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CAP Talk  |  General Discussion  |  The Lobby  |  Topic: Squadron Finance Records
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1730614cfii
Recruit

Posts: 11

« on: September 27, 2005, 06:55:20 PM »

New requirements from National HQ require that Squadron Finance Officers maintain records of receipts and expenditures using Quicken (software being provided to Squadrons) and set up accounts for each of the  established CAPR 173-1 categories.   National has posted downloadable Quicken files to assist in setting up the accounts.  However, I have a problem with this!   I've been using Quicken for years to record my squadron's finances, and I feel I have a better way of doing it.  I've set up asset/liability accounts for the checkbook register and each party from or to whom money is received or paid.  Each expenditure and receipt is recorded twice, once in the checkbook register (with an assigned CAPR 173-1 category number) and once in the account of the entity that the money was received from or paid to.  Accounts are also set up for consumables such as postage stamps and publicaations that are purchased for resale.  At any given time, I can readily provide the Finance Committee or audit personnel with a "squadron net worth report," or give a squadron member a personal report of his past transactions (for his income taxes).  Every I run a report with everything grouped by category.  Using this report I can prepare the Squadron Year End Financial Report in minutes!  I'm curious how other Finance Officers have been doing it, and if they are switching.
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arajca
Salty & Seasoned Contributor

Posts: 4,372

« Reply #1 on: September 27, 2005, 07:57:00 PM »

The primary reason for the new requirements is that everyone was doing it differently, causing major headaches for those who are trying to keep our financial records straigh at higher levels.

Also, by having a standardized system, it help reduce the potential for fraud and abuse.
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SarDragon
Global Moderator

Posts: 10,684
Unit: NAVAIRPAC

« Reply #2 on: September 28, 2005, 12:10:27 AM »

In addition, you are doubling your work. Quicken does transparent double entry accounting, which you are trying to do manually. They want the income and expenses accounted for in the specific categories on the 173-1. I have used Quicken at home for years, with my own category set, so I know where you're coming from. We've been using Quicken here in CAWG for three years now. Trust me, do it their way. It's a major inspection item.

Also, try to use the version they provide, on a separate computer that doesn't have any other version installed. There are compatibility issues between the different versions and levels, and trying to swap files around can easily corrupt them. It takes a long time to rekey three and a half years of checks and deposits!
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Dave Bowles
Maj, CAP
AT1, USN Retired
Mitchell Award (unnumbered)
C/WO, CAP, Ret
1730614cfii
Recruit

Posts: 11

« Reply #3 on: September 28, 2005, 12:55:44 AM »

Dave,  I would like to talk to you on the telephone about this sometime.....can you give me you phone number.  Bill  wolong@aol.com
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CAP Talk  |  General Discussion  |  The Lobby  |  Topic: Squadron Finance Records
 


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