New Accounting System
There is still some work being done with the new online financial system/accounting application, Xero to ensure that the codes and accounts are in line with what we need.
Xero Support
I am asking Julie Nielsen, Accounting in Your Sleep. To assist me with sorting out some of the issues that were migrated from the old system to make sure that we are fully compliant.
As I have chosen the basic package with no support included, so there is a cost for the support Julie is providing although she is being very generous with her time. The support is being billed at $50 per hour.
We are still under budget for what has been spent in previous years, and I am pleased that we are addressing some outstanding issues that have been causing me concern. I am feeling more ready to complete any outstanding obligations now.
Reconciliations and Reporting
The automations with the online system are making the reconciliations easier as it receives bank feeds every night automatically from our BOQ account.
I have provided the following reports for this meeting dating from the 18 Oct to 19 Feb.
- Activity Statement
- Profit and Loss
I have chosen not to submit a Balance Sheet at this time as there are old errors that are yet to be resolved.
Account Balance
We are in a better financial position than the last report due to some invoicing and payments being finalised. Additionally, there was some fundraising monies and $3300 that was dispersed to the local sub-branches from RSL QLD for the state poppy/badge sales.
The balance of the BOQ account is $ 16,821.40 – This is not all available funds as there is grant money secured by Helen Cook for the Memorial.
Outstanding Invoicing
Most of the invoicing for Hall Hire completed and up to date – I will continue to work towards getting this as smooth as possible.
Feedback
I would like to see us with a plan and some projections for how we will operate this year. This way we can set a budget and have a better understanding of where we are throughout the year.
There are a few additional constraints as far as operating within our charter and ensuring that any financial support we provide meets these. RSL QLD is working with the Charities Commission to ensure that we remain compliant and transparent with all our activities.
The electricity account still seems quite high for the usage, I have been investigating ways to identify these costs so they can be measured and managed. I am still yet to resolve the best way to do this.
I don’t believe that the amount we have listed as a charge back for hirers is adequate to cover the cost.
I have not yet completed the proposal for an update to the hire agreement.
