There are four key components to an organization’s records: the checkbook, the ledger, the bank statements, and the receipts. If you are a new organization your first funding request should account for the need to purchase these items. The balances of the checkbook, ledger and bank statements should be equal and kept up-to-date at all times in preparation for your end of semester audits. Records for the past three academic years are to be kept and stored in reverse chronological order and brought to your audit. If your organization would like to store these records some place else, the SGA office has file cabinets for this purpose.

Ledger

The ledger is used to break down expenses and to analyze spending by charting monthly, semester and yearly costs. All ledgers must be done in an Excel document or another electronic format. All the financial activity of your organization needs to be entered into the ledger. This includes all checks/withdrawals and deposits made to or from your account. Use a separate page in the ledger for each month; include a semester total’s page at the end of each semester, and a yearly total’s page at the end of the year. There should be a description for all expenditures. All transactions should include the date and a running balance for every entry. Your semester and yearly summary pages should include a breakdown of expenditures. This should all help your Ways and Means Liaison in understanding your spending and in checking to see that your account is in order. It should also help you in planning for future budget proposals.

Receipts

For every payment you make out to someone you need a receipt. In the event that another member of your organization is making the purchase, please ensure that she holds on to the receipt so she can be reimbursed. NO reimbursements will be made without a receipt. All receipts should be attached to your Withdrawal Receipt from the SGA Business Office. Keep receipts grouped together by month.