Treasurer Duties
From ImmInstWiki
Contents |
Duties
- Update financial records in online Quickbooks account
- Etrade
- Paypal
- Report financial status for each month by the 20th of the following month
- "The Treasurer will be responsible for reporting to the Board each August 20 and January 20 on all financial aspects of ImmInst for the previous six months (Jan 1 - July 31 & Aug. 1 - Dec. 31)."
- Pay Executive Director salary every month by the 15th
- Send out advertising invoices at the end of every month
- Refund money for canceled memberships
- Participate in financial related Board of Director votes
- Veto said votes if necessary
- Allocate money as necessary
- Make payments to vendors
- Make F@H prize payments
Procedures
Executive Director Paycheck
At least one week before the 15th of each month, set up the latest paycheck for the Executive Director in our Quickbooks Online account.
- Use Internet Explorer 7 on a Windows PC to log into Quickbooks Online account.
- Hover over the "Employees" tab and click on "Paychecks Center".
- Under "Create Paychecks" verify that the latest pay period is filled in correctly (the pay period for the Executive Director is the first through last day of every month.)
- The check date should be for the 15th of the month following the pay period.
- After you verify these dates or make the appropriate changes, click on the "Continue" button.
- On the "Create Paychecks" page make sure that the "Direct Deposit" check box is checked. The check box next to the Executive Director's name should also be checked.
- On the "Create Paychecks" page you do not need to make any changes unless you need to add commission, bonuses, or other reimbursements to the Executive Director.
- Click on the "Create Selected Paychecks" button.
- On the "Paychecks Created" page make sure the appropriate net pay is listed (currently $485.67).
- Click on the "Send..." button.
- On the "Send Direct Deposit" page, the withdrawal date from our account will probably be the 14th and the settlement data will be a day later, on the 15th.
- Click on the "Send Now" button.
- On the "Paychecks Sent" page, there should be a notice that "Direct Deposit paychecks for <date> were sent and received successfully.
- Click on the "Direct Deposit status" link.
- The paycheck you just created should be listed at the top of the table. If the amount is "$0.00" you did something wrong and will need to void this paycheck and start over.
NOTE: Paychecks are automatically recorded in Quickbooks Online in the Etrade register. You do not need to enter them manually.
Update Financial Records
ImmInst uses Quicken Online to keep track of member donations, advertising revenue, refunds, expenses, and other accounting activity.
Gather Financial Records
Paypal - Daily
To see the latest account activity on a daily basis, simply log into the Paypal account as followed. You can then enter data in Quickbook Online as necessary. An alternative is to download all the data for the month to date, described under "Paypal - Monthly" below.
- Use any browser to log into Paypal account.
- Click on "All account activity" next to "Account history".
Paypal - Monthly
After you download the report as described below, open it in Excel. You can then re-sort by date, separate out member payments from other activity, etc.
- Use any browser to log into Paypal account.
- Click on "All account activity" next to "Account history".
- Click on "Download My History".
- Select Custom Date Range.
- Choose a starting and ending date for your report.
- Under "File Types for Download" select "Comma Delimited - All Activity".
- Press the "Download History" button.
- The report will be queued; it may not be available right away.
- Return to the "Download History" page a few minutes later.
- Click on "Recently Downloaded Logs".
- Select the log you want to download.
- Press the "Download Log" button.
- Save to your local computer.
- Open with Microsoft Excel or another spreadsheet program that can open *.csv files.
Etrade - Daily or Monthly
- Use any browser to log into Etrade account.
- Select "Independent Checking".
Enter Information into Quickbooks Online
Please note that deciphering Paypal transactions can sometimes be difficult. Here are some common difficulties:
- A member "Subscription Payment Received" transaction has been recorded but the balance did not changed.
In this case, the first transaction is just a static record that a payment has been started but not yet finalized. There will generally be a second transaction a few days later labeled "Update to eCheck Received" that will change the balance. You want to enter this second transaction and NOT the first one. Otherwise, your Paypal balance in Quickbooks Online will be too high and incorrect.
- A member paid with a foreign currency.
In this case, several transactions are listed but they all refer to only one payment. There will be a transaction "From Euro" (or whatever currency is being converted), a transaction "To U.S. Dollar", and more.
- A member paid but was later issued a refund.
Please enter the member payment as usual, but later you will need to record that a refund was issued to the member and that the Paypal fee was refunded to our account. In other words, there should be three separate transactions recorded in Quickbook Onlines for this situation: (1) the original payment, (2) the refund to the member, and (3) the refund of the Paypal fee to our account.
Keeping these potential issues in mind, you are now ready to start entering transactions into Quickbook Online. Please note that member payments received are received using one method and all other transactions are entered directly into the register (like you would record a transaction in a checkbook.)
- Use Internet Explorer 7 on a Windows PC to log into Quickbooks Online account.
Paypal - Member Payments Received
The latest member payments received are entered differently than other transactions into Quickbooks Online.
- Hover over the "Members" tab and click on "Receive Payments".
- Copy and paste the "Member" name from the Paypal transaction.
- If the member name already exists, change the date, enter the amount, and under "Pmt Method" type "Paypal"
- If the member name does not already exist, you will be prompted to add the name. Paste the name and press the "Add" button.
- Click the "Save" button.
- Continue entering member payment transactions.
NOTE: These procedures will only enter the total payment the member made, not the fees that Paypal will deduct. These fees will be entered in the next step below.
Paypal - Fees
Now that you have entered all of the latest member payments, you now need to record the fees Paypal deducted from each payment. You could enter one fee for each transaction; however, it is probably easier to just add up all the fees for a particular day and enter the sum per day.
- Hover over the "Banking" tab and click on "Registers...".
- Select the "0000002 Paypal Savings" register.
- Click the "OK" button.
- At the next blank entry at the bottom of the page, change the transaction type to "Check" if it is not already.
- Type in the date.
- Delete the check number. No check number is used for a Paypal fee payment.
- The Payee is "Paypal"
- Enter the total of all Paypal fees paid for that date.
- The Account is "Bank Charges".
- The Memo is "Paypal fees".
- Click the "Save" button.
- Continue entering as necessary.
Paypal - Other Transactions
All other Paypal transactions are entered into Quickbooks Online in a similar manner as described above under "Paypal - Fees". However, the transaction type, date, check number, payee, amount, account, and memo will be different.
Expenses:
- Hover over the "Banking" tab and click on "Registers...".
- Select the "0000002 Paypal Savings" register.
- Click the "OK" button.
- At the next blank entry at the bottom of the page, change the transaction type to "Check" if it is not already.
- Type in the date.
- If a check was used, enter the check number. If not, delete the check number that automatically populates this field.
- Add the appropriate Payee. If this is the first time this business or individual has been paid, you may need to enter them as a new vendor or member.
- Enter the appropriate Payment amount.
- Enter the appropriate Account. If you are not sure, an earlier record for the same Payee may be helpful.
- Enter an appropriate Memo, if necessary. If you are not sure, an earlier record for the same Payee may be helpful.
- Click the "Save" button.
- Continue entering as necessary.
Income:
- Hover over the "Banking" tab and click on "Registers...".
- Select the "0000002 Paypal Savings" register.
- Click the "OK" button.
- At the next blank entry at the bottom of the page, change the transaction type to "Deposit" if it is not already.
- Type in the date.
- Add the appropriate Payer. If this is the first time this business or individual has provided payment, you may need to enter them as a new vendor or member.
- Enter the appropriate Deposit amount.
- Enter the appropriate Account. If you are not sure, an earlier record for the same Payer may be helpful.
- Enter an appropriate Memo, if necessary. If you are not sure, an earlier record for the same Payer may be helpful.
- Click the "Save" button.
- Continue entering as necessary.
ETrade Transactions
NOTE: Paychecks are automatically recorded in Quickbooks Online in the Etrade register. You do not need to enter them manually.
Expenses:
- Hover over the "Banking" tab and click on "Registers...".
- Select the "0000001 Etrade Checking" register.
- Click the "OK" button.
- At the next blank entry at the bottom of the page, change the transaction type to "Check" if it is not already.
- Type in the date.
- If a check was used, enter the check number. If not, delete the check number that automatically populates this field.
- Add the appropriate Payee. If this is the first time this business or individual has been paid, you may need to enter them as a new vendor or member.
- Enter the appropriate Payment amount.
- Enter the appropriate Account. If you are not sure, an earlier record for the same Payee may be helpful.
- Enter an appropriate Memo, if necessary. If you are not sure, an earlier record for the same Payee may be helpful.
- Click the "Save" button.
- Continue entering as necessary.
Income:
- Hover over the "Banking" tab and click on "Registers...".
- Select the "0000001 Etrade Checking" register.
- Click the "OK" button.
- At the next blank entry at the bottom of the page, change the transaction type to "Deposit" if it is not already.
- Type in the date.
- Add the appropriate Payer. If this is the first time this business or individual has provided payment, you may need to enter them as a new vendor or member.
- Enter the appropriate Deposit amount.
- Enter the appropriate Account. If you are not sure, an earlier record for the same Payer may be helpful.
- Enter an appropriate Memo, if necessary. If you are not sure, an earlier record for the same Payer may be helpful.
- Click the "Save" button.
- Continue entering as necessary.
