Well it looks like we’ve made it, to the almost end of the GRDSv8 consultation. Only a couple of days to go.
Back in 2010, the GRDSv5 was released with a major review of the Financial Management function. Since then there has only been a slight update to this function with the inclusion of the PCI-DSS credit card record classes (read our blog Are you storing credit card data? for more information).
Although not technically within the scope of this review, we were on a roll and just couldn’t help ourselves, and we had a quick look at Financial Management anyway. Using the research from 2010, we found that many of the record classes could be rolled up and some were able to be shifted to the new Common Classes section.
What have we done
We have merged a number of record classes to create a new class called ‘Asset and money management’ covering:
- accounting records and associated supporting records
- bank accounts – banking activities
- chart of accounts
- contingent assets and contingent liabilities
- credit card facilities
- fund allocation
- financial statements
- asset/equity management
- debts, overpayments and material losses
- special payments
- user fee setting.
We have also included a couple of more examples into this record class:
- non-cash business benefits received by agency staff (e.g. frequent flyer points)
- receipt of royalty payments
- fundraising – winning raffle tickets.
Plus we have also:
- added sponsorships to the Grant Funding activity
- moved Insurance from the now defunct Compensation function (see Order in the court (records) blog for the other changes to Compensation)
- added a budget progress record class
- merged a couple of superannuation classes.
What we need from you
We are not accountants, but we have included some specific questions in the schedule that we need your help on.
Do the scope notes make sense to you?
Are we missing any ‘see’ references?
Do you think the retention periods are too short, just right or too long?
Are there any record classes we have missed?
You have until Friday 26th February 2016 to provide your feedback on the GRDSv8.
Featured image: Financial statement of Queensland War Council, 27 Feb 1922 – Digital ID: 24602