Financial Accounts

IHC Finance provides financial reporting services for the Associations.  In order to do so, they require information relating to the transactions that have occurred over the month.  All transactions need to be reconciled with the bank statement.

Financial Reporting Process

A nominated person will be sent a bank statement and reconciliation spreadsheet on the first working day of the month.  All expenses and receipts need to be recorded so that the reconciliation tab balances the change in account balance with the individual cash movements.  Please use receipts and any information that is available to ascertain exactly what the expense / receipt is for and where the transaction should be coded to.  

Special attention needs to be paid to whether or not the transaction includes GST.  GST paid that remains non deducted amounts significantly over a period of time.  The closing cash balance from the previous month is the starting balance for the current month. 

Completed reconciliations need to be sent to IHC Finance by the fourth working day each month in time to produce monthly financial reports.  If a reconciliation is received after this date, it cannot be guaranteed there will be enough time to enter journals before close off of accounts for the month.

2021

• Click here for March 2021.
• Click here for May 2021.
• Click here for June 2021 (end of year 30 June 2021 financial accounts).
• Click here for July 2021.
• Click here for August 2021.
• Click here for September 2021.
• Click here for October 2021.
• Click here for November 2021.
• Click here for December 2021.

Association debit cards currently have a maximum daily limit of $1,000.  These cannot be used at ATM's to withdraw cash or over the teller in the bank.  

When your Association bank accounts falls below $10,000 this will automatically be topped up every fortnight.  If you need your account within the fortnight. please contact Danette to arrange this.

If you have payments over $1,000 that need to be paid, or payment is required to organisations that don’t have EFTPOS facilities we can make those here at National Office, we would just require the following:

1. Brief description of the expense(s).
2. Copy of the supplier / providers invoice (not statement).
3. Copy of the supplier / providers bank account details – this could be either a bank deposit slip or a copy of their online bank statement clearly showing their bank, bank account name and bank account number.  Please note the accounts team will not accept bank account details on an invoice.
4. Copy of your Committee meeting minutes approving the payment or if this isn’t available then copies of emails from Committee members approving payment.
5. Copy of supporting information (ie; funding applications from IDEA Services etc), if any.
6. Completed Payment Voucher (which can be found under the Resources tab of the Portal).
7. Forward through to Danette.
8. Janine approves the payment and returns paperwork to Danette
9. Danette will then forward on to Cash Management for payment (payments are made on Wednesday's and Friday's only).
10. Cash Management will prepare the payment and forward through to Corporate Services for approval.
11. Once approved by Corporate Services, payment will be made.

 For reimbursements to Committee members, it's a similar process to that above:

1. Brief description of the expense(s).
2. Copy of the GST receipts - not EFTPOS receipts.
3. Copy of your bank account details – this could be either a bank deposit slip or a copy of their online bank statement clearly showing your bank, bank account name and bank account number. 
4. Copy of your Committee meeting minutes approving the payment or if this isn’t available then copies of emails from Committee members approving payment.
5. Completed Payment Voucher (which can be found under the Resources tab of the Portal).
6. Forward through to Danette.
7. Janine approves the payment and returns paperwork to Danette
   
8. Danette will then forward on to Cash Management for payment (payments are made on Wednesday's and Friday's only).
9. Cash Management will prepare the payment and forward through to Corporate Services for approval.
10. Once approved by Corporate Services, payment will be made.