Financial Guidebook

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Financial Guidebook
Current Version: 3.0
Creator David Bailey, 2014
Revised Rahul Behal, 2021

The Financial Guidebook covers all general information about handling money in the EUS. If you're part of a club, committee, or design team, this guide is sure to help you finance with confidence. The guidebook was originally a PDF (found below), and has now been split into various sections on the EUS wiki. If you're looking to cover all information, the PDF is most effective. if you're looking for a specific section, navigate to the sections below. If you're looking for a quick overview, jump to the TL;DR

This is required reading for all Financial Officers


Section Contents
Budgeting & Record Keeping
Cheque Requisitions
Receiving Revenues
Funding Sources


Here's the full PDF of the Financial Guidebook, updated September 6, 2020.

Financial Guidebook v4.0


The TL;DR (too long, didn't read) is a super condensed version of the guidebook- this is not a replacement for the guidebook, just a summary. If you are a financial officer make sure you read the full document.

EUS Budgeting Standards

  • Please understand how taxes work for EUS groups
  • Expenses are budgeted PRE-tax and revenues are budgeted POST-tax
    • Total Revenue collected must be divided by 1.14975 to account for GST and QST being taken off
    • Expenses should be the value before GST and QST are added
  • Keep Internal Budget. Routinely verify with EUS Records
  • If you are a EUS Committee or Service, your budget must be approved by EUS Council each semester.
    • Your budget is an approval of your activities. You are personally liable for any expenses made that are not approved in your budget
  • Departmental Budgets should be reviewed each semester by EUS Council, but does not require approval.
  • Clubs & Design Teams should maintain their own financial records.

Cheque Reqs

  • A cheque requisition (req) is the process in which EUS groups must go through to get reimbursed for any expenses that they make or for a large payment to a company.
  • These reimbursements come in the form of a cheque made payable either to a student if they made the purchase, or to a company directly.
  • As of 2020, cheque reqs are processed through an online Expense Reporting platform called Nexonia
  • Cheques processed every Wednesday. Deadline to submit each week is Tuesday afternoon, or else it will wait till the following Wednesday.
  • Only authorized Financial Officers for your specific account may approve a cheque req to your account. It will be rejected otherwise.
  • Account names and numbers can be found in Section 8 or in the account booklet (found in the same area as the cheque req forms).
  • Receipt must have tax numbers in order to get charged the pre-tax amount. Otherwise, your account will be charged the full post-tax amount
  • Receipt or invoice must be attached to the back of the cheque req form
  • Requirements for an invoice to be processed:
    • Sales tax included and the sales tax numbers.
    • The invoice must be addressed to:
Engineering Undergraduate Society of McGill University
  • The address must be:
3480 rue University, McConnell Building, Room 7
Montreal, Quebec, H3A 0E9
  • If you paid the invoice and need reimbursement, you must include some sort of proof of payment along with the invoice:
  • Receipt
  • Confirmation email
  • Credit Card statement (everything else can be blacked out, but need your name visibly showing as well as the entry showing the expense)
  • For foreign purchases, pay with a Canadian credit card and attach your credit card statement showing how much you were charged in CAD (everything else can be blacked out, but need your name visibly showing as well as the entry showing the expense).
  • You will be charged the post-tax amount in the following cases:
    • Receipts lacking tax numbers
    • Foreign purchases
    • Out-of-province purchases that do not have tax breakdown
  • Submitted Cheque Reqs that do not abide by the requirements will be rejected. You will need to retrieve the rejected cheque req and make the appropriate corrections.
  • See the 50% tax rule when providing free food or service


  • Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange a deposit.
  • Deposit Envelopes can be found in the EUS Office for cash and cheque deposits.
  • See example of a correctly filled out deposit envelope.
  • Take the pink carbon copy slip before placing sealed deposit envelope in the drop safe (found in the closet in the EUS office).
  • If you are depositing cheque(s), you must make a copy of the cheque(s) and staple it to the top white slip before you deposit it.
  • Inform the VP Finance and Dianne of any in-coming sponsorship cheques, whether it’s from MESC or from an external company

Funding Sources


  • Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange a deposit.
  • Must be submitted 5 business days beforehand
  • Fill out both sections of the purple form
  • Return the float in the cash box in an orderly fashion

Internal Transfers

  • Due to limited campus access because of pandemic measures, please contact the VP Finance to arrange an internal transfer.
  • Must be signed by both parties
  • Up to the EUS groups to fill out internal transfer after a shared Blues Pub
  • Not processed as regularly as cheques or deposits