Accounting for Students Representative Council
Ghana Banana Leaf Plantation
Q: Please how do I prepare a financial statement at the end of a session to show how we have spent as the financial secretary? Thanks in anticipation.
A: Put together a statement showing incomes/receipts (how much funding you were given as well as any funds raised, etc.) and expenditures. This report is known by many names but is essentially a sort of funds allocation statement or receipts and payments statement or something like that (you can't call it an income statement or profit and loss statement as this is not a business trying to make income and profits):
This would look something like this:
Funds allocated $450
Wages of SRC staff $300
Rental of conference room for event $100
This format is pretty simple but all you really need to show. Note that instead of "profit/loss" at the bottom of the report we have "surplus/deficit," which is basically the same as "profit/loss" but for a non-profit organization.
The format of income/receipts, expenses/payments and surplus/deficit in this statement can be used for any type of non-profit organization, by the way.
Remember though, for any report it should be kept in mind what information the users of the report are looking for. So with the above report (and any report on this website) you would modify it for your exact organization and situation.
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