Congrats! You have (or almost have) made it to the end of the term! I bet you are exhausted and ready to just be done with about everything that relates to school. Well, I’m happy to see that you don’t just leave all of your responsibilities and dedicate couple of hours to make sure that we are a legit charity that follows adequate financial procedures. So let’s get to this mysterious end of the term finances, reconciliation and of course, your transfer to finish it off!
What do I do?
Let’s start by reconciling the terms financial transactions. You have previously reconciled for each month (How To: Monthly Reconciliation) and cleared any uncertainties with Head Office (email@example.com).
This means that by the end of the term, your finances must be 100% aligned (aka the difference between cash tracker and your bank account is $0, you have all the receipts, all dates match, all inflows and outflows also match). If there any differences, you must contact Head Office (firstname.lastname@example.org) until everything is aligned. If you are lost in regards to this please feel free to refer to our magical flowchart: Monthly Reconciliation Flowchart.
Here are some of the things to keep in mind when you are verifying reconciliation:
- Track all revenue
- Deposit all revenue
- Track all expenses
- Reimburse all expenses
- Cash all cheques
- Verify each transaction on the cash tracker
- Amounts, dates, descriptions, match yeay!
This all was pretty simple. The only thing that is left is to make a transfer to the Head Office:
- Email Nicole (email@example.com) to ask her to issue you an invoice for the transfer. She will also give you the SOS Head Office Bank Account information (also found in the Finance manual). Please make sure to indicate how much are you intending to transfer. For the transfer you are to transfer everything but the opening balance for next term ($300) + any outstanding reimbursements from your SOS Bank Account. If you are unsure, just email Nicole to assist you in this process.
- The transfer is split into the following categories (please see the amounts in the Track Expenses Page)
- Inventory Order Expense
- 15% Chapter Development Fee
- Project Contribution