Finance & Transactions Procedure

Purpose

This procedure explains how money is handled at Nexus Group so that transactions are accurate, approved and properly recorded. It covers purchasing, supplier invoices, payments, expense claims, petty cash and month-end reconciliation. The Finance team (Finance Manager, reporting to the CFO) owns this procedure.

Before you spend

• Get approval before committing to a purchase, within the limits below.
• Use approved suppliers where one exists, and keep the order details.

Checking source documents

A “source document” is the paperwork behind a transaction — an invoice, receipt, docket or statement. Always check it before acting:

• Does the invoice match what was ordered and what was actually received (quantity and price)?
• Are the supplier details, ABN, date and totals correct, and is GST shown correctly?
• Is it a valid tax invoice for amounts over $82.50 (inc. GST)?

If something doesn’t match — a wrong quantity, price or total — don’t pay it. Put the invoice on query, confirm with the supplier, and escalate to the Finance Manager if it can’t be resolved.

Supplier invoices and payments

1. Check the invoice against the order and goods received.
2. Code it to the right account and send it for approval.
3. Once approved, it’s scheduled for payment (usually EFT) by the due date.
4. Record the payment reference against the invoice.

Expense claims and petty cash

• Submit an expense claim for out-of-pocket work costs, with a receipt. Claims without a receipt or a trip log are returned.
• Use petty cash for small incidental amounts only. Every payment out is recorded in the petty-cash book with a receipt, and the float is topped back up to its set amount.

Reconciliation

At month-end the cash book is reconciled to the bank statement:

1. Match each cash-book entry to the statement.
2. List reconciling items — e.g. unpresented payments not yet cleared, or bank fees not yet in the cash book.
3. Adjust for these so the cash book and statement agree.
4. Investigate any discrepancy (for example a transposed figure like $848.40 vs $884.40), correct the entry, note the adjustment, and escalate anything you can’t resolve.

See the worked reconciliation for an example.

Accounts and credit terms

Standard supplier terms are 30 days from invoice date. Follow up overdue accounts politely and on time, and review credit terms with the Finance Manager where needed.

Recordkeeping and privacy

Keep finance records accurate, complete and secure. Financial and personal information is confidential — handle it in line with the Privacy Policy and share it only with those who need it.

If you’re unsure

Don’t guess with money. Raise an invoice query or contact the Finance Manager. It’s always better to check.