Maintaining Financial Records
The club is required to maintain a record of its financial records electronically, and must be able to produce these records upon request. These records must be able to be provided in Excel format if requested by FUSA.
These records must include:
- All income received by the club: Including why the income was received (e.g: ‘Pub crawl ticket’, ‘Catering from Movie Night’, etc.), who paid the club (where applicable), how the income was received (e.g: bank transfer, cash, etc.) and the amount received ($AUD)
- All expenditure of the club: Including what the expenditure was for (e.g: ingredients for fundraiser BBQ, Venue Hire, etc.), who the money was paid to, how the money was paid (i.e; cash, EFTPOS, Bank Transfer, etc.), and the amount paid.
- A list of all assets of the club (any non-perishable equipment/resources that could be sold at a later date): Including a description of the equipment (including the name/model no. etc. where applicable), the place of purchase, the purchase price of the equipment, and the receipt/invoice number (where available).
In addition, the club is required to keep copies of all receipts/tax invoices relating to the above, and must be able to produce these upon request. The club must ensure all receipts and tax invoices are valid. For details regarding valid receipts/tax invoices, see Keeping Receipts.