Duties Of The Treasurer

From The Desk Of Shri. Umesh Bhat (F.C.A)

The Model Bye-Laws Of The Society Has Detailed The Functions Of The Chairman And The Secretary. However, It Is Silent With Respect To The Duties Of The Treasurer Who Nevertheless Occupies An Important Standing As An Honourable Office Bearer. Naturally In Most Societies The Treasurer Devotes His Time Mostly Revolving Accounting Functions.

The Function Of The Treasurer Is Deeply Associated With ‘Treasury’ Which Means A Store Of Money And In Respect Of A Housing Society – Its Funds. So Taking Roots From The Precious Line, The Treasurer Is Basically The Chief Financial Officer / Manager Of The Society. Right From Ancient Times, Treasury Occupied An Important Status In All Kingdoms And So Did The Treasurers. But One Has Wary Of Treasurer Like ‘Seleucus’ (The Treasurer Of Cleopatra Who Betrayed His Master). At Present The Bye-Laws Do Not Prescribe Any Qualification For Holding Any Honorary Post. However It Would Be Highly Desirable To Have A Member With Atleast Commerce Or Accounting Background, If Not A Certified Treasury Manager.

The Following May Be Ideally The Duties Of The Treasurer:

·         To Sign All Receipts For Cash And Cheques  Received By The Society

·         To Ensure That All Account Books And Register Are Properly Maintained.

·         To Operate The Bank Account Of The Society Jointly With The Secretary And The Chairman.

·         To Scrutinize All Requirements Of Expenditure And Recommend The Same Sanction.

·         To Ensure That All Entries In Petty Cash Book Are Checked Thoroughly For Correctness Before Signature And The Items Purchased Have Been Taken On Charge In The Respective Stock Ledgers.

·         To Ensure Cash Balance Is Held Beyond The Limit Fixed By The Managing Committee.

·         To Ensure That All Transactions Are Properly Reflected In General Ledger Connected With Account.

·         To That Non-Expendable Items Are Taken On Proper Register.

·         To Report Cases Of Misappropriation Of Funds Of The Society Immediately, On Detection, To The Chairman Or Secretary And The Managing Committee And Further Suggest And Implement Appropriate Remedial Measures For Avoidance Or Recurrence Of The Same.

·         To Ensure That All Vouchers, Along With The Bills Relating Thereto, Are Arranged In Order Of Entries In The Cash Book And The Journal.

·         To Ensure Proper Records Of All Counterfoils, Challans, Bills Receipts And Cheques Are Preserved.

·         To Ensure That Periodical Statements Of Accounts Are Prepared By The Society.

·          To Put Up Monthly Balance Sheet And Income And Expenditure Statement Of The Year Before The Managing Committee, For Approval.

·         To Check Monthly Bank Reconciliation Statements For Correctness.

·         To Check Audit Reports And All Auditable Documents.

·          To Ensure That Personal Ledgers Of All Members Are Properly Maintained.

·         To Initiate Action For Recovering Outstanding Liabilities Of Sundry Debtors And Sundry Creditors.

·         To Ensure The Original FD Documents Are Kept Safe Preferably In Bank Lockers With A Photocopy In Office File. Also Submit Same Renewal / Encashment On Maturity.

·         To Put Up Monthly Account Statement For The Perusal Of Management Committee.

·         To Supervise The Accountant.

·         To Ensure That The Accounts Are Maintained As Per Statutory Requirements Including The Accounting Software.

·         To Assist Hon. Secretary During Audit, Internal / Statutory.

·         To Assist In Preparation Of Audit Rectification Report.