Finance

Purchases, Creditors and Cash Payments system
Objective: Create a strong internal control system
All purchases/expenses and related liabilities are to be supported by evidence of the relevant goods or services being received and all payments made are to be adequately supported. Payments are made on a timely basis within the prescribed credit terms of the supplier or as negotiated.
Where possible duties should be segregated.
The canteen/bar manager is charged with the ordering and maintaining of the supplies. Upon receipt the delivery notes/invoice should be checked against the purchase order and any discrepancies should be noted (price per item, quantity, or quality). The invoices/delivery notes should then be passed to the Finance Officer for a review and follow up of any discrepancies identified by the canteen/bar manager. Adds, GST compliance, and discounts should be checked and the invoices should then be entered into the accounting system.
Signatories to the cheques in this case should be the Finance Officer and another member of the committee as authorised. At this time the member counter signing the cheque is charged with the responsibility of final approval of the payment. Consideration should be given to the authorized budget and any concerns should be raised with the Board of Directors prior to the release of the payment where possible. At all stages an initial is required on the supporting documentation indicating that the payment has been approved at all levels. Checks should include the total value of the supporting invoices equals the amount of the cheque and the payee is identified as correct and consistent with the supporting documents.
In the case of general administration, ABA, and other Basketball Operational expenses, the mandatory checks should be made by the Finance Officer, invoices should then be reviewed and authorized by a member of the Basketball Operations team and then countersigned and reviewed by the President.
No payments are to be made without authorization or adequate supporting documentation. In general, payments should not be authorized and signed by the same person.

Transition Arrangements
During the transitional phase all payments should be approved by the President.