Formations should only have ONE bank account covering the Group Support Committee, Joey Scout Unit, Cub Scout Unit and Scout Unit.Additional bank accounts may be operated by the Venturer Unit and Rover Unit with Formation Treasurer and Group Leader oversight. Refer QBSI 6.3.2.An additional bank account may be added to allow for debit cards for Section Leaders and Committee Members. Multiple people can have debit card access on one bank account.
We suggest that you set up tracking for each of the Formation’s Sections eg Joey Scouts, Cub Scouts, Scout, Venturer Scouts, Rover Scouts and one for the Group Support Committee.Where you have more than one Unit in a Section you can set up different tracking codes for each Unit.
Xero uses tracking categories, which is like cost centres or department codes.Tracking allows you to see your financial results by area, allowing you to produce financial reporting for different Sections of the Formation.
We suggest you run a profit and loss with tracking using the financial reports in Xero, Profit and Loss (xero.com)
We recommend that your run a profit and loss each month and with the tracking filters click “unassigned” as this will highlight any transactions that haven’t been tracked. You can then go back and edit these transactions to correctly track.
You can also run a tracked report that compares tracking categories, which you can use to compare income and expenses for each tracked category eg compare sections.
Once you have closed the Section bank accounts by transferring the funds to the Group/Committee account, you need to record the funds from the closed bank account to each Section/tracked category.
Under reports, click “Tracking Summary” and select the Account Group eg bank account and the Tracking Category eg Section and this will show the opening, net activity (movement) and closing balance of each Section Account for the specified period.