A Guide to Transparent Tracking and Balance Management
Maintaining accurate financial records is crucial for any community-driven project. In USFANS operations, keeping a clear log of refunds and their subsequent adjustments is not just good practice—it's essential for transparent trackingproper balance management. This guide outlines the standard procedure for recording these entries in the shared spreadsheet.
Why This Process Matters
- Accountability:
- Clarity:
- Trust:
- Accuracy:
- Clarity:
Step-by-Step Recording Procedure
Step 1: Identify the Original Transaction
Locate the original contribution entry in the "Income" or "Contributions" sheet. Note the Date, Contributor Name, and Original Amount.
Step 2: Create an Entry in the "Refunds" or "Adjustments" Sheet
Navigate to the dedicated sheet for tracking outgoing refunds. Enter the following data in a new row:
| Column | Data to Enter |
|---|---|
| Date | The date the refund was issued. |
| Reference # | Link to the original transaction ID or receipt number. |
| Contributor/Recipient | Name of the individual receiving the refund. |
| Refund Amount | The full amount returned (use a negative number, e.g., -100.00). |
| Reason Code | Use a standard code (e.g., OVERPAYMENT, CANCELLATION, ERROR). |
| Resolution Notes | A brief, clear description of why the refund was issued. |
| Processed By | Initials of the team member handling the transaction. |
Step 3: Update the Master Balance
Ensure the summary or dashboard sheet formulas reference the adjustment sheet. The Current BalanceTotal Income - Total Refunds = Net Balance.
Step 4: File Supporting Documentation
Attach a digital copy of the refund authorization and proof of payment (e.g., transaction ID) to the shared drive folder. Link to or reference this file in the spreadsheet's "Document Link" column.
Best Practices & Tips
- Timeliness:
- Consistency:
- Review:
- Communication:
- Consistency: