Procedures for updating the Barset Accounts Example / Blank Sheet for your accounts. The CD in your training pack contains the following spreadsheets:
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1 Procedures for updating the Barset Accounts Example / Blank Sheet for your accounts The CD in your training pack contains the following spreadsheets: 1. Training Day Barset Accounts Example 2. Training Day Barset Accounts Blank. The Example spreadsheet has been completed with the transactions of Barset DFAS, a fictional NADFAS Society, included. The blank spreadsheet is the Barset Accounts including links and formulae, but excluding the Barset Transactions. This is intended as a template for you to amend and update with your Society s details and transactions. The spreadsheet is made up of the following sections Main Cash Book Current account receipts Current account payments Bank reconciliation Petty cash Deposit account CAF gold cash book General Ledger Current year Opening balance for next year Year end journal adjustments 1
2 Receipts and payments account Income and Expenditure account (accruals basis) Alternative cashbook layout Receipts and payments vs Income and Expenditure Analysis of difference on Events Budgeted Income and Expenditure account Reminder on Debits and Credits Note on accrual Explanation of worksheets, completing them and links to other worksheets 1. Main cash book i. The current account has been separated into Receipts and Payments to make the worksheets easier to see and allow easier allocation into the Income and Expenditure section of the General Ledger Current Year worksheet. ii. When a deposit is made into the current account or income is received directly (such as interest or internet payment) the transaction should be logged in the table in the receipts worksheet. iii. Columns are separated as follows 1. Date, (when the deposit is made or when the transaction entered account) 2
3 2. Detail, short written detail of transaction. 3. Ref., the reference would be relevant to the Society s filing. 4. Credit Slip number, or other reference which will help to track the receipt (such as bank statement number) 5. Columns of Income. Input the transaction total in the table under the column heading relating to the type of income. iv. Payments, follow the same principle as above for receipts except the Credit Slip number column is replaced by the Chq no (Cheques paid out from the Society s cheque book). 2. Bank Reconciliation i. Enter the current account bank balance as per your year end statement. ii. List cheques that have been drawn but not cleared in the current bank account (these will be deducted from the bank statement year end balance). iii. List receipts that have been deposited but not cleared in the current account (these will be added to the year end bank balance) iv. The balance you obtain from adjusting the year end bank balance with the uncleared items should reconcile to the current account bank balance as per your cash book (opening balance plus receipts less payments). 3. Petty Cash i. The worksheet contains petty cash transactions for both receipts and payments. If you have a petty cash box you can use this table otherwise leave this worksheet blank. 4. Deposit Account CAF Gold i. Most societies have a separate High Interest account to hold most of their income and to generate more interest. We have created a worksheet specifically for this 3
4 account. The account will be mainly used for receiving the bulk of your income or transferring income to the current account as and when required. For this reason we have both receipts and payments on the same worksheet. ii. The principle for completing the table of transactions is the same as the current account receipts and payments worksheets. Transactions are dated with a description and the amount is added to the table under the relevant column. iii. The payment transfers column is for income transferred from the CAF Deposit account to the current account. In the CAF Deposit account this is a negative figure (denoted by the brackets around the total). iv. If you are transferring money from the current account to the CAF Gold account then the figure in the CAF Gold worksheet will be positive and the figure in the current account receipts worksheet will be negative. 5. Ledger 2012 a. The ledger shows the receipts and payments for the period. b. Below the receipts and payments is the balanced sheet: Fixed Assets, Current Assets, Current Liabilities, Net Assets and Reserves. c. There are links between the totals of the current bank account receipts and payments, petty cash, CAF Gold account and the General Ledger. d. To populate the General Ledger please follow the guidelines below. i. Make sure you have a print out of the General Ledger from the previous year. ii. Put the previous closing balance sheet figures into the opening balance columns for the current year. iii. NB The General Fund brought forward figure contains the closing balance for income and expenditure of the 4
5 previous year. This means you do not have to put the 2011 closing balance of the individual income and expenditure figures into the 2012 opening balance income and expenditure, if you put General Fund brought forward into the opening balance. iv. Make relevant adjustments in the adjustments column. Please see below for the types of adjustments you may need to do. e. Fixed Asset Depreciation (Journal 1) i. Work out the depreciation for the year. In this case we have a projector purchased at 1, with a depreciation policy of five years (20% each year) we will need to depreciate ii. In the adjustments column of the General Ledger 2012 worksheet 1. Debit Expenditure depreciation charge with Credit Fixed Assets accumulated depreciation with Accumulated depreciation brought forward from the previous year was 1, which means the accumulated depreciation at the year end is 1, f. Current Assets Debtors and Prepayments (Journal 2) i. In this case there are study days and events in 2013, the expenditure as been paid in As the payment has been made in advance, but we want to show the costs in 2013 when the study days and events actual occur, we shall prepay them. 1. The total of study days and events expenditure that has been paid in 2012 relating to 2013 is Make the following entries in the adjustments column. 5
6 3. Credit Expenditure Study Day and Events expenditure with (this reduces the expenditure in the current year) 4. Debit Current Assets debtors and prepayments with (The money is held in Current Assets and until it is moved back to Expenditure in 2013) g. Current Liabilities, Deferred income subs (Journal 3) i. In the previous year (2011) 6,330 of subs relating to 2012 was deferred. This amount is released in 2012 (see the adjustments column) as follows. 1. Debit, Current Liabilities, Deferred income subs with 6, Credit, Income Subscriptions with 6,330. ii. In the current year (2012) 10,670 of subscriptions for the season September 2012 to August 2013 has been collected. This means that 2/3 or 7,117 of the subscriptions should be deferred to 2013, as follows. 1. Credit, Current Liabilities, deferred income subs with 7, Debit, Income subscriptions with 7,117. h. Current Liabilities, Deferred income other (Journal 4 & 5) i. In the current year (2012) 2,417 of income relating to events and study days which will occur in 2013 was collected. The income should be deferred in the adjustments column as follows. 1. Credit, Current Liabilities, deferred income other with 2, Debit, Income study days and events income with 2,417. ii. In the previous year (2011) 1,530 of income relating to events and study days which occured in 2012 was collected. The income was deferred in 2011 released in 2012 as follows. 6
7 1. Debit, Current Liabilities, deferred income other with 1, Credit, Income study days and events income with 1,530. i. Current Liabilities, Other creditors and accruals (Journal 6) i. One of our committee members, Mrs Trollope, was owed 16 expenses in 2012, but was paid in To account for these expenses in 2012 the following adjustment is required. 1. Credit, Current liabilities other creditors and accruals with Debit, Expenditure committee member expenses with 16. j. Reserves (Journal 7) i. Barset DFAS has decided to add 1000 to their equipment reserve. To do this the adjustment column is amended as follows. 1. Debit, transfer to equipment reserve with 1, Credit, Equipment reserve with 1, Ledger 2013 a. This worksheet is linked to the Ledger 2012 worksheet. The links on the sheet mean that once you have completed the 2012 accounts the opening balances are automatically put into the correct place for However these are the only links present on the Ledger 2013 worksheet, so I would suggest you create a new blank spreadsheet for 2013 and hard key the 2013 figures into the Ledger 2012 worksheet (before renaming it 2013). 7. R&P Accounts a. Preparing accounts with the adjustment journals above can be confusing and complicated. For this reason we have created the Receipts and Payments Accounts worksheet. The accounts are linked to pick up only the current year receipts and payments, no adjustments are taken into account for income or expenditure from the previous year or relating to the next year. 7
8 This means that your receipts and payments will not necessarily relate to events occurring in the 2012 period. 8. I&E Accounts a. The income and expenditure accounts take into account the journal adjustments above and show the balance sheet at the bottom of the accounts. By preparing accounts this way you are able to match the income and expenditure relating to events and study days occurring in the year and get a better idea of the cost of these events. 9. Cashbook old style a. As an example we have completed a cashbook for the current account with the receipts and payments on the same page. The old format meant that there was a lot of information on one worksheet, which is the reason why we split it into receipts and payments separately. 10. Comparison a. This worksheet compares the R&P Accounts with the I&E Accounts. From this we can see the variance in the net receipts less payments is effected by the subscriptions, events relating to 2013 and an accrual for expenses not yet paid. 11. Events a. This worksheet looks at the events receipts and payments for R&P and shows how the adjustments to R&P results in the figures for the I&E figure. 12. Budgeting a. When preparing budgets for the coming year we start with figures for the current year to enable you to compare the reasonableness of your budget figures. i. When looking at the Income or Expenditure line you should first identify the committee member you will need to discuss the figures with and then the basis you use to work out the amount. 1. Subscriptions, the committee sets the subscription per capita at the committee meeting, the 8
9 membership secretary identifies the number of members. Budget is membership multiplied by subscription. 2. Visitors fees, if the Programme Secretary is responsible for arranging the lectures then you may want to talk to them about how much they would expect. 3. Study Days and Events, if the programme secretary organises the Study Days and Events, they should have an idea of the income generated and costs involved. Either you could work out an average net income less expenditure per event and multiply it by the number of events, or work out on an individual event basis what you will expect from all the events. 4. Lecture fees and expenses, again you will need to talk to the Programme Secretary and identify the average costs per lecturer and multiply it by the number of lectures. 5. NADFAS Charges, Contact NADFAS to find out the forecasted affiliation fee and multiply this by your expected number of members for the next year. You will need to find out the number of members from the Membership Secretary. 6. All other standard expenditure, the committee will need to discuss what they would expect inflation for the next year to be and then inflate actual current costs with inflation. 7. Awards and Discretionary payments, the committee may allocate sub committees for grants and how much is available, so you will need to discuss what they have agreed to identify the grants for the next year. 9
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