Club Finances

MONSU Account

Every club affiliated with MONSU Peninsula is required to operate a bank account through the MONSU financial system. Clubs are NOT allowed to operate their own bank accounts and should avoid purchasing goods with cash.

Depositing Funds at the Student Union

All income received by the club should be deposited at the MONSU Service Desk, using the deposit slip. Please deposit any money as soon as possible for security reasons. When depositing funds tell the Service Desk Staff which club the money is for and the type of income i.e. membership fees, function income, trip income, sponsorship etc. It is especially important to ensure that membership fees are deposited correctly, as membership fee deposits are checked when grant allocations are being decided.

NOTE: All cheques received by your club (for example, sponsorship income); need to be written to “MONSU Peninsula” – not to your club’s name. The money will be credited to your account.

Finance Forms

There are three main finance forms that clubs need to use:

1. Club Payment Form: Used to pay supplier invoices by either EFT or cheque (depends on supplier preference) or either reimburse club members for amounts less than $50.00 by cash or reimburse club members for amounts more than $50.00 by EFT or cheque.

2. Cash Float Request Form: Used to provide change to customers – i.e. when selling tickets. Maximum limit $50.00 and is treated as a loan to the club. Must be returned the following day.

3. Club Invoice Request Form: Used to charge clients i.e. to invoice Monash for club sponsorship.

 

Existing Clubs

Every finance form you fill in requires an account code. The format for entering the account code on MONSU Peninsula forms will follow this format:

Income (or) Expense Code – Club Code

For example, if the Mad Students Society wanted to purchase stationery, you would fill in a Club Finance Requisition form with the code:

6-4560 (expense code for stationery) – C9375 (Club Code)

Please refer to the MONSU Peninsula Club Account & Club Codes List for the relevant information.