Financial Management

It is very important that you read the information related to financial reporting in the ANU Sport Club Affiliation Agreement.

ANU Sport Financial Requirements

What documents does our club need to submit to ANU Sport?

Your club needs to report their financial year's start and end date. The financial year is the period that the club's financial documents report on. It is suggested that the clubs financial year ends just before their AGM. Clubs are required to submit their latest financial documents to ANU Sport within 30 days of their AGM. The documents that need to be submitted are:

  1. Inventory

  2. Bank statement

  3. Receipts

  4. Transaction record

What happens if our club manages finances differently?

ANU Sport understands that clubs may have their own way of managing their finances. ANU Sport allows you to structure your financial reports how you want as long as it is clear and accurate.

What does ANU Sport do with our club financial documents?

Financial documents will be checked by ANU Sport. The check involves:

    1. Monitoring transactions, namely, cross checking transactions between the transaction record, the bank statement and receipts;

    2. Reconciling the bank balance - the Bank Reconciliation reconciles the balance calculated from the income and expenditure for the previous year with the balance shown in the bank statement on that date. The equation is: Opening Balance start of the year + Annual income – Annual expenditure = Closing Balance shown on the bank statement;

    3. Assessing the overall financial health of the Club; and

    4. Ensuring club membership payments are recorded in the bank statement.

Financial Report Guide

What is inventory record?

This document includes all the inventory (list of items) that the club owns with an estimated cost. You can use this inventory template.

What is a bank statement?

A bank statement is a summary of financial transactions which have occurred over a given period on a bank account with a financial institution. The clubs given period must align with the transaction record.

What is a receipt?

A receipt is a document that acknowledges that an entity has received money for a transaction. A receipt must contain the business name, the words' tax invoice', an ABN, date of purchase, list of items purchased, total cost inclusive of GST. Clubs must keep all their receipts electronically (held in one folder or combined into one file). These receipts are referenced in the 'transaction record' and so must be named appropriately.

What is a transaction record?

The transaction record is a spreadsheet linking transactions to bank statements and receipts.

  1. Download the transaction record as an excel file

  2. Rename the excel file (e.g. ANU Sailing transaction record 2018-2019)

  3. Fill in Account Info

    1. Account type (e.g. Society Cheque Account)

    2. Account number

    3. From: Start date of the club's fiscal year

    4. To: End date of the club's fiscal year

  4. Fill in Balance Info

    1. Opening Bank Balance: Amount of money in the account at the start of the club’s financial year

    2. Closing Bank Balance: Amount of money in the account at the end of the club's fiscal year

  5. Add categories

    1. In the categories sheet (see the tab at the bottom left), add general categories (category 1)and more specific categories (category 2). You may only want to use one category.

  6. Fill in 'Bank Statement' columns

    1. These three columns (to the left) should reflect the bank statement accurately. You can do this manually or copy and paste downloaded transaction history.

    2. The basic steps to download transaction history are: select the account for which you'd like to download transaction, select the period and click download as a CSV file. Alternatively contact your bank or Google: download transaction history + club’s bank name.

  7. Fill in 'Further details'

    1. Month: This defines what month the transaction was held

    2. Category 1: a broad categorization of transaction.

    3. Category 2: a more specific categorization of transaction

    4. Reference#: a reference number for receipts, so they can be easily looked up.

    5. Item description: further explanation of transaction beyond the bank statement description

    6. Amount: the amount paid for each part of a transaction**

**Please note that transactions are listed in two columns (e.g. column B & I) in this spreadsheet. The totals of these two columns must be equal. The reason is that one transaction (reflected in $) may be for multiple different expenses (reflected in $amount). For example, a reimbursement to a committee member that purchased fuel and new balls. If your clubs would like to do this, you will need to add rows under a transaction.