Reconciliation
Money management is essential to helping your organization function smoothly. The organization Treasurer is responsible for keeping a ledger of transactions and performing reconciliations. The SOFC recommends comparing your organization’s ledger to the financial statements posted in Get Involved at least monthly as a best practice. Transaction history is updated every night and posted in Get Involved until a statement is generated at the close of the business month. Notify the SOFC immediately if you notice an error or discrepancy.
Financial Management Overview
I am a new treasurer, where should I start?
Start by navigating to Get Involved and reviewing past statements to gain a better understanding of your organization's financial history.
How should I be tracking my organization's financial transactions?
There is no required software or specific type of ledger that organizations must use. Some organizations track on paper, spreadsheets, or personal accounting software. The SOFC offers a basic Excel Account Ledger designed for a September-August fiscal year. As long as you keep good records, whatever method works best for your organization is acceptable.
Where can I find my account statements?
Statements are maintained in your Get Involved profile under the Finance menu. For more guidance on statements, watch our Get Involved-Financial Statements YouTube short .
How will I be sure I reconciled correctly?
Reconciliation is complete when all outstanding transactions have been accounted for and the reconciled balance matches the balance shown on the organization's ledger. If the “reconciled balance” differs from the “balance as shown on ledger” line, there is a discrepancy between your ledger and our accounting statement. You will need to research your entries to find the discrepancy before the account reconciliation can be considered complete.
If I need to pull a specific record or transaction, what should I do?
You should have access to monthly financial statements for the past three fiscal years through Get Involved. If you need copies of submitted items or additional assistance, email the SOFC at [email protected].