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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

Twice a month the Manager will –

  • Create payment batch in Xero
  • Export this and import into ASB

In ASB – remember to tick the box to show all lines in the statement so each payment can be individually identified

Once uploaded into ASB go back to Xero and delete the batch payment otherwise the individual lines will not be shown for reconciliation and reporting

ASB payments will then be authorised by 2 x signatories

The approval by the Treasurer of an invoice for payment and subsequent 2 x authorisations in ASB are considered acceptance and approval of the invoice – no signed copies of the invoice are required.

Contacts / Xero Updates / Memberships

When there are changes in the contact CRM Manager 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.

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 and Manager will share the role of reconciling in Xero depending on who is in the programme at the time.

If the Treasurer is unsure what a payment relates to or what funding tracking it should be allocated to they should leave for the Manager to reconcile.

Monthly Reporting

Each month after 1st 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 Statemens 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
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