Xero Management SOP

Xero Management SOP - Working alongside the Treasurer

Bills Payable

When invoices come in to be paid by email Manager will forward on to Xero Hubdoc

In Hubdoc Manager sets up payment and saves as a draft – it’s important for the Manager to put the reference as to what the invoice is for, along with the invoice number, in the reference field.

Treasurer will approve or query.

When doing your accountability or annual reports Hubdoc and Xero are one of the best sources for you to check your figures and get copies of invoices (required to send with accountability reports).

Contacts / Xero Updates / Memberships

When there are changes in the contact CRM the Manager is to email details to Treasurer to set up in Xero. This relates to both members/non-members/event attendees/sponsors/suppliers. This would be for –

• Any changes in contact information
• New contacts
• New members
• Change in membership status (eg non-renewal)

The Treasurer will manage changes and additions in Xero including adding new contacts, updating, new one off or repeating invoices, etc.

The Treasurer will also keep an eye on invoices awaiting payment.

Monthly Membership Payments

Members will be offered an opportunity to pay monthly however the payments must be assigned as “auto pay”, eg comes out of their bank account automatically.

Xero Reconciliation

Treasurer will manage the reconciling of transactions in Xero.

If the Treasurer is unsure what a payment relates to or what funding tracking they will query this.

When submitting your invoices the Manager needs to clearly identify which of the funding arms this relates to for the Treasurer to track. Your invoice needs to be dated the last day of the previous month to ensure it is included in that month's reporting.

Monthly Reporting

Each month after 1^st of the month the Treasurer will send to the Manager the previous months –

• Profit and Loss
• Balance Sheet
• Expenses from the month

The Manager will then combine this into the paperwork for the Executive Team to discuss at the monthly meeting.

GST Filing

This will be the responsibility of the Treasurer

Annual Accounts and Financial Statements

To be collated by the Treasurer in consultation with the Manager and forwarded to the Chartered Accountant for preparation

Once received the Annual Financial Statements need to –

• Be approved by the Executive Committee
• Then send to businesses and members in AGM paperwork by Manager
• Financial Statements to be approved and signed at the AGM
• A copy of the Financial Statements then need to be filed with the Companies Office where you can also update other society details

Integrations Used –

• Stripe – for payments – 3% charge which is passed on to the payee
• GoCardless - for payments if a member opts to pay by monthly instalments
• Hubdoc – for recording and filing of documents and invoices