Transaction Detail Report
A transaction detail report should be maintained, showing all revenue and expenses moving through the conference bank account(s). For each transaction, this will consist of the payee or sending party, method of payment for each transaction, date, description, and amount. This report will allow you to easily
- Classify transactions
- Create a final financial report
- Reconcile all funds in the bank account with your final numbers
- Match up supporting documents with transactions for audit purposes
All revenue and expenses should have supporting documentation regardless if an audit is expected to be performed for the conference or not. The following video will explain the supporting documentation that should be kept for all expenses.