Tips for new P&C Committees
Take time to consider the little things
By now most P&Cs will have had their AGM and the new committees are in place.
Term 1 has come and gone and everything will seem to be flowing.
The P&C Accounting Manual sets out a lot of things for Treasurers and committees to put in place so, naturally, we focus on the big things.
Unfortunately, it’s the little things that often catch us out. Things like:
- Recording the names of those authorised to collect money where a cash sale sheet is used.
- Two independent people collecting and counting money
- Doing quarterly stocktakes (at the end of each term)
- Ensuring petty cash is not used for expenses greater than $100
- Keeping track of invoices and essential documents
- Recording the passing on of accountable forms (eg cheque book, receipt book and purchase order book) so it is clear who has custody of them. Also ensuring that your register recording of all accountable forms is kept up to date as instructed
- Ensuring all cheques are marked “Not Negotiable” and the words “Or Bearer” are crossed out. NB No cheque should ever be made out to “cash”
- Separation of duties, often meaning if you count any cash, then you certainly don’t bank it too
Are you keeping records for 7 years?
There a lot of procedural things like ensuring that bank statements are reconciled on a monthly basis, other reporting is done monthly and minutes are recorded and circulated for meetings.
Does your P&C conduct any business activities?
There are some bigger ‘business’ things that are there to catch the unwary.
If your P&C employs paid staff i.e. employees, are you paying superannuation on time via Super Stream? Will you be ready for Single Touch Payroll when it starts on 1 July 2019 assuming you have fewer than 20 employees?
TIP: If you have 20 or more employees, then you should already be on Single Touch Payroll. If you’re unsure, please get in touch so we can point you in the right direction.
Hopefully the new committee has had a chance to review the Accounting Manual’s requirements, both big and small. If not, the best time is right now as it will most likely be the little things that catch out volunteers.