No matter how much your troop plans to save or spend, you’ll need a safe place to deposit your troop dues, product program proceeds, and other funds. If you’ve stepped up to lead an existing troop, you may inherit a checking account, but with a new troop, you’ll want to open a new bank account.
Here are a few helpful tips you can take to the bank:
Be sure to find a bank that has free checking and no fees.
Designate a “troop treasurer,” that is, one person who is responsible for troop funds and for keeping a daily account of expenditures.
Ensure your account comes with a debit card that you can use during activities or trips. These transactions are easier to track at the end of the year.
Be prepared and make sure another troop volunteer has a debit card for the troop account in case the main card is lost.
Handle a lost troop debit card the same way you would a personal debit card: cancel it immediately and then complete a GSNEO Incident Report.
Keep troop funds in the bank before an activity or trip and pay for as many items as possible in advance of your departure.
Follow your council’s financial policies and procedures for setting
up an account. Most council-sponsored product program activities have
specific banking and tracking procedures. GSNEO has a training called
"Money Matters" available on gsLearn regarding setting up your troop bank
account, and when you're ready you can start the process here.