OSM Invoices
The rules on Balance Sheets as and when the Balance Sheet is due.
- If you request the money upfront from the Treasurer (this must be requested at least 2 weeks prior with an agreed collection date) then the balance sheet (OSM Invoices) must be returned to the Treasurer with all the receipts that haven’t already been handed in and any left over money within 2 weeks of final day of the event.
- If you don’t have any money upfront and you claim the money back from the group with the receipts then you have until the end of finical year (31st March) with a maximum of 6 months from the final day of the event. Again the balance sheet (OSM Invoices) must be returned to the Treasurer with all the receipts that haven’t already been handed in.
All though we shouldn’t be aiming to make a profit and we should be breaking even on Events. We recognise that some events may result in a profit that you wish to use for section meetings or other events. We do however, require that this use of money needs to be recorded on its own balance sheet (OSM Invoices) for that night.
There is a running total that shows on the OSM Invoices summary page to see how much if any money you have to spend, if an event ends with a loss and then the next event ends with a profit of the same amount then the profit will be used to subsidize the previous loss and should not be used on a section night or event.
To make our Balance sheets we use OSM Invoices. Which you can access via the menu structure:
When you enter the Invoice section you will have this bar across the top:
You can select an existing Invoice or you can Create a new Invoice
You can then add a record to the invoice with Add Record.
When you add the record you add all the details on the record.
You need to create 1 record for every receipt, however for payments through OSM. You need to do 1 record for each payment amount but you can do it for a total for all people paying amount. E.g. If you are charging £10 deposit for a camp and then £20 for the remaining payment with 10 people attending. You would have 2 income records one of £100 and another of £200. You would also have two expenditure records for each one. if you have 5 payments for a camp you would need to have 5 Income and expenditures one for each payment.
In the comments you need to detail the Charge and the number of people paying.
We have a new way to calculate the OSM fee for a payment. Which is available via OSM Fee Calculator – 1st Burnham-on-Sea Scout Group
Once the Invoice is complete please print and hand to the Treasurer with all the receipts and any remaining money you have.
Important things to note, we need to include as much information as possible in the Comments:
- For Receipts you need to include what it is for. Such as Badges, Craft Material, Food, Camp fees etc
- The OSM Fee Calculator is validated against the GoCardless account.
- For income you can’t just do the total cost, you need to do individual transactions. This is because the OSM Fees are based on the individual transaction and all need to be accounted for on your balance sheet.
