Finance Policy and Procedure Manual

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Finance Authorisation Policy

Purpose of the Policy

All finance transactions as noted in this policy are to be authorised by the noted authorised person prior to the transaction being undertaken. Moreover, budget should also be prepared before commencing next financial year or month. Furthermore, budget should also be tracked with the actual results and authorized person of each section are responsible for this task. It will definitely reduce the risk of misappropriation of funds.

This policy is to be read in conjunction with other specific finance policies where relevant.

Procedures

Prior to any of the following finance transactions being undertaken, the authorising person noted must authorise the transaction.

Where additional policy is noted, this policy must also be adhered to when undertaking the finance transaction.

Finance Transaction Authorised Person
Bank Accounts CEO/Finance Manager
Issuing Petty Cash Senior Managers
Business Credit Card Senior Managers
Authorising New Customers Finance Manager
Authorising New Suppliers Finance Manager
Purchasing Stock Senior Managers
Purchasing Assets/ Equipment CEO
Debt Collection Senior Managers
Payment of Invoices Senior Managers
Preparing of Budget General Manager

Petty Cash Policy

Purpose of the Policy

Petty cash should be used to pay for small business expenses up to $100 where payments through accounts payable or credit card are not justified or appropriate

Procedures

Issuing Petty Cash

Petty cash vouchers must be completed before any cash is taken from the petty cash float.

Only up to $100 can be disbursed at any one time.

All petty cash vouchers issued must be approved by a Senior Manager. 

Once the petty cash is spent, a receipt or invoice should be attached to the voucher and returned to petty cash with any balance of monies unspent

All completed vouchers must have the following details included:

  • Issue date of voucher;
  • Name of person issued the voucher;
  • Amount of monies disbursed;
  • Details of expense;
  • Invoice or receipt; and
  • Signature of approval person,

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