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6.4.2 Financial RecordsMaintaining financial records is a responsibility that must be taken seriously and kept up diligently by all locations. Correct maintenance of financial records helps locations operate more effectively and efficiently, and provides locations with the assurance that they are properly safeguarding the patrimony of the Church.
Records are to be kept of all receipts and disbursements in the daily operation of the location.
Appropriate computer software should be used in recording transactions and preparing reports.
Detailed backup should be generated and retained to support all monthly and annual reports.
The following reports should be maintained on a monthly basis and preserved electronically (as PDF files) or otherwise at each location in accordance with the Record Retention Schedule (sorted by category and record type).
Profit and loss statement
Bank records: Reconciliations (including detail)
Bank records: Statements
Reports that are not listed in the Record Retention Schedule either by category or record type may be destroyed as determined by the location.