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ASSOCIATIONS INCORPORATION REGULATION 1999 - SCHEDULE 5

ASSOCIATIONS INCORPORATION REGULATION 1999 - SCHEDULE 5

SCHEDULE 5 – Additional accounting requirements

1 The association’s treasurer, or other authorised officer, must—
(a) receive all amounts paid to the association and, if asked, immediately give a receipt for the amounts; and
(b) as soon as practicable—
(i) deposit each amount received into the association’s account with a financial institution; and
(ii) enter the particulars of each amount received, and payments made by the association, into the association’s cash book.
2 Payments of less than $100 may be made from a petty cash account kept on the imprest system.
3 Payments of $100 or more must be made by cheque or electronic funds transfer.
4 Particulars of all payments from, and reimbursements to, the petty cash account must be recorded in the petty cash book.
5 The association’s management committee must—
(a) approve or ratify the association’s expenditure; and
(b) ensure the approval or ratification is recorded in the management committee’s minute book.
6 The association’s expenditure must be supported by adequate documentation filed in chronological order and kept at a place decided by the association’s management committee.
7 The association’s treasurer, or other authorised officer, must regularly—
(a) balance the cash book; and
(b) make a reconciliation between the cash book and the balance of the association’s account with a financial institution.
8 An association must keep its financial records—
(a) in the State; and
(b) for at least 7 years.