Hello Texas PTA Treasurer,
Happy New Year! I hope you had a wonderful holiday break with family and friends. As you get into the second half of the PTA year, new questions may come up and Texas PTA is here to help you. Below are a few things you'll want to think about as you start the new year.
Thank you for all you do for your PTA! Please reach out if I can help in any way.
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Submit your suggestions to the nomination committee!
It’s hard to believe it's time to start planning for 2024-25 already, but that time is here. Do you know someone who would be a great treasurer for your PTA in 2024-25? Have you had some committee members who have expressed interest in getting more involved in PTA leadership? Make sure you nominate these individuals to be officers for next year once the nominating committee is elected.
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| Consider proposing budget amendments to bring your budget to actuals at the next membership meeting.
By bringing your budgeted income and expenses to actuals for the fundraisers and events that have already taken place, you and your members will have a better idea of how much money is left in your budget to finish out the year. If the first half of the year has raised more money than expected, you may want to increase the amount you can spend on programs for students or parents. If you didn’t make your planned budget, you might need to consider eliminating or reducing the planned expenses for an upcoming event.
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Sales Tax Return Training |
Monday, January 8 | noon CST |
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.
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If you have a Sales Tax Permit, file by January 22, 2024
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If your PTA has a Sales Tax Permit, file the 4th quarter (October - December) or annual sales tax return by January 22, 2024. If you file annually, remember that sales tax is filed by 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 and from the beginning of the current fiscal year through December 31, 2023. If your PTA has a sales tax permit, a sales tax return must be filed as scheduled regardless of whether sales tax was collected. Penalties automatically apply on January 22.
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| Q: We’ve received some correspondence from the IRS or Texas Comptroller’s Office and are unsure what to do. What should we do?
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A: Whenever you receive any type of correspondence from the IRS or State Comptroller, the first thing is don’t panic. Read the document and make sure you understand what is required and any deadlines the PTA needs to meet.
Click here for the rest of this answer and previous Questions and Answers of the Month.
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MyPTEZ allows users to quickly record NSF (bounced) checks using the NSF Checks feature. To record an NSF check, select the “Ledger” menu icon and click on “NSF Checks."
Next, fill in the check information, bank account information, check amount, bank charge amount, income category used when originally entered into MyPTEZ and expense category for the bank charge.
Once all of the data has been entered, select “Save”. A ledger entry will then be made to record the NSF check.
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| | | Basics Boardmanship and Treasurer Training Videos
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| | | Local Roster
Check the "Need Help" tab for your Council President of FSR
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- Deposit funds and make payments as needed. Ensure proper documentation is maintained for the PTA's records.
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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.
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Prepare financial reports (dated from the last meeting to current meeting).
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- Propose any budget amendments for membership approval, if needed
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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.
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Check the Local PTA Roster to confirm that your PTA is in good standing. If not, follow up on what’s missing.
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