TO DO LIST
It's been a looong while since the Financial Cluster section has been updated. Let's get things organized to facilitate the transfer of the responsibilities going forward, make sure nothing falls through the cracks and outline how the responsibilities can be divided logically such that more than one person can help take care of them.
- Try to re-organize the 'Financial cluster' pages more logically
- Outlined the weekly, monthly, quarterly, yearly and bi-annual responsibilities
- Outline how to manage the books
General Financial Responsibilities
All duties are coordinated by the Financial Cluster Coordinator.
This is the category that requires the most creativity and responsiveness. The person fulfilling these duties needs ample flexibility to spend BK money and legally sign on behalf of the BK. So this person should be the Treasurer in the corporate sense. The sorts of things that this person does is included in the following list. For more information, see the Financial Cluster Coordinator.
- Being familiar with how the weekly/monthly/yearly jobs work and ensuring that they get done.
- Checking the mail at least weekly and paying the bills.
- Main contact for vendors (i.e., PG&E, Golden Gate Disposal, etc.)
- Sniffing through the Accounting Inbox weekly and writing any reimbursement checks.
- Fixing and developing systems like special order protocol, earmarked fund management, cash money allocation, etc.
- Migrating incidental tasks to the Weekly, Monthly, and Yearly categories as possible.
- Being responsive on email
- Managing PayPal and EventBright ticket money
- Speak up about spending proposals
- Having a solid opinion about the BK financial situation, and promoting that opinion in meetings and on the mailing list.
Each shift has some financial duties which they must handle. The main daily duties are:
- Pick up the bills and mail and put in the office in-box.
- Get petty cash for urgent, minor purchases.
- Close the register at the end of each shift.
Every week, the daily closing reports are reconciled and the weekly deposit is prepared. This incorporates determining how many sales in each category of sales (membership, day use, parts, etc), recording special order payments, recording petty cash spent for Saturday lunch and other items, determining if the register is short and why. It also involves recording all of this in GnuCash and preparing the deposit slip and taking the money to Chase.
Checks written to pay bills, reimbursement checks, and any other transactions are also recorded in GnuCash on a weekly basis.
Monthly duties include:
- Reconciling the bank statement
- Entering the monthly QBP order in to GnuCash
- Reconciling EventBright ticket sales with PayPal and entering class sales and EB/PP fees into GnuCash
- Reconciling QBP orders with Special Order payments
- Sales tax is due to the California Franchise Tax Board on a quarterly basis, at the end of the month following the last month of the quarter (EG April 30, July 31, October 31, and January 31)
The big one here is reporting to the IRS. This is just the usual bureaucratic game of filling out forms, keeping records, etc. The IRS stuff is due on the 15th day of the 5th month after the end of our fiscal year (December 31 -> May 15 each year). Another task is to prepare the fiscal year end report. There is no document on how we do this stuff, but we're constantly massaging the weekly and monthly tasks in an effort to make the yearly tasks as painless as possible.
Our Business Registration must be renewed every two years.
In all cases....
- If you can't tell from the receipt, write down what it was for. Also say what 'department' it's for - shop supplies, fundraising, etc
- If you can't read the dollar amount, write that down too.
If you took cash out of the register....
- Put the receipt and the change in the register. If you took out $20, the change + the receipt amount should = $20.
If you need to get reimbursed....
- Write your name and that you need to get reimbursed on the receipt.
- Put the receipt in the Accounting In Box folder (the first file in the top left drawer in the office).
If you used a BK card....
- Write that you used a BK card on the receipt.
- Put the receipt in the Accounting In Box folder.
For other financial-related information, see the Financial Cluster page.
Closing the Register
At the end of each shift,
- Leave $100 in small bills in the register.
- Fill out the register report, noting anything unusual.
- Put it in an envelope with the rest of the cash, any change, and any receipts (if there are any under the change drawer). Drop it in the safe.
Gift Cards / Certificates
See the Gift Card Protocol page.