Records and Reporting

Records and Reporting

Financial Records

The Parish should maintain adequate financial records to correctly record and explain the financial transactions and financial position of the parish. These could be a computerised accounting package, spread sheets or manual books of account but the following key features should be present:

1. the records maintained should be appropriate for the purposes of accurately recording the Parish's income and expenditure considering the frequency, size and complexity of the Parish’s transactions.
2. the records should be maintained on a timely basis with bank reconciliations carried out at least monthly for all Parish accounts.

Financial Reports

The Parish Council should be provided with financial reports for consideration at each of its regular meetings. Typically, depending on the composition of each Parish Council such reports could include:

1. income and expenditure account for the previous month and year to date and comparison with budget and/or the previous financial year and comments on significant variations.
2. copy of bank statements since the previous meeting and bank reconciliation.
3. summary of outstanding accounts due for payment and commitments.

Treasurers should ensure that in their monthly report to Parish Council they also invite any questions that other members may have and respond to them fully. If information is sought that is not at hand a commitment should be given to follow up and report back on that information. Treasurers should expect that members of Parish Council may have questions and encourage them to feel the freedom to ask them.

Parish Council members in turn should always feel free to exercise their right to have the financial information needed to carry out their responsibilities to ensure that the Parish’s financial resources are well managed.

The annual financial statements must be prepared and audited on a timely basis as required by the Statute.

Permanent Records

Certain information of a permanent nature and a check-list diary of matters which need attention at times of the year should be maintained either in a book or on computer. Such a record will greatly simplify the task of handing-over and taking-over the Treasurer’s position, as well as being a useful aid to the person who has compiled it.

This would contain such information as:

• name and address of bank
• full title(s) and account number(s) of Parish accounts
• details and whereabouts of investment documentation, loan documents, etc
• names and addresses of persons authorised to sign cheques drawn on Parish accounts
• name and address of auditor
• names and addresses (and telephone numbers) of diocesan personnel whom it has been found useful to consult indicating the subject matters for each person
• names and addresses of charities customarily supported by the Parish
• copies (with dates) of any relevant Parish Council minutes authorising opening of bank accounts or relating to Treasurer's procedures, etc
• details of any items held in safe custody by the bank
• details (with amounts and due dates) of any periodical payments made by the bank
• details of the Parish’s authorised contacts with the Australian Tax Office (ATO)
• Login in details for online portals (but not those used for online banking).

Retention of Records

For tax purposes, Parishes must keep records for at least 5 years after the completion of a transaction or the acts to which the records relate. For example, a lease agreement for 5 years cannot be destroyed until 5 years after the lease has expired. These records would include tax invoices, receipts, bank deposit slips, bank statements, cheque stubs, estimates, calculations etc.

However, it is recommended that all cash books and ledgers (whether computerised or manual) should be kept permanently. The current ones and the immediate past ones will be needed for use and reference while the older ones should be kept in the church safe or other place of custody.