Best practices for record keeping
As treasurer, you are responsible for keeping a general ledger of daily income and expenses, sharing monthly statements of income and expenses with officers and members, and reconciling the organization’s bank statement at the beginning of each month.
Record keeping protects against loss of funds, informs financial decisions, and supports legal and operational requirements.
Dos and don’ts of record keeping
- Do keep a record of all bank deposits.
- Do keep all receipts (paid and received).
- Do pay all expenses by check, whenever possible.
- Do reconcile your bank statement at the beginning of each month.
- Don’t put off recording your organization’s income and expenses.