Financial Guidebook: Difference between revisions
Malcolmmcc (talk | contribs) No edit summary |
No edit summary |
||
| (5 intermediate revisions by the same user not shown) | |||
| Line 12: | Line 12: | ||
| header1 = About | | header1 = About | ||
| label2 = Creator | data2 = David Bailey, 2014 | | label2 = Creator | data2 = David Bailey, 2014 | ||
| label3 = Revised | data3 = | | label3 = Revised | data3 = Rahul Behal, 2021 | ||
}} | }} | ||
|label1 = Current Version: | |label1 = Current Version: | ||
| Line 20: | Line 20: | ||
The Financial Guidebook covers all general information about handling money in the EUS. If you're part of a [[Clubs|club]], [[Committees|committee]], or [[Design Teams|design team]], this guide is sure to help you finance with confidence. The guidebook was originally a PDF ([[Financial Guidebook#PDF|found below]]), and has now been split into various sections on the EUS wiki. If you're looking to cover all information, the PDF is most effective. if you're looking for a specific section, navigate to the sections below. | The Financial Guidebook covers all general information about handling money in the EUS. If you're part of a [[Clubs|club]], [[Committees|committee]], or [[Design Teams|design team]], this guide is sure to help you finance with confidence. The guidebook was originally a PDF ([[Financial Guidebook#PDF|found below]]), and has now been split into various sections on the EUS wiki. If you're looking to cover all information, the PDF is most effective. if you're looking for a specific section, navigate to the sections below. | ||
If you're looking for a quick overview, jump to the [[Financial Guidebook#TL;DR|TL;DR]] | If you're looking for a quick overview, jump to the [[Financial Guidebook#TL;DR|TL;DR]] | ||
<center style="font-size:18px;" | <center style="font-size:18px;">This is '''''required reading''''' for all [[Financial Officers]]</center> | ||
==Sections== | ==Sections== | ||
{|class="wikitable sortable alternating" | {| class="wikitable sortable alternating" | ||
!Section | !Section | ||
!Contents | !Contents | ||
| Line 57: | Line 57: | ||
==PDF== | ==PDF== | ||
Here's the full PDF of the Financial Guidebook, updated '''September | Here's the full PDF of the Financial Guidebook, updated '''September 6, 2020'''. | ||
[https://eus.wiki/images/1/1f/Financial_Guidebook_v4.0.pdf Financial Guidebook v4.0] | |||
==TL;DR== | ==TL;DR== | ||
| Line 65: | Line 66: | ||
====EUS Budgeting Standards==== | ====EUS Budgeting Standards==== | ||
*Please understand how taxes work for EUS groups | *Please understand how taxes work for EUS groups | ||
* | *Expenses are budgeted PRE-tax and revenues are budgeted POST-tax | ||
**Total Revenue collected must be divided by 1.14975 to account for GST and QST being taken off | **Total Revenue collected must be divided by 1.14975 to account for GST and QST being taken off | ||
**Expenses should be the value before GST and QST | **Expenses should be the value before GST and QST are added | ||
*Keep Internal Budget. Routinely verify with EUS Records | *Keep Internal Budget. Routinely verify with EUS Records | ||
*If you are a EUS Committee or Service, your budget must be approved by EUS Council each semester. | *If you are a EUS Committee or Service, your budget must be approved by EUS Council each semester. | ||
| Line 74: | Line 75: | ||
*Clubs & Design Teams should maintain their own financial records. | *Clubs & Design Teams should maintain their own financial records. | ||
====[[Cheque Reqs]]==== | ====[[Cheque Reqs]]==== | ||
* | *A cheque requisition (req) is the process in which EUS groups must go through to get reimbursed for any expenses that they make or for a large payment to a company. | ||
*These reimbursements come in the form of a cheque made payable either to a student if they made the purchase, or to a company directly. | |||
*As of 2020, cheque reqs are processed through an online Expense Reporting platform called Nexonia | |||
*Cheques processed every Wednesday. Deadline to submit each week is Tuesday afternoon, or else it will wait till the following Wednesday. | *Cheques processed every Wednesday. Deadline to submit each week is Tuesday afternoon, or else it will wait till the following Wednesday. | ||
*Only authorized Financial Officers for your specific account may approve a cheque req to your account. It will be rejected otherwise. | *Only authorized Financial Officers for your specific account may approve a cheque req to your account. It will be rejected otherwise. | ||
| Line 99: | Line 102: | ||
*See the 50% tax rule when providing free food or service | *See the 50% tax rule when providing free food or service | ||
====Deposits==== | ====Deposits==== | ||
*Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange a deposit. | |||
*Deposit Envelopes can be found in the EUS Office for cash and cheque deposits. | *Deposit Envelopes can be found in the EUS Office for cash and cheque deposits. | ||
*See example of a correctly filled out deposit envelope. | *See example of a correctly filled out deposit envelope. | ||
| Line 114: | Line 118: | ||
*[[Corporate Relations Director|External Sponsors]] | *[[Corporate Relations Director|External Sponsors]] | ||
'''[[Floats]]''' | '''[[Floats]]''' | ||
*Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange a deposit. | |||
*Must be submitted 5 business days beforehand | *Must be submitted 5 business days beforehand | ||
*Fill out both sections of the purple form | *Fill out both sections of the purple form | ||
*Return the float in the cash box in an orderly fashion | *Return the float in the cash box in an orderly fashion | ||
====Internal Transfers==== | ====Internal Transfers==== | ||
*Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange an internal transfer. | |||
*Must be signed by both parties | *Must be signed by both parties | ||
*Up to the EUS groups to fill out internal transfer after a shared [[Blues Pub]] | *Up to the EUS groups to fill out internal transfer after a shared [[Blues Pub]] | ||