Is your group run by a management committee? Then you need to be aware that you hold the same responsibilities as a charity trustee when handling money that does not belong to you personally.
Well regulated accounts will show all day-to-day entries for all money received or spent, showing what the money was spent on, or received for, during the group’s financial year.
Many groups run their financial years to begin on April 1st and end on 31st March the following year, but different dates may be chosen if more appropriate to your group’s activities (eg matching the season if a sports group, or school year if it involves young children)
All financial records should be kept for six years
If you need help in setting up or modifying your accounting system, please get in touch here