Accounting Procedures Handbook

GENERAL CHECKING 11.2 ASSETS I. OVERVIEW The Board uses the following checking accounts to account for all receipts and disbursements: 1) General Fund Checking 2) Food Service Fund Sweep Account 3) Out of Town Food Service Checking Accounts 4) Flexible Spending Sweep Account Strict control is maintained over the cash resources of the Board of Education. All invoices paid require advance approval before any check can be written. All checks written require 2 signatures- the Superintendent of Schools as well as the Comptroller. These signatures are created as part of the check printing process. Control is exercised over the process via hardware controls. A key controlled printer and signature card requirement help to control the signing of all checks. The printer keys and signature card are controlled by the Accounting Associate III and stored in the vault. Blank check stock is kept locked in the vault until needed. All bank accounts are reconciled on a monthly basis by the accounting manager and reviewed by the Comptroller. The procedures outlined in the following pages help to ensure that funds of the Board are not misappropriated. II. CONTROL OBJECTIVES • To ensure cash is reported in accordance with generally accepted accounting principles. • To ensure that proper control over cash is maintained at all times. • To ensure compliance with applicable laws and regulations. III. PROCEDURES A. Processing Cash Receipts 1. Mail is opened daily by the Administrative Assistant. 2. Cash Receipts clerk (Accounting Associate I) receives the daily mail from the Administrative Assistant. 3. Cash Receipts clerk prepares the deposit slip based on revenue received in the mail. 4. Cash Receipts clerk gives the total deposit to an Accountant I to review for accuracy. • If deposit is incorrect, it is given back to the A/R clerk to correct. • If deposit is correct, Acct I initials deposit slip and cash receipts deposit report and returns to the A/R Clerk. 5. Cash Receipts clerk takes the deposit to the bank. 6. Cash Receipts clerk keys the cash receipts into the G/L Accounting System and scans all pertinent documentation and attachments to the C/R batch and Cash Receipts clerk prints a cash receipt report and gives to the AccountingManager. 7. Accounting Manager reviews C/R batch, including attachments, and makes necessary account code changes. 8. On a monthly basis, the receivables aging/subledger is reviewed and reconciled to the general ledger. 9. Delinquent receivables are reviewed and appropriate follow-up is performed.