Good Financial Records.
A Practical Guide for Incorporated Associations.
Most incorporated associations are run by volunteers. Clear financial records aren’t just a compliance task — they protect committee members, support good decision-making, and make audits and reviews run smoothly.
Queensland guidance for incorporated associations sets out clear expectations around record-keeping, banking, and financial reporting. Among all records, bank statements remain essential.
Why Bank Statements Still Matter
Even with cloud accounting software and live bank feeds:
Bank statements are independent records issued by the bank
They confirm the existence of the account
They show the legal account name
They support continuity when committees change
Accounting software shows how transactions were recorded.
Bank statements confirm what legally occurred.
Legal Names and Governance
For incorporated associations, bank accounts must operate in the registered legal name of the association. This name is the one registered with the Queensland Office of Fair Trading — not necessarily a trading name or ABR name.
Bank statements help demonstrate:
funds belong to the correct entity
accounts are correctly established
committee members are acting within their authority
Term Deposits Are Easy to Forget
Term deposits often sit outside day-to-day banking screens. Independent bank statements or rollover notices are still required to confirm:
the deposit exists
it belongs to the association
key terms and balances
This is particularly important during committee handovers.
A Simple Best-Practice Checklist
Keep PDF bank statements for all accounts
Include all months, even if there’s no activity
Clearly label files by account and month
Retain term deposit statements or rollover notices
Reconcile bank accounts monthly
Good records aren’t about red tape.
They support strong governance, protect volunteers, and keep audits and reviews efficient.
Schedule 5 – Management Committee Responsibilities (Qld)
Under Schedule 5 of the Associations Incorporation Regulations 1999 (Qld), management committees must:
✔ Approve or ratify association expenditure
✔ Ensure approval is recorded in the minute book
These requirements are not administrative formalities — they protect committee members, support transparency, and strengthen governance.
Clear approval. Proper documentation. Stronger associations.
If you’re unsure whether your committee processes align with Schedule 5, it may be time for a review.
