TREASURER'S
Corner
December 2023

Hello Texas PTA Treasurers,

Can you believe you are almost halfway through the year?  Before the holidays get too busy, it’s a good time to make sure all your records are in order for the PTA.  The following are a few things you want to make sure you’re caught up on:

  • Reconcile all Accounts: Ensure all PTA accounts have been reconciled to the statement. Start the new year knowing the financials have the correct balance.
     
  • Follow-up on any Checks that Haven’t Cleared the PTA Bank Account: Are there any outstanding checks that haven’t cleared the bank from earlier in the year?  If so, follow up with those individuals to see if they forgot to deposit the check or if they lost it and need a replacement check. Banks are legally not required to accept checks that are older than 180 days.

  • Make Sure Your PTA is Adequately Covered by Insurance: PTAs have different insurance needs and many options exist. If you haven’t assessed your insurance already this year, now is a good time to do a checkup. Texas PTA recommends that all PTAs have General Liability, Directors and Officers Coverage, and Embezzlement insurance. To find out more about these and other options, visit txpta.org/pta-insurance or contact AIM Insurance, our preferred provider at 1-800-876-4044.

  • If Your PTA has a Sales Tax Permit, Get Your Records Together to File in January: Get your sales tax records in order so you are ready to file your quarterly or annual return by Monday, January 22, 2024 (due to January 20th being on a Saturday). Mark your calendar for a Sales Tax Training on the ins and outs of completing the sales tax return with the State Comptroller’s office on Monday, January 8, 2024, at noon. Register here.

  • Has Your PTA had a Change in Account Signers?  If so, remind your president that they need to appoint a financial reconciliation committee to review the PTA’s records from the start of the year up to the date the change in signers occurred.  The committee should be appointed within 10 days and complete the financial reconciliation within 20 days of formation.  More information can be found at txpta.org/financial-reconciliation.

  • Thanks to those of you who joined me for the Sales Tax Webinar in November to learn more about sales tax. If you didn’t get a chance to attend or want to re-review the webinar, you can find it here.

Please reach out if I can help in any way,

Kim Belew
Texas PTA Treasurer
treasurer@txpta.org
MONTHLY
  • Deposit funds and make payments as needed. Ensure proper documentation is maintained for the PTA's records.

  • Record transactions including sales tax and state/national dues as a liability (it may be called an escrow depending on the type of financial software you use).

  • Coordinate with the membership chair to submit members/dues to Texas PTA.

  • Prepare financial reports (dated from the last meeting to current meeting).

  • Propose any budget amendments for membership approval, if needed

  • Reconcile the checkbook/financial software to the monthly bank statement.

  • Ensure a non-signer is reviewing all financial account statements monthly.

  • Reconcile any e-commerce, credit card or merchant accounts to the monthly account statement.

  • Check the Local PTA Roster to confirm that your PTA is in good standing. If not, follow up on what’s missing.
  THIS MONTH (if the following haven't been done already):
  • Encourage Your PTA Members to Gift Memberships: Share JoinPTA.org with your members and gift memberships over the break. See the Join PTA FAQs page for more information.

  • If you have a sales tax permit: Get your sales tax records in order so you are ready to file your quarterly or annual report by Monday, January 22, 2024. If you file annually, remember that sales tax is filed on a calendar year, January 1 through December 31, so you will need the information on sales tax collected from January 1, 2023, through the end of your last fiscal year to add to any sales tax collected for the current year through December 31. If your PTA has a sales tax permit, a sales tax return must be filed on time regardless of whether sales tax was collected.

Treasurer Resources
Inactivating Individuals or Vendors
MyPTEZ allows users to “Inactivate” Individuals and Vendors that are no longer associated with the PTA organization. The system will not allow you to delete individuals or vendors if there are transactions associated with them, however by inactivating them, the individuals and vendors will be hidden while recording transactions and running reports.

To inactivate an Individual:
1. Select the “Admin” menu item and then select “Individuals.”
2. Double-click on the individual you would like to inactivate.
3. Uncheck the “Active?” check box.
To inactivate a Vendor:

1. Select the “Admin” menu item and then select "Vendors.”
2. Double-click on the vendor you would like to inactivate.
3. Uncheck the “Active?” check box.

Click here for all tips to date. 

Q: Can our PTA use Venmo to collect donations and accept payment for items the PTA sells?
A: The PTA can set up a Venmo Charity Account to collect donations.  Venmo does not allow charity accounts to accept payments though. Read more on Venmo and get a payment system comparison as well as find past Questions of the Month here.
Read the last Treasurer's Corner here.

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