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Throughout the BMX season, be sure to keep your finances intact.

All of us here at BMXA have a deep appreciation for the amount of effort and commitment that our volunteers give to BMX in Australia.

To assist and provide some helpful hints to our clubs, we’re doing a series of stories which will include tips and ideas on running your club.

It’s safe to say, no matter what sport, everyone is doing their best as a volunteer. But sometimes there just needs to be a coordinated strategy, especially when it comes to finances.

We know that managing the kitty in the canteen can be a very exhausting process especially when there is a number of club volunteers contributing.

Differing methods of management can occasionally lead to money going in and out without a standardised record being taken.

Petty cash might seem like a minor thing, but if utilised properly it can become an incredibly useful tool to assist in an event running smoothly and hassle free… well at least off the track.

We’ve looked around and found what we think is some pretty professional advice (from those who know what they’re doing) to help keep this small cash item from becoming a bigger problem.

The NSW Office of Sport has handy tips to help manage your  clubs financial position. Check out their tips below!

Petty cash

Maintaining petty cash – the simplest way is to maintain a secure petty cash tin with a standard amount or “float”. The amount will vary depending on whether you need a lot of change on hand (for example if you run a canteen) or whether the cash expenses are infrequent and minor.

Petty cash should be reconciled regularly, and replenished if the amount in the tin is too low, or banked if the amount in the tin is too high. The general principle is that at most times you would like for the tin to hold roughly the float amount.

Records can be kept either via a book with columns ruled in it, or via the use of “petty cash slips” which are completed when money goes in or out of the tin. A book of petty cash slips can be purchased from most newsagents.

Tips for good petty cash practice:

  • When money is removed from petty cash a slip should be filled out detailing who took the money and why

 

  • The receipt should be returned (along with any change) and stapled to the petty cash slip

 

  • When money is added to the tin (say drink sales for the day) a slip should be filled out detailing the source of the money and the amount (eg. “$21 drink sales”)

 

  • On a regular basis, the petty cash should be “reconciled” – ie. take the opening balance, add money in, deduct money out and check that the resulting balance is equal to the cash in the tin

 

  • There will be times when there is little or no money in the tin. An amount equal to the required float should be withdrawn from the bank, a petty cash slip filled out, and added to the tin

 

  • At other times, there may be too much money in the tin. Take out the excess, fill out a petty cash slip and bank the excess

 

  • When financial statements are prepared, a summary of the petty cash transactions needs to be prepared so the income and expenses can be incorporated into the financial statements.

 

To see the full article head to this article HERE