advice on administering our community bank account

(3 Posts)
hush0hush Sun 27-Apr-14 12:29:11

Can you point me in the right direction for some bookkeeping advice? Me and 6 others are directors of a new children's club. We are a Community Interest Company so are not looking to make any profits personally - all is to go into our community.
We have a new business account and are keen to manage it properly, as all of us have access to it. We would like to agree on a code of practice so we all know where we stand and what is acceptable or not, but am not sure the best way of us all approving payments etc... Where can I find some advice on what we should be doing, or considering.
Thanks in advance

bramblina Mon 28-Apr-14 00:13:18

Have you tried the Government gateway website? I haven't used it but it is for new businesses and start ups I believe. Or do you have a local Enterprise group?

17leftfeet Mon 28-Apr-14 00:25:58

We have a community account with HSBC for our youth group

We have 4 nominated signatures on the account and all payments must have 2 of the 4 people sign so no one person can pay out individually

You should have a nominated treasurer who makes sure statements are checked against payments

Our treasurer keeps a cash float of £50 but must provide receipts for all spends, any larger payments are done by cheque

Online purchases are done by card with a cheque then being made out to that person and signed by 2 others

We have quarterly meetings which we minute and expenditure is discussed at these meetings

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