Treasurer’s Report – May 2017
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 had asked Julie Nielsen, Accounting in Your Sleep to assist me with sorting out some of the duplication of accounts in Xero. Many of these have now been merged which is less confusing.
I had also asked for her assistance to reconcile and import the petty cash receipts as I was unsure how to do this.
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.
Reconciliations and Reporting
All reconciliations are up to date.
I have provided the following reports for this meeting dating from the 20 Feb to 14 May 14, 2017.
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 from the historical data that was inherited with MYOB.
Account Balance
The balance of the BOQ account is $ 18,099.28-
This is not all available funds to us as there is grant money secured by Helen Cook for the Memorial.
There are some invoices that require payment following Anzac Day, these will be in the bank this week for Mal to approve.
Helen has some accounts coming in now that will be paid against her funding. I am waiting for the Tax Invoices in order to pay these accounts.
Outstanding Invoicing
Most of the invoicing for Hall Hire completed and up to date – I will continue to work towards getting this automated. It would still help me considerably to have a hall manager in place. I may look at getting the bookkeeper to do this invoicing task and ask for a price to manage this.
Feedback
I propose that we need to complete a stock take on a number of the items that are held on the balance sheet such as the bar stock. I will require numbers on the stock that was out of date and needs to be removed.
I am looking to engage support of an accountant (with the bookkeeper’s support) to help me with cleaning up the historical values on the balance sheet which are not correct.
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.
I am looking at using some admin hours to complete the proposal for an update to the hire agreement and pricing as I am unable to undertake any additional work at this time.
