PTA Bank Accounts & SoshWallet
One important aspect of running a PTA is financial management. PTAs typically have a bank account to hold the funds raised through events and donations. This account is used to pay for expenses related to PTA activities and initiatives.
It is important for PTAs to have a designated bank account because it helps to ensure that the funds are properly tracked and accounted for. PTAs are often required to report on their financial activity, and having a separate bank account makes it easier to accurately track income and expenses. SoshWallet can be used with any bank account to display income and expenses to all group members.
In addition to tracking financial activity, a PTA bank account can also provide some legal protections for the organization. By keeping the PTA's funds separate from personal accounts, it helps to ensure that the money is used for its intended purpose and can't be commingled with personal funds.
Setting up a bank account for a PTA typically requires a few key steps. First, the PTA should choose a bank and open a business account. This will typically require completing some paperwork and providing proof of the PTA's status as a tax-exempt organization.
Once the account is set up, the PTA should establish procedures for handling the account, including who has access to the account and how transactions are recorded and reported. It is also important to set up a system for tracking income and expenses, such as using a spreadsheet or accounting software. If a PTA decides to use SoshWallet, they can give every member of the PTA auditing access to see what all funds are credited to the account and everything expensed to the account.
A PTA bank account is an important tool for managing the organization's finances and ensuring that funds are used properly. By setting up a bank account and establishing clear procedures for handling the account, PTAs can effectively manage their finances and support their school community. By adding SoshWallet to the PTA bank account, you can build more transparency and accountability in your organization.