Accounts and Budgeting

How to create accounts and budgets?

The accounts are the financial reporting of an association. Reporting should be done regularly, regularly to the board and at least annually to the general meeting.

The budget is the association's financial plan. As with accounts, the budget should be reviewed regularly to see if the spending is in accordance with the association's plans and income.

Accounting and budget template for student associations

SiO Associations has prepared an accounting and budget template for student associations.
Download the template here.

The Oslo Student Sports Club (OSI) needs some of its own accounting and budget templates.

Download the OSI template here.
Download the Simplified OSI template here.

How do I use the accounting template?

Are you using the accounting and budget template for SiO Associations, and do you want to make any changes to it? Here is a guide on how to change the names of the accounting accounts in our templates.

What is the double-entry bookkeeping principle?

All over the world we use the same accounting principle called the double-entry bookkeeping principle. This means that all transactions should be recorded in two accounts in the accounts, debit and credit.

Example: Purchase of copy paper

If we buy a box of copy paper for 500 kroner and pay from our bank account, our bank account goes into minus 500 kroner (credit), while our supplies account goes into plus 500 kroner (debit) in our accounts.

The accounts will be like this:
Debit Credit
1910 Current account -500.00
6710 Supplies 500.00