In this article, we will explore the types of expenditure that each Club, Society, or Project may incur.
In order to maintain some degree of control on how much we spend, there are limits on the amount people can authorise. A Club, Society or Project Chair or Treasurer can approve up to £20 and anything over this amount must also be approved by a Management Group Chair or Treasurer. For items over £1,000 a Deputy President must also approve the expenditure.
|Claim||Claims are used for smaller expenditures when you or another member of your Club, Society or Project spend your own money and need to be reimbursed by the Union from your group’s accounts.|
|Purchase Order||When making larger purchases from suppliers you should use a purchase order. These should be raised in plenty of time before payment is needed to ensure that they can be approved in time and that the purchase order number can be given to the supplier to quote on their invoice. (If the purchase order number is on an invoice it allows the Union Finance Team to quickly see that the expenditure has been authorised and so payment will be made faster).|
|Internal Charging||If purchasing goods/services from another group or from a Union department, they will raise an internal charge which you will need to approve to pay them.|
|Credit Card||The Union has a credit card that can be used where no other method of payment is acceptable to the supplier.|
|Imprest||An Imprest is an advance of money to be used when services must be paid for in cash. The person receiving the Imprest must be a full member of the Union and becomes personally liable for the care of the amount. Receipts should be uploaded to eActivities for all money spent from the Imprest and any money left over must be returned to the Union promptly.|
|Foreign Transfers||International bank transfers can be made when an overseas supplier requires payment, a hostel for a tour for example. To make an international transfer, contact the Union Finance Team.|
|Cash Float||If you require a cash float to run an event, please contact the Union Finance Team. Cash floats are available if large amounts of denominational (notes and coins) change are needed.|