In our accounting we follow the principles of double-entry accounting where transactions are represented as credits in at least one account and debits in at least one other. In order to properly account for these transactions we need enough information to determine which account(s) must be debited and which credited and by how much. We also need to ensure that these transactions are conducted in accordance with the law and other regulatory requirements.

Limited amounts of payment by cash (up to £100) can be approved in advance by two directors. This spending and the goods/services received for it must be properly evidenced and accounted for.

Only authorised signatories may use the card for spending. The payee must have the approval of two directors (one of which can be themselves). All receipts should be retained and brought to the attention of a finance officer.

Personal claims can be made providing the spending is evidenced in some way, typically with a receipt.

In all cases the claimant must complete the form and attach evidence of spending to it.

If the claim is made by a director one other director must approve the claim. If the claim is made by someone who is not a director then two directors must approve the claim. In addition the payee or counter-signatories should indicate whether they believe the money should be paid from restricted funds (i.e. a grant pot).

These claims, whether made by a director or other, must be approved by a resolution of the board.

1. Claims are placed in a claims inbox where they are collected by a finance officer.
2. If the claim is approved payment is arranged within 7 days, preferably by bank transfer. The claim must be properly accounted for in the accounts.
3. If the claim is rejected the claimant is notified. Rejected claims can be disputed as per the process set out below.

All enquiries relating to claims should be directed to a financial officer. Claims disputes are arbitrated and otherwise settled by a resolution of the board.

In order to track an invoice from receipt to payment it will be necessary to process them carefully. Invoices will be received by both post and email.

• Invoices should be scanned (unless already electronic) and placed in the 'Invoices' folder on the email account.
• Once the invoice is paid this should be recorded in the accounts by a finance officer. If there is a paper copy of the invoice it should be marked paid. Otherwise it should be moved to the Paid folder on the email account.

The financial officers raise invoices as instructed by the board and accounted for under 'accounts receivable'. Once invoices are paid they are removed from 'accounts receivable'.

Guidelines for issuing receipts Receipts should be issued wherever a transaction takes place. This typically involves cash changing hands, but receipts can also be issued in lieu of payment or for deposits etc. if it is appropriate. A receipt should always include the following:

• Payment received (if any)
• Brief description of or reason for receipt
• Date
• Initials of person issuing receipt

The following should be issued on separate receipts:

• Bike sales
• Membership fees

If you spoil a receipt just tear it up and write out a new one. If you are not sure if or how to issue a receipt do it anyway and make a note of the recipients contact details and tell the committee about the matter. Receipts can always be re-issued if there are errors providing we can contact the recipient.

As an Industrial and Provident Society and company limited by garuntee we have the duty to report on a yearly basis to the Financial Conduct Authority. We need to provide them with a copy of our financial returns along with a document (AR40) which we have to fill out detailing the state of our accounts. We are also required to report details such as the names and addresses of our directors. More details about the annual returns and how to fill them out are available at http://www.fca.org.uk/firms/firm-types/mutual-societies/annual-returns.