on the ‘Add’ button to add more information about this request. See next step.

11. Exchequer Live Demonstration
STEP G:
GL Code – this is the 5-digit code corresponding to your accounts: for example.
Private: 65030
Grant: 65010
Charity donation: 65055
Restricted: 65050
Cost Centre – Input AAA, This is normally defaulted.
Department – this is the unique 3 digit code associated to your group, for example, Lacrosse is This is normally defaulted
VAT Code – please follow the guidance below to select the correct VAT code.
STEP E:
Click here to add a description of the reimbursement – for example, “train tickets to Portsmouth.”
Step H:
On completing all this information you must click ‘Save’ on the right hand side of that window
STEP F:
In this section you need to fill out the details of the goods/service you are being reimbursed for – the relevant part is Unit Cost Price. Please keep “Quantity as 1”.

12. Exchequer Live Demonstration
Step I:
After you have selected ‘Save’, the transaction will be the first item on the list of New Purchase Orders. Right click and “Cancel Hold.” Double click on the transaction to attach the supporting documents for the payment request.

13. Exchequer Live Demonstration
STEP J:
Please attach the payment request form by selecting the “Add” in the top left hand corner. Payment request form and proof of purchase are compulsory. This can be in the following file formats: .xls, .doc, .docx, PDF, or JPEG. Failing to attach documents in one of these formats will result in delays as we cannot open other formats. In order to save the attachment, please also input a Description. Make sure to click Save button to save the attachment in the system.

14. Exchequer Live Demonstration
Authorization in Exchequer Live   To request authorisation, you need to Cancel Hold (to get rid of H icon) by right clicking on the payment request raised and select ‘Cancel Hold’.   Now click on ‘Approval’ – the system will send an to the finance team to review and authorise the request.   The status of the payment request will now show as ‘Awaiting Authorisation’.

15. Exchequer Live Demonstration
If you request a payment to yourself, it will be rejected by finance team.
If you forget to click Approval button, it is an uncompleted request, finance team will not be able to authorise the payment, then it will never be paid.

16. Basic VAT Rules Sports Clubs: Activity Groups:
VAT clearly stated on invoice -Expenditure from Private and sponsorship Income - Partial(1)
VAT clearly stated on the invoice- Expenditure from KCLSU Grant and third party grants - Zero (Z)
Invoice without VAT - Zero (Z)
Activity Groups:
VAT clearly stated on invoice – Expenditure from Private and Sponsorship Income - Standard (S)
VAT clearly stated on invoice – Expenditure from KCLSU Grant & Third Party Grant - Zero (Z)

17. Get in touch!
We’re here to help and support you! Stop in or us at if you’re ever unclear about how to manager your group’s money.