Financial Transactions

This guide will take you through the specific processes and procedures for dealing with money coming into the Union via your Club, Society or Project. As a volunteer in a position of financial responsibility, this training will provide you with an understanding of the Union’s financial procedures which you are obliged to follow.

This training is aimed at both Chairs and Treasurers of Clubs, Societies & Projects and any committee members who will regularly be dealing with the Union finance system on eActivities. Depending on the nature of your activities, you will have varying degrees of interaction with the Union regarding finances, however the information in this training manual is required reading.

 

Financial Transactions - Main Types

 

Financial Transactions - Other

The table below lists the five transfer processes available and indicates when each should be used. If you are confused about which process to use you should contact your Management Group Treasurer or Vice Chair in the first instance. Their details can be found on the Key contacts for Clubs, Societies and Projects page.

You will only be able to complete any of these actions if you are the Chair or Treasurer of a Club, Society or Project. 

Internal chargingInternal charges are used when you have provided goods / services to another Club, Society or Project within the Union. Internal charges should be raised as soon as possible.
Transaction correctionTransaction corrections are for use when you have income or expenditure posted incorrectly in your online transaction pages. You can correct transactions between funding codes.
Members Funds redistributionMembers Funds redistributions are used for moving money between activity codes within the Members Funds (225) account
Designated Members FundsIf your Club, Society or Project wants to save for a future large expenditure you can set up a Designated Members Fund (DMF) account. These accounts are administered through eActivities and are only available once you have had an account approved via application to the Clubs, Societies and Projects Board. For more information on applying for a DMF please contact the Deputy President (Finance & Services).

 

Need help?

If you have finance related questions or need any help, support or advice relating to your Club, Society or Projects finances, your first port of call should be your Management Group Chair or Treasurer. Their details can be found in Key Contacts for Volunteers. If they are unable to assist you, please contact the Deputy President (Finance & Services).

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