Common Finance Mistakes
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Common Finance Mistakes Page 1 imperialcollegeunion.org/training
Contents Contents & Introduction
2
Income
3
Expenditure
5
Invoicing
13
Other
17
Your notes
18
Introduction The Union Finance Department encounters many similar mistakes when dealing with Club, Society & Project financial matters. This booklet provides examples of the most frequent errors so that hopefully you can avoid these mistakes.
Š Imperial College Union 2012 Version 3.0 - 25 June 2012 Common Finance Mistakes Page 2 imperialcollegeunion.org/training
Income Correct Donation Letter When income for a donation is received it must be accompanied by a letter to confirm it is a donation, otherwise VAT will be incurred This is a good example of letter confirming a donation.
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Income cont... Adding-up Cheques/Cash on Paying-in Slips Make sure that the cheques and cash being paid into the bank are added-up correctly. This is an example of what happens if this is not done correctly:
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Expenditure Correct VAT Invoice This is a good example of a VAT invoice:
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Expenditure cont... Ensure Claim Form Totals are Correct & Obtain Proper VAT Receipts Make sure to add the amounts correctly.
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Expenditure cont... Receipts when making a claim If an invoice is used to support a claim it must be stamped as being paid.
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Invoicing Contracts Make sure that sponsorship contracts are signed and that a signed copy is retained by the finance department.
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Invoicing cont...
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Invoicing cont...
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Invoicing cont...
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Other Club, Society or Project Invoices Invoices should only be issued from Imperial College Union. Clubs, Societies and Projects must not create and send their own invoices.
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