Starters from @michael
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@michael As we continue to work on this, let’s use this Hub topic to track any actions / progress.
Reimbursement from the business account, to the personal account, should have executive & business approval. (One step beyond approval/consent of generally reimbursing.)
So it doesn’t appear that you are moving money. It’s an internal control thing of checks and balances.
Currently executive approval is Board Chairs and EDs.
Nandhini:
Someone from the finance circle is sending the money.
There’s some type of check-and-balance where other organizers need to approve. It can’t be just a single organizer because then auditors may question if someone is a friend.
Deborah:
Question of who approves and how is it documented?
Nandhini:
Bookkeeper has to retain documentation. Receipts, every bill that we pay for.
As part of this project, currently working on…
Adding Michael as an Admin on the Business Account (so there are two people with access)
Figuring out how to do electronic transfers and the documentation associated with them
I found this to be a really helpful resource!
It includes template 2-person controls and 3-person controls.
Update:
@insiyalambe and I have been working through our new Quickbooks Online setup! I’ll write up what we’re learning as we go along.
Expenses
Deborah enters the expense, making sure every field is filled!
Insiya double-checks by matching transactions via the bank feeds.
Big Update!
I’ve started an QuickBooks Guide for Youth Power Coalition document!
https://docs.google.com/document/d/1Czjsads4HV_h_ZzeQI-P9x1SHiM_pDfu/edit#
It includes
- How we’ve set up QuickBooks
- How we enter specific transactions
- Roles and responsibilities
- Open questions
This is in draft/proposal form! Finance circle is participating + input needed from mission circle.
I’ve closed this topic and moved it to #done because I’ve now moved the relevant information from this project to Create Accounting System. Continue the conversation there!