Treasurers Report – June 2016

New Accounting System

The financial system has been taken online with an accounting application called Xero.

This online system receives bank feeds every night automatically from our BOQ account. For regular payments it can recognise payments and match them up, making reconciliations more accurate and saves effort.

Xero Support

The Xero migration was undertaken by local book-keeper Julie Nielsen, Accounting in Your Sleep.

Julie has heavily discounted the rate for the migration for us and arranged the Non-Profit for the monthly subscription.

At this time I have chosen the basic package with no support included. If support is required there is some online support.

If the questions are related to our specific setup there is support available for $50 per hour.

Reconciliations and Reporting

As the reconciliations are done in real time the previous reconciliations that were done matching the bank statements are no longer necessary. This means that the reporting provided for board meetings will look a bit different to what has been available previously.

Whilst I am no expert in the reporting, it is quite easy to produce standard reports such as Profit and Loss, Balance Sheets, etc.

I have provided the following reports for this  for this meeting dating from the 1 Jan to 17 June.

• Activity Statement
• Profit and Loss
• Balance Sheet

Account Balance

The balance of the BOQ account is $10,166.

Outstanding Invoicing

I still have invoicing to be completed for Hall Hire – I expect to complete this any follow up any outstanding invoicing by next month.

Feedback

I believe that we still need to find further ways of raising revenue.

I understand that there are a number of activities that are planned by the citizens auxiliary which will help with raising funds and our profile.

The electricity account still seems quite high for the usage , I think it worth investigating if it is possible to reduce this expense.