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Friday, 7 July 2017

ROLE OF TREASURER

The Treasurer is responsible for all financial transactions of the
Organisation.
Qualities of a Good Treasurer
- The most important quality a Treasurer can have is common sense
and a practical approach.
- Ability to pay attention to detail, e.g. paying bills promptly, issuing
receipts, etc.
- Ability to handle figures. It is a mistaken impression that you need
to be able to balance books, ledgers etc.
Financial Structures
These can be basic as a single book system to as complicated as
computerised accounting system. The exact requirements will be
suggested by the size of the Organisation and by the level of financial and
other information (membership, etc.) that will be required by the
Organisation.
In a start up situation the new Treasurer will need to:
1. Set up a bank account in the name of the Organisation (not in the
personal name of any individual member).
2. The bank account signatures must include the Treasurer and
preferably one or two other members of executive. By setting up
the mandate in this format it means that at least two other members
of the executive Committee members will be aware of the funds
that are being spent.
3. Organise appropriate books to record the transactions of the
Organisation. This may involve getting receipt books printed which
should be in duplicate and which should be numbered sequentially.
It is crucial that once these books are printed that the Treasurer
keeps control over them by recording which members receive
receipt books and the number of that receipt. Now receipt books
should not to be issued to an individual until the previous
completed book is returned to the Treasurer. The Treasurer should
review all used receipt book to ensure that all the Organisation’s
funds have been properly accounted for in the books.

More next week

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