With the Cambodia side fully sorted out, we spent some time this year figuring out what to do with the Singapore side and how to get all these financial records together.
Our main requirements are:
- To record our finances accurately and transparently for donors, staff and well, anyone.
- To be able to track costs on different programmes and sites more easily.
- To be able to do all this quickly and efficiently (especially producing specific reports) so we have time to do the rest of the work
- Reasonably cheap and definitely reliable
Several volunteers (Hi Teena, Cheryl and Derek!) looked through what we had, researched our options and suggested moving to Xero.com and pulling together all our financials, Singapore and Cambodia, into that one accounting platform.
Over the next three months, we’ll be migrating everything from Jan 1st, 2008 to Xero.com.
We’ll also be adding PDFs of our internal financial policies and forms to the website’s financial reports section.
Because of our child protection policy and shop privacy policy, the raw data – scans of financial records, receipts and so on – have to be screened and can’t be published online easily. Bank records will continue to be published online, and we’re happy to find specific receipts for queries (email dale@riverkidsproject.org with requests).
Very excitingly, we have confirmed a Chart of Accounts, based on the Australian state governments’ recommended chart of accounts for non-profits. This also aligns well with Singapore’s RAP 6-7 guidelines (RAP 06 .doc file).
View our Riverkids Chart of Accounts as a webpage, or download the Excel file.
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Best practices for book-keeping