Accounting Procedures Handbook

GENERAL CHECKING 11.2 ASSETS B. Processing Cash Disbursements 1. Mail is opened daily by the Administrative Assistant. 2. Accounts Payable Accounting Associate III receives invoices from the Administrative Assistant and follows accounts payable procedures as outlined in Sect. 12 Liabilities. 3. On a periodic basis, the accounts payable aging/subledger is reviewed and reconciled to the general ledger. C. Bank Reconciliations 1. The Accounting Manager receives the bank statements. 2. The Accounting Manager receives a monthly file from M&T of cleared checks that is imported into BusinessPLUS. The Accounting Manager then uses the GL system transactions to prepare the reconciliation. 3. The Accounting Manager receives a printout of the outstanding checks for all checking accounts from BusinessPLUS. 4. The Accounting Manager completes the bank reconciliation. • If any errors are noted with the checks, the Accounting Associate voids the check. • If a General Ledger Journal Entry is needed to adjust cash, the Accounting Manager posts the entry which is approved by the Comptroller via workflow. 5. Once completed, the outstanding check listing and bank reconciliation are forwarded to the Comptroller for review. 6. Comptroller reviews and signs off on bank rec. 7. Outstanding Checks (for > 90days) • Accounting Manager will advise the Accountant I that the Outstanding Check List report has been received for the prior month. Accountant I determines checks that are past 90 days and sends letters to payees to obtain status. After second notice is sent and there is no response, void check and reinstate to original fund. Outstanding payroll checks are reviewed with the Accounting Manager for possible re-issuance. If payroll check is not cashed after second notice, it must be reported as unclaimed property. • Unclaimed Property Report is filed annually by the Accountant I. All payroll checks not cashed are moved to a liability account and the balance remitted to the State upon submission of the report. D. Wire Transfers 1. Accounting Manager (A.M.) monitors cash flow on a daily basis using daily deposit info from the GL system reports. 2. Wire transfers are only permitted as follows: • As needed, funds are wired from MLGIP account to checking account. • On paydays, funds for TSA and Supplemental Life Insurance are wire transferred out using repetitive wire transfers. 3. General Journal Entry is completed by the Accountant I to record all wire transfers for the month with support provided by the Accounting Manager. The General Journal Entry is approved by the Comptroller via workflow. E. General Controls Accounting Manager and Comptroller review the Board’s financial statements on a periodic basis and investigate significant variances from budgets and expected results.