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Rev. 11/2018 1 of 18 EVERYTHING YOU WANTED TO KNOW ABOUT… YEAR- END FINANCIALS
Rev. 11/2018 1 of 18
EVERYTHING YOU WANTED TO KNOW ABOUT…
YEAR- END FINANCIALS
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TABLE OF CONTENTS
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Getting Started . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 The VTK Ledger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Recording Income Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Recording Expense Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Recording Cash Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Combined Ledger Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Auto-populated Income and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 VTK Ledger Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 VTK Finances Tab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Reviewing and Beyond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Tips and Tools Record Keeping Best Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Troop/Group Dues Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Troop Detailed Income Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Detail General Ledger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
ADDITIONAL REFERENCES For the purpose of minimizing the reproduction cost of this document and being environmentally conscious, we have chosen to supply addition topics to be covered more thoroughly online. For more information on GSGLA Financial guidelines and procedures check the following:
1. Volunteer Essentials
2. Forms and Documents
3. GSGLA Training
NOTES
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INTRODUCTION
Each troop, group, and service unit are required to submit a financial report once a year. The year-end report
covers the period from May 1 (of the previous Girl Scout year) through April 30 (of the current Girl Scout year) and
is to be submitted via the Volunteer Toolkit the first Friday in June.
The troop/group leader is responsible, in partnership with the girls in the group (Junior and older), to prepare a
finance report and distribute it to each family in the troop/group a minimum of one time per year. Full disclosure of
the troop finances annually ensures transparency and that all family members of the troop are informed of the
troop’s income and expenses.
Because money is held for the troop/group in trust, accurate records must be maintained. Knowing what financial
information is needed for accurate record keeping is important. There are four key forms and documents needed
for accurate record keeping.
1. The most important form is a detailed ledger, as it is necessary to enter and
categorize all troop income and expenses monthly. You can use the GSGLA
VTK Ledger or one created in Excel, QuickBooks, Quicken or handwritten,
that has a column for each income and expense category and each column
can be totaled. It is recommended to use the VTK Ledger as the categories
align with the categories in the VTK Finances tab.
2. The Cash Receipt Form is needed to record cash purchases. It is important to
save receipts as they need to be submitted with the form.
3. Check the bank statements against the recorded income and expenses on the
ledger each month to identify missing entries. Double check that all cash
transactions are also recorded, if applicable. Balance on the ledger should
equal the bank statement plus outstanding transactions and cash on hand, if
applicable. If it doesn’t, review each entry to find the error.
4. The VTK Ledger Summary needs to be submitted with the detailed general
ledger. If you use your own ledger, you will need to enter the total of
each column manually on the VTK Ledger Summary. The summary is on the
annual report tab of the VTK Ledger.
Check Tips and Tools for a list of best practice for record keeping and copies of the
forms listed below.
1. Troop/Group Dues Record to record what girls have paid
2. Troop Detailed Income Record to record all funds received
3. Detail General Ledger to use when the VTK ledger is not available
VTK Ledger
Cash Receipt Form
Bank Statements
VTK Ledger Summary
General Ledger
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GETTING STARTED
All troop income and expenses fall under a specific category. It important to be familiar with the categories.
The chart below shows the financial categories for recording income with a full description as to what is included. It
is important that all money received is recorded. This includes checks, cash, online payment platforms, bank
credits, transfers etc.
INCOME CATEGORIES CATEGORY DESCRIPTION
Membership Funds from families to pay for the annual membership registration
Juliette Low World Friendship Fund Optional donation from families. The troop makes the donation to GSUSA
Troop/Group Dues Funds from girls to cover troop meetings and activities; Daisy parents provide dues
and/or start-up funds
Cookies Funds from Cookie Sales for the current season
Fall Products Funds from Fall Product Sales for the current season
Family Partnership/G.I.R.L Fund Optional donation from families. Troop submits the donation to GSGLA
Additional Money Collected Funds from families to offset the costs of activities; funds from last season’s product
sales program; product sales reward funds
Other Money Earning Funds from an approved SEME money-earning activity
Contributions & Donations Donations made directly to the troop following the guidelines in Volunteer Essentials
Chapter 5
The chart below shows the expense categories for expenditures paid out of the troop treasury, also with a
description. It is essential to record all expenditures whether from check, debit card, ACH, or cash.
EXPENSE CATEGORIES CATEGORY DESCRIPTION
Membership Paid by the troop to GSUSA for annual girl and adult membership registration
Juliette Low World Friendship Fund Optional donation by the troop using funds collected from families or from the troop
treasury
Family Partnership/G.I.R.L. Fund Donation to GSGLA using funds collected from the families or from the troop treasury
Equipment Purchases for troop equipment (non-consumables) such as tents, flags, books etc.
Program Activities Expenditures for trips, workshops, parties, GSGLA events/program etc.
Service Projects Purchases made to complete and support service projects
Program Supplies Purchases for craft and activity supplies, uniforms, badges, pins, patches etc.
Other Expenses Misc. troop expenses including bank fees, leader training etc.
Cookies ACH debits processed by GSGLA
Fall Products ACH debits processed by GSGLA
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THE VTK LEDGER
The VTK Ledger can be downloaded directly from the GSGLA website by clicking “Forms” on the top of the page. Or
if you are working within VTK itself click on the Resources tab, under Troop Leadership, click “More” and then
“Finances.” Once on Forms and Documents click on “Finances” then VTK Ledger. There are additional resources for
downloading.
The picture below shows the downloaded VTK Ledger. Notice that the VTK Ledger opens in Account 1 tab. The
procedures below are for the VTK Ledger. For other ledgers the process is the same, other than the amounts will
be manually placed in the income and expense columns.
The VTK Ledger has two sections. The white section is where you will be entering your transactions. The pink section
will auto populate with your transactions. Notice in the category column there is a dropdown box. This is where you
will be selecting a category for each entry. Begin by entering in the yellow box, your beginning or starting balance
which is the ending balance from last year’s finance report. For new troops enter zero.
The picture on the rights is a closer look at the category
dropdown box and the amount column. These are the same
categories shown earlier. The document is formatted so it is
important to not add or delete rows. If recorded correctly, the
entries will auto populate the pink section in the correct
column. The category selected, will determine if it is an income
or an expense; enter all amounts as a positive number.
After entering a few transactions, check the pink section to be
sure entries are populating correctly.
OR =
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RECORDING INCOME TRANSACTIONS
The ledger below shows how to enter income. It is important to break down deposits if the deposit covers more
than one category.
Beginning or starting balance is $130.
First entry (1) was a deposit of $50 for dues. In the category column dues was selected and $50 was entered.
Second entry (2) shows $125 was received. $100 deposited, and $25 cash was withheld from the deposit. This
was a combined deposit: $50 fall products, $50 for dues, and $25 for membership.
Third (3) and fourth (4) entries were deposits for cookies for current season.
Fifth entry (5) was another combined deposit of $75. $25 for membership, $25 for Family Partnership/G.I.R.L.
Fund, and $25 for additional money collected.
RECORDING EXPENSE TRANSACTIONS
The ledger below shows how to record expenses. Remember to break down the transaction if it includes more than
one category.
Beginning or starting balance of $130.
First entry (1) was cash expenditure for meeting snacks which are program supplies for $10.
Second entry (2) was by debit card for membership for $25.
Third entry (3) was ACH withdrawal for cookies for $1296.
Fourth entry (4) was a check to reimburse Joan Smith for Thinking Day materials for program supplies for $23.
Fifth entry (5) was by debit card for $25. This was a combined transaction: $10 for equipment (flag) and $15
for program activity (Mall Madness). Because the transaction involved two categories, the transaction was
entered on two lines.
Sixth entry (6) was by debit card for two GSUSA memberships for $25 each = $50.
Seventh entry (7) was by debit card for GSGLA for the Family Partnership/G.I.R.L. Fund for $25.
Eighth entry (8) was by debit card for a First Aid Class which is other expense for $25.
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RECORDING CASH TRANSACTIONS
For every cash expenditure a Cash Receipt Form needs to be completed. Below is the completed Cash Receipt Form
and receipt for the first entry on the expense ledger for snacks from Albertsons. The form asks for the category,
date, payee, description, and amount. The form may also be used to record the remaining balance of cash on hand.
A Cash Receipt Form is to be submitted with the ledger and VTK Ledger Summary, along with the receipts.
COMBINED LEDGER TRANSACTIONS
Below is the ledger combining all the transactions that were previously entered. The ending balance is at the bottom
of the amount column. Verify the ending balance is the same as the bank balance plus outstanding transactions and
if applicable, cash on hand. If there is a discrepancy, it is usually because a category has not been selected correctly.
Balancing: Bank balance is $746; no outstanding transactions; $15 cash. $746 plus $15 equals $761, which is the
ledger balance. It balances!
Monthly, you should transfer the VTK ledger summaries or if using your own ledger, the total of each column into the associated categories within the VTK tab.
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AUTO POPULATED INCOME AND EXPENSES
The picture below shows how the category column auto populated the pink sections. Note that all columns are
totaled at the bottom. These totals also auto populated the pink sections of the VTK Ledger Summary.
VTK LEDGER SUMMARY
Once the VTK Ledger or your own ledger is completed and balanced, you are ready to complete the VTK Ledger
Summary. If you are using your own ledger you will need to download the VTK Ledger to access the summary.
Click the Annual Report tab on the VTK Ledger and the summary will open.
The picture shows the pink sections have auto filled. If you
are using your own ledger, manually enter the totals of
the category columns in the pink sections.
Complete the following sections:
1. Yellow sections with your troop information.
2. Gray sections are for explanations you may have for
entries. Note the cookie explanation shows cookie
money still needs to be collected.
3. Yellow section on the bottom asks for the April bank
balance and an explanation as to why it is different
from the ledger. Also explain how the remaining
funds will be used.
It is important that this information is complete as this is what will be entered in the VTK Finances tab.
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VTK FINANCES TAB
Once your VTK Ledger Summary has been completed, you are ready to enter your troop’s financial information
into the finance tab. The finance tab can be accessed within the VTK itself. There is a VTK Help Menu on the right
side for more information.
The VTK Finance tab has several sections. First you will be entering financial information. Using the VTK Ledger Summary, enter the total of each of the income and expense where requested. Then enter the beginning or starting balance. Double check that the total income and expenses have auto-populated and that the ending balance is the same as the VTK Ledger Summary ending balance.
If you need to enter notes click the green plus signs on the bottom.
Next you will enter your bank information. You will be entering the name, branch, the last four numbers of the bank account, and the name of one of the signers. (At the end of the form, you will be asked to name all signers.)
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In the Council Notes and Questions section, you will be answering questions about your troop for the next membership year, your service unit name and number, and three notes about your troop.
1. The first note asks for your checking account balance from the April bank statement and an explanation if the ending balances are different. (Balances may be different if you have cash on hand or outstanding transactions.)
2. The second note asks for the first and last name of each signer on your bank account. 3. The third note asks if you attached your ledger.
Click on the green plus sign to answer the questions.
When all the information has been entered, it is time to preview the report. Click the green button to preview
your finance report as the council will see it. You will also to be able to edit it again if needed.
When you click “Preview Finance Report,” you will see this pop-up screen. As you scroll down you will see the
information you entered as well as any notes. If corrections or additions are needed, click “Edit Report” and
make the changes.
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When you scroll down to the bottom, you will see this screen, where you will actually send your finance report
to council. Your name, troop number, and date will auto-populate. If everything is correct click “Send to
Council.”
This is the next screen you will see. Here is where you will attach your documents. If you are ready, click “Yes,
Submit Now.” If not, click “No, Don’t Submit,” and you will go back to the edit page.
This pop-up screen will open and you can browse and select the files you want to upload. This is where you will
attach your VTK Ledger or your own ledger with your completed VTK Ledger Summary and other documents.
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This shows the list of the uploaded files. If there are changes click “No, don’t submit” and you will be sent back
to the edit mode. If everything is correct, click “Yes, submit now.”
Once submitted there will be this pop-up screen confirming the finance report submission. Click “OK” and you
will return to the VTK Finances tab.
Once back on the finances tab, you will see a confirmation message at the top. You will see all of your submitted
troop finance information on this page, minus the attached documents.
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As you scroll to the bottom of the page, you will see this message giving instructions for submitting corrections
and a description of what parents will see.
This is what council will receive via email after your report is submitted.
REVIEWING AND BEYOND
Financials are forwarded to Service Unit Manager or Service Unit Treasurer for review. During the reviewing
process you might be asked to provide bank statements, missing documents, and clarification of transactions.
Promptly providing the requested information will continue the reviewing process. Once reviewing is complete,
you will be notified of the outcome. If corrections need to be made, or additional attachments need to be
submitted, they will need to be submitted via the Finance Report Submittal e-form.
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RECORD KEEPING BEST PRACTICES
Using a detailed ledger with categories makes recording transactions easy. If you are setting up your own
ledger be sure there is a column for each category and that each can be totaled separately. The total is
what will be entered on the VTK Ledger Summary. There is a sample detailed ledger in Tips and Tools.
If a deposit or expenditure was for more than one category, don’t combine categories. Breakdown the
transaction to as many categories as needed.
Deposit money as soon as possible.
Use the Troop/Group Dues Record to record all dues, and additional money collected from parents.
Record income received on the Troop Detailed Income Record at troop meetings and other times you are
collecting or receiving money.
Only make payments with the troop debit card or troop check with two signatures.
Cash withdrawals and expenditures should be done on a limited basis.
Keep receipts for amount spent if cash is withdrawn by check or debit card.
When making cash expenditures, it is important to keep receipts and record the transactions on the Cash
Receipt Form as well as the ledger. The Cash Receipt Form and the corresponding receipts will need to be
submitted with the documents.
Do not reimburse for expenses using cash. Reimburse someone who uses their own funds to purchase
troop items with a troop check with two signatures.
Never sign a check for your own reimbursement. The other two signers on the account may issue a check
and validate the reimbursement.
Open a PayPal or Venmo account to collect dues, activity fees, and product proceeds from customers. Be
sure it’s linked to the troop bank account.
Do not comingle personal funds with troop funds.
Remind parents to give you product sales money as it is collected. Depositing it in their personal account
and writing a check or sending electronically is consider comingling of funds, which is not allowed.
Review your bank statements and receipts monthly to ensure that all financial activities are included on
the ledger. Ledger balance should equal bank balance plus outstanding transactions and cash that you
have. If it doesn’t, review each entry to find the error.
After balancing your ledger monthly, enter the income and expense category totals in the VTK Finance
Tab. Updates are saved automatically but not submitted to council.
Keep dues records, bank statements, receipts, money to be deposited and other financial records in a
Troop Binder. Bank statements from May to April are needed to complete year-end financials.
If you don’t have access to your electronic ledger, use a handwritten ledger to record transactions.
Do not mingle personal expenditures with troop expenditures on the same receipt.
Using the VTK Ledger saves time. This ledger auto fills the category columns with the dropdown box and
the VTK Ledger Summary. It is a one step process to complete everything needed for the VTK Finances tab.
As you enter transactions, scroll to the pink section to see if your entry has auto populated correctly. If
not, try entering again on a different line.
TIPS AND TOOLS
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