common finance mistakes v3
Post on 12-Mar-2016
222 Views
Preview:
DESCRIPTION
TRANSCRIPT
Common Finance MistakesPage 1
imperialcollegeunion.org/trainingimperialcollegeunion.org
Common Finance Mistakes
Common Finance MistakesPage 2imperialcollegeunion.org/training
Contents
Introduction
Contents & Introduction 2
Income 3
Expenditure 5
Invoicing 13
Other 17
Your notes 18
The Union Finance Department encounters many similar mistakes when dealing with Club, Society & Project financial matters. This booklet provides examples of the most frequent errors so that hopefully you can avoid these mistakes.
© Imperial College Union 2012Version 3.0 - 25 June 2012
Common Finance MistakesPage 3
imperialcollegeunion.org/training
Correct Donation Letter
When income for a donation is received it must be accompanied by a letter to confirm it is a donation, otherwise VAT will be incurred This is a good example of letter confirming a donation.
Income
Common Finance MistakesPage 4imperialcollegeunion.org/training
Adding-up Cheques/Cash on Paying-in Slips
Make sure that the cheques and cash being paid into the bank are added-up correctly. This is an example of what happens if this is not done correctly:
Income cont...
Common Finance MistakesPage 5
imperialcollegeunion.org/training
Correct VAT Invoice
This is a good example of a VAT invoice:
Expenditure
Common Finance MistakesPage 6imperialcollegeunion.org/training
Ensure Claim Form Totals are Correct & Obtain Proper VAT Receipts
Make sure to add the amounts correctly.
Expenditure cont...
Common Finance MistakesPage 7
imperialcollegeunion.org/training
Expenditure cont...Receipts when making a claim
If an invoice is used to support a claim it must be stamped as being paid.
Common Finance MistakesPage 8imperialcollegeunion.org/training
Invoicing
Contracts
Make sure that sponsorship contracts are signed and that a signed copy is retained by the finance department.
Common Finance MistakesPage 9
imperialcollegeunion.org/training
Invoicing cont...
Common Finance MistakesPage 10imperialcollegeunion.org/training
Invoicing cont...
Common Finance MistakesPage 11
imperialcollegeunion.org/training
Invoicing cont...
Common Finance MistakesPage 12imperialcollegeunion.org/training
Other
Club, Society or Project Invoices
Invoices should only be issued from Imperial College Union. Clubs, Societies and Projects must not create and send their own invoices.
Imperial College UnionBeit QuadranglePrince Consort RoadLondon SW7 2BB
Tel: 020 7594 8060Fax: 020 7594 8065Email: union@imperial.ac.ukTwitter: @icunionimperialcollegeunion.org
top related