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Troop financial tutorial 2010
- 1. HOW TO COMPLETE TROOP/GROUP FINANCIALS Completing your financials using the excel spreadsheets
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- Hello! Today we are going to go through how to do your troop financials using the excel spreadsheets on your computer
- **You should have received the Troop/Group Treasurer Self Study Guide and **copies of the Detailed Cash Record and Annual Troop/Group Financial Report & Equipment Inventory. If you need copies of these forms, you can reference pages 16 & 20 in the self study guide. You can also get them on the council website under the forms section. **Hopefully you have already contacted your Service Unit Treasurer and opened a bank account for the troop, but if you haven’t don’t worry, you can still start your troop financials and have them going before the account is open. These forms, along with a bank statement are turned in once a year to your Service Unit Treasurer.
- To get started you are going to need the following materials: **Annual Troop/Group Financial Report & equipment inventory, **the detailed cash record, ** Troop receipts and the troop checkbook, **and any bank statements you have received so far.
- The first thing you are going to do is to fill out the top portion of the Detailed Cash Record. This includes the report dates,
- service unit number or name, troop number
- leaders name and contact information,
- and troop information. You will then click on the bottom tab for Annual Financal Report.
- Now, complete the rest of the missing information on the top of the annual financial report. The information you put on the detailed cash record will have transferred automatically, as you can see in the red writing.
- Complete the rest of the missing information on the top of the annual financial report. This includes the bank information
- and signers on the account.
- You are now ready to begin entering your transactions. **This is easiest if you organize your receipts in date order. Be sure you know what the purpose behind each transaction is. Have your checkbook register available to compare with receipts and mark any deposits you have made. **As you are working though compare checkbook register with receipts and the checkbook to track any deposits that were made
- You are ready to start entering your transactions into the detailed cash record. You are going to start with the oldest transactions first and work your way to the most recent.
- You’ll enter the date the transaction happened in the first column
- and in the second column put in the details of the transaction. In this column if it is an expense, include the check number, where the money was spent, and a brief description of what the money was used for. If income write where it was received from.
- You are then going to enter the amount received or spent in the appropriate income or expense column.
- Here are some explanations as to what each income and expense column means to help you determine where the funds should be placed. Columns 3-6 are income and columns 7-9 are expenses. **Column 3 is Dues, Activities, Events; this will include any troops dues that are collected from the girls at meetings, any start up fees, any opportunity funds received, and money collected for any troop activities.
- Column 4 is Council Product Sales Profits; this is the profit a troop receives from doing council nut sales and cookie sales
- Column 5 is money earning project profits; this is money earned from troops doing any money earning projects other than council nut and cookie sales. If there are any funds in this column, then money earning project approval forms must be attached.
- Column 6 is Donations, Misc; this includes and money received from parents or other sponsors that will be used for troop activities.
- Now onto the expenses. **Column 7 is meeting, activities, and event expenses; this includes any expenditures for meetings and troop activities, including craft supplies, first aid kits, program books, workshops, etc.
- Column 8 is Recognitions, Awards, Badges, Patches, and Pins; this includes money used to purchase any badges, try its, or patches earned, and other recognitions and thank-you’s.
- Column 9 is community service and Misc; This is money used to perform service projects and other authorized expenditures not listed. **You can see page 18 in your self study guide for more in depth explanations of the categories.
- Let’s now enter our transactions. Find your oldest transaction, and enter the information into the appropriate columns. As you go, you will notice that when you enter and amount into
- the income or
- expense categories, the amount
- automatically transfers into the total income or expense column, and
- will automatically figure out your running balance.
- My troop is new, so we started the year with $0 from the last report.
- We collected start up fees at the beginning of the year, we collected $10 per girl and have 12 girls, for a total income of $120. I enter that in the appropriate income column, and it transfers the total over to calculate my running balance.
- Next, I have a receipt for $34.56 for a transaction at Michaels on Sept 18. My troop leader purchased craft items for a meeting and used check number 218. First I enter the date that the transaction happened, September 18, then the details, and put the expense in the appropriate column. As you are working, check your running balance against your bank statements to ensure that they match.
- I’m now going to enter the rest of my transactions for the year. Once you have entered all your transactions you will see your current account balance at the bottom of the running balance column.
- You will also notice at the bottom of the spreadsheet, there are category totals. As you enter amounts in each column, it will calculate the category total at the bottom, as well as total income and total expense. Then it calculates your total end balance. This amount should match against your most recent bank statement.
- The best way to ensure that you continue to have correct records is to **collect all receipts and enter them onto the detailed cash record as they happen. **If the leader or someone else is purchasing items or paying for activities for the troop, collect the receipts that they get and log them as soon as possible. **Then, when you receive the monthly bank statement in the mail, double check it against your detailed cash record to ensure that there are no mistakes and your running balance matches the bank statement.
- When you have entered all of your transactions into the detailed cash record and are ready to turn it into the service unit treasurer, you are going to ensure everything transferred correctly to your annual financial report and equipment inventory. Your category totals from the detailed cash record are going to transfer automatically into the columns on the financial report, just ensure that they are correct.
- If you have transactions on your detailed cash record that were not processed through your bank before your bank statement printed, **use the guide on the back of your bank statement to reconcile your account and ensure your totals match. **You will take the current statement amount, **subtract any expenses and **add in any incomes since the statement. ** This should then total the final balance on the detailed cash record.
- For example, **my bank statement shows that I have a balance of $594.53, **and my detailed cash record shows a balance of $347.69. **There was a check written on April 15 for $246.84, for food for our campout, that has not yet cleared the bank when my statement is run on April 17. So I need to reconcile bank statement. **The statement says I have $594.53, **I subtract the unprocessed expense of $246.84 **there are no incomes to add in. **This give me a final balance of $347.69, which matches my detailed cash record.
- You are now going to complete the last portions of the financial report, and will be ready to submit everything to you service unit treasurer. If your ending balance exceeds $500 you need to list your plans for use of the funds in the box under plans. List any specific events or activities that the troop is saving to attend or do.
- If the troop has any equipment that is owned by the troop list that and the condition in the appropriate box.
- My troop has two tents and one flag, both in good condition.
- **You are going to turn 2 copies of each of the following to your service unit treasurer; **the detailed cash record, **annual troop financial report, **the most current bank statement and **any approved money earning project applications you may have. Check with your service unit to see when the due date for the financials is. It will generally be around the end of the school year.
- Congratulations! You have now completed your first troop financials.** What to do now? **You are going to take your ending balance, and put it in the first line of the running balance on your next detailed cash record. **You will then continue through the process of tracking all income and expenses for the next year.
- What kinds of records do you need to keep? **You need to keep all troop financial records for four years. **You do not need to turn in any receipts to the service unit treasurer unless they are specifically asked for. Keep them and your bank statements filed and organized so they are easy to go back to if needed. An easy way to do this is create a file for your troop, and put in a folder for each month. Then, as you get receipts they can be filed there, **and when the bank statement comes you and the troop leader can check it against the detailed cash record and receipts, the file the bank statement in the appropriate month folder. **Continue to ensure that the person holding the checkbook and the person receiving the bank statements each month are different people.
- If you have any further questions, **you can contact your service unit treasurer or **council volunteer support coordinator to get clarification or for specific questions. **Keep your self paced training and refer back to it as needed. **Or feel free to watch this video training again. **Thank you!!