Responsibilities

The role of the Treasurer is documented in the WI Handbook (Section 2.10). It is worth remembering that the Treasurer is not solely responsible for the financial management of the WI. Responsibility for the WI's finances rests with the committee as a whole, and you should be supported by your fellow committee members in carrying out your role.

Your main responsibilities include collecting income, making payments, maintaining accurate financial records and reporting on the WI's financial position.

Receipts

The Treasurer is responsible for collecting all monies received and ensuring they are paid into the WI bank account promptly.

Most WIs now receive the majority of payments by bank transfer. Where possible, encourage members to pay electronically, as this reduces bank charges, simplifies record keeping and avoids the need to handle cash and cheques.

There will still be occasions when members pay by cheque or cash. Meetings are often busy, so rather than trying to record payments and issue receipts on the spot, you may find it easier to ask members paying by cheque to place it in an envelope, clearly marked with their name and what the payment is for. These can then be checked and recorded after the meeting.

Cash

It is recommended that WIs discourage cash payments wherever possible. If cash is accepted, it should be counted at the meeting and a receipt issued.

For small cash takings, such as raffles, refreshments or trading stalls, provide a separate container for each activity together with a cash summary slip. The person responsible for the activity, together with a second person, should count and sign for the amount collected before handing it to the Treasurer.

All cash received at meetings should be banked as soon as possible. Cash collected at a meeting should not be used to make payments to speakers or reimburse committee members' expenses. All payments should be made through the bank account to maintain a clear audit trail.

Bank Transfers

When members are paying online, ask them to use a unique payment reference for each activity. This makes it much easier to identify payments when reconciling the bank statement.

A receipt should be provided for all payments received. This does not have to be a paper receipt. For example, if members have paid by bank transfer for an event, you could send a single email confirming receipt of payment to everyone who has paid. Remember to use BCC (blind carbon copy) so that members' email addresses are not visible to one another.

Payments

All payment requests should be supported by appropriate documentation showing who is to be paid and what the payment is for.

Where a committee member is claiming expenses, there should be evidence that the payment has actually been made, not simply that an order has been placed. Suitable evidence could include a receipt or a bank or credit card statement, with any personal information redacted.

All payments, whether made by cheque or online banking, should be authorised by two approved signatories in accordance with your WI's financial procedures.

For online banking, many WIs find it helpful to set up a WhatsApp group for authorised signatories. This allows invoices, expense claims and other supporting documentation to be shared quickly before payments are approved.