With summer approaching, many clubs have a lull in their activity. Without the pressure to close out the books at year’s end and prepare tax returns, this can be a good time to transition new treasurers into the position. Learning by doing is the best method, so whenever possible have the incoming treasurer practice entering transactions. These can be actual club transactions or fictitious ones. It’s always a good idea to back up the data before the practice sessions. Even with 20 years of experience as a club treasurer, I nearly always back up my data before entering new transactions. (Unexpected things happen to computers.) If using fictitious transactions, keep track of them so that they can be deleted after the practice session.
Another possible training procedure to use during the summer is the preparation for an audit of the club accounting records. Go over the documents the club uses to audit the accounting records. This would include broker statements, Form 1099s received and bank statements if the club also has a bank account. Next, go over the reports generated by the accounting software used in an audit. Useful reports for the audit include valuation statements for the period being audited, member status reports, member deposit reports, cash journals and withdrawal reports for members withdrawn during the period. If you haven’t been doing regular audits, now is a good time to begin and train the next treasurer to continue regular audits.