According to Bucher, financial accounting should provide:

1. A record of receipts and expenditures for all departmental transactions.

2. A permanent record of all financial transactions for future reference.

3. A pattern for expenditures that is closely related to the approved budget.

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4. A tangible documentation of compliance with mandates and requests either imposed by law or by administrative action.

5. Some procedure for evaluating, to see that funds are dealt with honestly and that there is proper management in respect to control, analysis of costs, and reporting.

Departments of physical education and athletics should adhere to the accounting procedures of their institution. Purchasing, budgeting, and accounting should be consistent throughout an institution and from one year to the next.

Accurate and thorough accounting for expenditures when travelling, whether as individuals or as teams, is essential. Receipts should be required for expenses for lodging, travel, meals, and incidental expenses of any consequence.

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Forms on which to file requests for travel costs should be carefully prepared and printed. Provision should be made for cash advances as it is unfair to both staff members and coaches to expect them to provide the cash and then be reimbursed later.

Labour time slips, time reports, and/or time cards must be accurately completed for those who are paid on an hourly basis. In many institutions, students and other hourly employees must punch time cards indicating when they begin work and when they quit.

Integrity on the part of both staff members and the students should be expected. Opportunities for helping students develop sound value systems abound in these administrative processes.

Honest accounting for all financial aid to all students, including athletes, should be the guide. Many of the problems in athletics can be traced to lack of candor and integrity in this matter.

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The maintenance of a perpetual inventory is also part of a sound accounting program.

Regardless of the system used or the exact accounting procedures employed, the objectives should be:

• To keep those who initiate, control, or make disbursements informed of the status of the accounts from which payments will be made.

• To provide accurate and clear records that can serve as the basis for audits.

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• To restrict expenditures to the income provided.

• To provide information on which to revise the current budget and prepare future budgets.

• To provide students and others with information as to how moneys are being spent.

• To protect those involved from charges of misuse of funds.

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No organization can afford to operate with slipshod or inadequate accounting procedures.