By Law BL001.00
Accounting and Financial Procedures

  1. The Accounting System

    The Treasurer will maintain the following books of account and prepare the following accounts and reports.
    1. Cashbook (Excel Spreadsheet in Analysis format)
    2. Quarterly Income Expenditure Report (Excel Spreadsheet)
    3. Annual Balance Sheet and I.E. Account (Excel Spreadsheet)
    4. Record of Members & Fees Paid (Excel Spreadsheet)
    5. File of Expenditure Vouchers & Receipts (hard copy)
    6. Backup files of all accounting records on CD / DVD disc.
  2. The Cashbook shall be maintained as an MS Excel Spreadsheet. Each page, containing yearly transactions will be numbered consecutively from 1 upwards.
    The Cashbook page will be divided into two sections, with Income as one and Expenditure as the other.
    Under Income, columns will be made to record Membership Fees, Donations and other income. Under Expenditure, columns will be made to record Paypal; Banking & Currency Exchange charges; Domain & Web site Hosting; IT & Software; Postal charges; and Other Costs.
    New income and expenditure columns may be added as needed.
  3. The Quarterly Income & Expenditure Report - Summarises transactions recorded in the Cashbook and is accompanied with a Balance Sheet.
  4. The Annual Balance Sheet will include physical and intellectual assets owned by the Association, such as, software, stamps and related material, and Library Books owned by the Association.
    Under Liabilities will appear the depreciated value of assets including Library Books on loan to the Association and depreciation allowed on Books owned by the Association (to be calculated at not less than 10% per annum of their original value / cost unless otherwise determined by the Board of Directors.
    The Balance Sheet will also show cash at the Bank, cash with Paypal and cash on hand with the Secretary, the Membership Secretary, the Librarian, the Webmaster and others authorised to do so by the Board.
    The Record of Members & Fees Paid and the File of Expenditure and Receipt documents are self-explanatory.
  5. Banking
    Due to special Financial and Bank Regulations currently existing in many countries, the Treasurer will be obliged to set up a banking account in accordance with the security regulations of his country of residence. This may require the Association to provide the bank with personal details and signatures of all the Executive Committee Members, or if they are not resident in the same country, of a local Director of the Association. If requested, the Executive Committee will supply a letter to the bank, stating the Treasurer is authorised to receive and dispense all monies on the Association's behalf. Either, the members of the Executive Committee or the Treasurer and the Director, shall be co-signatories of the bank account. This authority must receive the approval of the Board of Directors before it is released. The bank account shall be in the name of the Association, that is, "Internet Philatelic Dealers Association, Inc.,"
  6. Paypal - Under Paypal's current rules the Association's Paypal account must be linked to an IPDA, Inc. bank account. This will facilitate the transfer of funds from the Paypal account to the bank account when directed by the Treasurer. To provide the Association and the Treasurer with adequate protection the Paypal account must be in the name of the Association or where this is not possible, in the name of the Treasurer, such as, "P.Sxxxxxxx -IPDA, Inc." with the Paypal account named as ipda.username@his email address. To keep fees to a reasonable minimum, the transfer of monies from the Paypal account to the Association's bank account maybe made when the balance due to the Association reaches US$151.00 or above. In practise, funds should not remain in the Paypal account longer than is necessary.
  7. The following statements will be received or should be obtained from Paypal on a regular basis ...
    1. PayPal Advice "You've got new funds" - This advice arrives by email whenever Paypal receives monies on the Association's behalf. Printed copies of these should be filed.
    2. "Paypal Receipt for your payment" - Whenever the Association, through Paypal, makes a payment, an email will be received confirming the payment has been made and providing a transaction number.
      This document should be copied and filed.
    3. Paypal "My Account Overview" and "Account Activity" Statements.
      At least once each month the Treasurer shall download from a statement of account.
      This statements provide a running account of monies received and spent through Paypal on behalf of the Association and will support entries in& the Cashbook.