Procedures for expense ledger, reconciliation and reporting
Locals without checkbooks should keep an expense ledger similar to a checkbook register. It should have a running balance, expenses and deposits. Each month this should be compared to the MAPE Finance Report that is sent to local treasurers to ensure all expenses have been documented and the income can be documented to track the local funds available.
|7/13/2012||Local Meeting -- Caterer||$435.00||$1,764.24|
|7/13/2012||Gift cards for Mtg||$30.00||$1,734.24|
Locals with checkbooks should manage a reconciliation form to manage the checkbook, expenses paid by MAPE Central and the replenishments into the account. Each month this should be compared to the MAPE Finance Report that is sent to local treasurers and your checkbook account information to ensure all expenses have been documented and replenished, and the income is documented so it is clear the local funds that are available.
Monthly the local treasurer must:
- Review the MAPE Finance Report – this is sent within the first 2 weeks of each month for the previous month.
- Review the bank statement – for locals with checkbooks.
- Compare the MAPE Finance Report and bank statement to the local expense ledger or reconciliation form.
- Send expenses to MAPE Financial Specialist for reporting or reimbursement.
Some items such as training and elections will be on your MAPE Financial Report and not on your local expense report because the expenses are processed through MAPE Central when needed. These are items you should watch for and document on your local ledger.
Yearly the local treasurer should:
- Ensure an audit committee is formed and completes an audit for the previous year, report to local membership and submit to the Statewide Treasurer (locals with checkbooks only).
- Create a budget for the following year, get approval from local membership and submit to Statewide Treasurer.
- Present an end of the year financial report to local membership.