Andrew S.
Gold Coast
NEW TBAQ ACCOUNTS PROCEDURE - FOR ALL TBAQ COMMITTEES
As the TBAQ now has 11 State Committees, as part of the whole Tenpin Family in Queensland (both North and South), the requirements in complying with the GST legislation and the necessary accounting and auditing needs of this now large organisation, have brought about these new procedures, which are needed to handle the large volume of expenditure and income for our new expanded organisation.
These new procedures require a centralized business approach, just like any other business, with branches spread throughout Queensland.
Also the need to access up to date and current information is required and As part of proper Corporate Governance and the good management of TBAQ it is essential that the Board of Management have current and up to date financial information on all committee. so from 1st January 2003 the TBAQ Board of Directors has decided that all Cheque Books for ALL Committees are to be held at the State Office in Brisbane and all expenditure will be done through the State Office.
To facilitate these procedures the following is required to be done by all existing Committees.
· The return of all Cheque Books [both current and past] to the State Office.
· Return of all details on Income and Expenditure to the end of December 2002.
· Return of all Tax Invoices covering expenditure for the 2002 year
· Noted that all GST for 2002 will be debited to all Committee accounts at the end of December.
· Noted that the 2002 administration fee of $300 will also be debited to all Committee Accounts at the end of December.
· Details of any expenditure incurred but not yet paid as at 31/12/2002
This information is required BY 5th January 2003
THE NEW PROCEDURES FOR ALL COMMITTEES FROM 1/1/03 WILL BE:
INCOME
· A detailed budget is required to be drawn up so as to clearly show how all income is to be raised so as cover the planned expenditure for the coming year for each committee.
· This budget should be the basis for raising the necessary funds to cover the planned expenditure for each committee.
· All Income received by a committee is to be receipted. Each Committee can use whatever receipt system they prefer, so long as all receipt numbers run in a continuous numerical order.
· All Receipted Moneys are to be banked as soon as possible in each Committees Account at any branch of the Bank of Queensland.
· The INCOME DETAILS SUMMARY SHEET is to be completed EACH MONTH and returned to TBAQ State Office by the 3rd Day of the next Month.
· These INCOME DETAILS SHEETS can either be Faxed, E-mailed or Posted to TBAQ Office
The TBAQ Board also now requires that ALL STATE TEAM COMMITTEES are to have Tax Invoices issued on behalf of your Committee to ALL State Team Bowlers selected into your State Teams.
Once your Committee has decided how much an individual player commitment is, then TBAQ State Office will issue a Tax Invoice for that amount to that individual player. This procedure will also be followed for all other payments required to be made to your Committee by individuals. This means that ALL THOSE WHO ARE TO PAY MONEY TO YOUR COMMITTEE MUST RECEIVE A TAX INVOICE FROM TBAQ and then each individual can make arrangements to pay that amount to TBAQ either by Credit Card, Cheque, Cash, or Bank Transfer. This will make the accounting for the GST much easier for the Committee and the TBAQ. Naturally donations from Companies and Councils etc will also require a Tax Invoice to be issued.
Through this procedure all those persons given a Tax Invoice will have a commitment to pay that amount to TBAQ which, when paid, will be credited into your Committees Account.
The TBAQ now accept CREDIT CARD PAYMENTS. (NOT EFTPOS) for Bankcard, Visa and Master Card, American Express and Diners Club
Arrangements to have this facility made available on your: -
· State Team Nomination/Registration Forms
· Player Payments for State Team Commitments
· Player Payments for Uniform/Travel/ Accommodation etc
· Player Fees for Practice / Training Sessions etc
· Entry Fees for Championships and Tournaments
Can be made by contacting TBAQ State Office
The TBAQ uses an accrual method of accounting (not Cash) in the Computer system. Thus, all GST becomes due at the time the Tax Invoice is raised and not at the time it is paid. This is why the TBAQ requires Tax Invoices to be issued for ALL MONIES owing to the TBAQ AND ALL ITS COMMITTEES.
All Committees are required to keep individual records of all Income as part of their responsibilities to raise the necessary funds to look after the needs of their Committee.
All Committees need to be aware that 1/11th of all monies raised will be deducted from their account as GST, which is to be remitted quarterly to the Tax Office.
EXPENDITURE
ALL EXPENDITURE MUST HAVE A TAX INVOICE SUPPLIED - SHOWING THE GST APPLICABLE TO THAT EXPENDITURE,
This is necessary, so as to be able to claim the GST back from the Tax Office and this will be offset from the 1/11th taken from your income.
Petty Cash requires either Tax invoices or Receipts (for payments under $50) so as to be able to claim back GST on all Petty Cash payments.
A PETTY CASH REIMBURSEMENT REQUEST SHEET is attached
A CHEQUE REQUISITION FORM IS ALSO ATTACHED
ALL PAYMENTS FROM TBAQ WILL BE BY CHEQUE and can be
· Either posted to anyone person – even before a bill is due or to reimburse expenses paid.
· Posted to a company or supplier - even before a bill is due or goods supplied.
· Posted / paid to a Bowling Centre - even before a service is supplied.
· Paid into a Bank Account at another Major Bank.
THE FOLLOWING PROCEDURE WILL BE REQUIRED IN ALL INSTANCES: -
A Tax Invoice and a Cheque requisition form is required to be sent to TBAQ Office BEFORE a cheque will be issued. Faxed or e-mailed copies are acceptable.
TELEPHONE REQUESTS WILL NOT BE ACCEPTABLE.
The TBAQ is a business, just like many other businesses.
We have to adopt business principals in order to be accountable for our GST requirements.
Thus we have to carry out our business of Receiving Money and Making Accounts Payments just like any other business.
And this is the basis on which the TBAQ and all the 11 Committees under the TBAQ will be operating from 1st January 2003.
Naturally if all of the information is “UP TO DATE” in the State Office Computer then at any time your Committee can request a variety of reports that can be extracted from the computer.
· Cash Flow
· Outstanding Invoices
· Cash Balance in the Bank
· Outstanding Cheques
· Profit & Loss Statement
But as always the information is only as good as what has been put into the computer. If no information is supplied then naturally the information coming out will not be up to date or correct.
The solution to this problem is really in each committee hands. Keep the info up to date and the information from the computer can be a big help to your Committee.
We realize that there will be some teething problems and that some patience will be required, as these new operational procedures are put into place.
And we understand that some changes to our procedures may have to take place, in order to make these new procedures workable for all committees.
Your assistance in this would be greatly appreciated.
Forward planning and thinking ahead would be one of the best recommendations I can give each person on each committee, in relation to these changes.
If you plan far enough ahead, I feel that we will easily find working arrangements to suit everyone.
John McKenna
Treasurer TBAQ
Your feedback on these arrangements would be appreciated.
As the TBAQ now has 11 State Committees, as part of the whole Tenpin Family in Queensland (both North and South), the requirements in complying with the GST legislation and the necessary accounting and auditing needs of this now large organisation, have brought about these new procedures, which are needed to handle the large volume of expenditure and income for our new expanded organisation.
These new procedures require a centralized business approach, just like any other business, with branches spread throughout Queensland.
Also the need to access up to date and current information is required and As part of proper Corporate Governance and the good management of TBAQ it is essential that the Board of Management have current and up to date financial information on all committee. so from 1st January 2003 the TBAQ Board of Directors has decided that all Cheque Books for ALL Committees are to be held at the State Office in Brisbane and all expenditure will be done through the State Office.
To facilitate these procedures the following is required to be done by all existing Committees.
· The return of all Cheque Books [both current and past] to the State Office.
· Return of all details on Income and Expenditure to the end of December 2002.
· Return of all Tax Invoices covering expenditure for the 2002 year
· Noted that all GST for 2002 will be debited to all Committee accounts at the end of December.
· Noted that the 2002 administration fee of $300 will also be debited to all Committee Accounts at the end of December.
· Details of any expenditure incurred but not yet paid as at 31/12/2002
This information is required BY 5th January 2003
THE NEW PROCEDURES FOR ALL COMMITTEES FROM 1/1/03 WILL BE:
INCOME
· A detailed budget is required to be drawn up so as to clearly show how all income is to be raised so as cover the planned expenditure for the coming year for each committee.
· This budget should be the basis for raising the necessary funds to cover the planned expenditure for each committee.
· All Income received by a committee is to be receipted. Each Committee can use whatever receipt system they prefer, so long as all receipt numbers run in a continuous numerical order.
· All Receipted Moneys are to be banked as soon as possible in each Committees Account at any branch of the Bank of Queensland.
· The INCOME DETAILS SUMMARY SHEET is to be completed EACH MONTH and returned to TBAQ State Office by the 3rd Day of the next Month.
· These INCOME DETAILS SHEETS can either be Faxed, E-mailed or Posted to TBAQ Office
The TBAQ Board also now requires that ALL STATE TEAM COMMITTEES are to have Tax Invoices issued on behalf of your Committee to ALL State Team Bowlers selected into your State Teams.
Once your Committee has decided how much an individual player commitment is, then TBAQ State Office will issue a Tax Invoice for that amount to that individual player. This procedure will also be followed for all other payments required to be made to your Committee by individuals. This means that ALL THOSE WHO ARE TO PAY MONEY TO YOUR COMMITTEE MUST RECEIVE A TAX INVOICE FROM TBAQ and then each individual can make arrangements to pay that amount to TBAQ either by Credit Card, Cheque, Cash, or Bank Transfer. This will make the accounting for the GST much easier for the Committee and the TBAQ. Naturally donations from Companies and Councils etc will also require a Tax Invoice to be issued.
Through this procedure all those persons given a Tax Invoice will have a commitment to pay that amount to TBAQ which, when paid, will be credited into your Committees Account.
The TBAQ now accept CREDIT CARD PAYMENTS. (NOT EFTPOS) for Bankcard, Visa and Master Card, American Express and Diners Club
Arrangements to have this facility made available on your: -
· State Team Nomination/Registration Forms
· Player Payments for State Team Commitments
· Player Payments for Uniform/Travel/ Accommodation etc
· Player Fees for Practice / Training Sessions etc
· Entry Fees for Championships and Tournaments
Can be made by contacting TBAQ State Office
The TBAQ uses an accrual method of accounting (not Cash) in the Computer system. Thus, all GST becomes due at the time the Tax Invoice is raised and not at the time it is paid. This is why the TBAQ requires Tax Invoices to be issued for ALL MONIES owing to the TBAQ AND ALL ITS COMMITTEES.
All Committees are required to keep individual records of all Income as part of their responsibilities to raise the necessary funds to look after the needs of their Committee.
All Committees need to be aware that 1/11th of all monies raised will be deducted from their account as GST, which is to be remitted quarterly to the Tax Office.
EXPENDITURE
ALL EXPENDITURE MUST HAVE A TAX INVOICE SUPPLIED - SHOWING THE GST APPLICABLE TO THAT EXPENDITURE,
This is necessary, so as to be able to claim the GST back from the Tax Office and this will be offset from the 1/11th taken from your income.
Petty Cash requires either Tax invoices or Receipts (for payments under $50) so as to be able to claim back GST on all Petty Cash payments.
A PETTY CASH REIMBURSEMENT REQUEST SHEET is attached
A CHEQUE REQUISITION FORM IS ALSO ATTACHED
ALL PAYMENTS FROM TBAQ WILL BE BY CHEQUE and can be
· Either posted to anyone person – even before a bill is due or to reimburse expenses paid.
· Posted to a company or supplier - even before a bill is due or goods supplied.
· Posted / paid to a Bowling Centre - even before a service is supplied.
· Paid into a Bank Account at another Major Bank.
THE FOLLOWING PROCEDURE WILL BE REQUIRED IN ALL INSTANCES: -
A Tax Invoice and a Cheque requisition form is required to be sent to TBAQ Office BEFORE a cheque will be issued. Faxed or e-mailed copies are acceptable.
TELEPHONE REQUESTS WILL NOT BE ACCEPTABLE.
The TBAQ is a business, just like many other businesses.
We have to adopt business principals in order to be accountable for our GST requirements.
Thus we have to carry out our business of Receiving Money and Making Accounts Payments just like any other business.
And this is the basis on which the TBAQ and all the 11 Committees under the TBAQ will be operating from 1st January 2003.
Naturally if all of the information is “UP TO DATE” in the State Office Computer then at any time your Committee can request a variety of reports that can be extracted from the computer.
· Cash Flow
· Outstanding Invoices
· Cash Balance in the Bank
· Outstanding Cheques
· Profit & Loss Statement
But as always the information is only as good as what has been put into the computer. If no information is supplied then naturally the information coming out will not be up to date or correct.
The solution to this problem is really in each committee hands. Keep the info up to date and the information from the computer can be a big help to your Committee.
We realize that there will be some teething problems and that some patience will be required, as these new operational procedures are put into place.
And we understand that some changes to our procedures may have to take place, in order to make these new procedures workable for all committees.
Your assistance in this would be greatly appreciated.
Forward planning and thinking ahead would be one of the best recommendations I can give each person on each committee, in relation to these changes.
If you plan far enough ahead, I feel that we will easily find working arrangements to suit everyone.
John McKenna
Treasurer TBAQ
Your feedback on these arrangements would be appreciated.
