How does your society account work?
Each society is given an individual 'account', which is a section of the Students' Guild bank account. Your account is accessed via our Money in and Money out processes and can be facilitated by Guild Reception.
Society accounts do not have:
- Individual bank cards
- Individual sort codes and account numbers
Each society will have two financial signatories, namely President and Treasurer. All forms from the Money Out process must be signed off by one of the above.
All society income and expenditure must go through the society account - this is a legal requirement.
Your society ledger
A society ledger is essentially a bank statement for your society account. It will display all the transactions going in and out of your society’s account, in a live statement located on the eXpense365 app. A live balance of the account and the ledger will be visible only to the President and Treasurer of the society, this is because they are the financial controllers for the account.
Educational – any income or expenditure relating to an educational event
TOMS – any income or expenditure relating to a trip falling under TOMS
General – all other income and expenditure
If your society has done any fundraising for a charity that is not the Students’ Guild, then this will also appear on your society ledger, marked with the name of the charity you have fundraised for.
Within each section the ledger will show, the date of the transaction, a short description, and then the cost either under cash out (expenditure) or cash in (income). Both expenditure and income are totalled at the bottom of each section to give you a total balance on that section of the account. At the bottom of all sections will be an overall balance of the whole account.
We are currently working on setting up A Cappella, RAG and ESV on the eXpense365 app, in the meantime these groups can email the Activities Team to request a copy of their society ledger.