ACCOUNTANT STUDENTS' SOCIETY

Dominion, Volume 8, Issue 2436, 15 April 1915, Page 6

ACCOUNTANT STUDENTS' SOCIETY

FINANCIAL SYSTEM OF SALVATION ARMY. The members of tie Wellington Accountant Students' Society met last night at their lecture lia 11 j when Major delivered a lecture oil 'The Financial System and Accounts of the Salvation Army." The chairman, Mr. Ernest W. Hunt,'in introducing the lecturer, referred to the accounts of the Army, of which he had an inside knowledge, and stated, that tho system was so thorough and the accounts kept m such an excellent manner that the business houses of the Dominion might adopt many of the principles with a decided advantage. The lecturer briefly referred to the past history of the Army, and emphasised the importance with which the Army authorities regard their finances and accounts. He stated that a Finance Council, composed of officers _at headquarters, advise and assist' in dealing with .the finances of each department, and 110 payment is made unless the expenditure has been -properly authorised. The lecturer stated that the finances were divided into four distinct funds, named "Property," "Social," "Trade," and "General," and each fund has its own sets of books, and. that separate income and expenditure accounts and balance-sheets for each fund were prepared at the end of each financial year. He stated that all the principles governing capital and revenue were strictly observed, and all furniture and plant and a number of the smaller properties were insured in their own insurance funds. In connection with the trade accounts, he stated that the principles governing commercial accounts are carried out in their entirety, and that all net profits of the trading for the year were utilised for reform work. The lecturer stated that every precaution that was reasonably possible was adopted to ensure a thorough system of internal check, arid to exemplify this he referred to the journal entry form, which had to be passed by the Finance Board before any entry could be journalisecL The lecturer had several sets of specimen forms and accounts filled in, and they served to illustrate to a re-, markable degree the efficiency of the Army's financial system.. Major Page was accorded a hearty .vote of thanks. The president announced that Mr. H. F. Von Haast, M.A., LL.B., would lecture before the'society on May 6 on the subject, "Voluntary Liquidations."