Accounting Procedures Handbook

CAFETERIA POINT OF SALE SYSTEM 16.1 FOOD SERVICE FUND • Each day, the Cafeteria Manager deposits the cash receipts into the M&T Bank account. This account is a sweep account. (Note: the outlying schools of Pittsville, Westside Primary, Westside Intermediate, and Willards deposit their receipts into local banks in each of their towns since there are no local M&T branches.) • At the end of each week, the Cafeteria Managers send the Daily Deposit Summary Report (with deposit slips attached) to the Accounting Associate in the Food Service Department at the Board offices. • Accountant I reviews deposits with bank report and Horizon One Source on a weekly basis and then keys deposit information into an Excel spreadsheet. This spreadsheet summarizes all schools’ deposits so that the sweep account can be reconciled easily when the bank statement is received. C. Bank Reconciliation When the M&T Bank Statement is received Accountant I will: 1. Verify amounts deposited per bank statement for the sweep account with the amounts deposited per managers’ Daily Deposit Summaries for the corresponding month. 2. Enter deposited amounts for the corresponding schools and dates according the Daily Deposit Summaries in the “Deposits Per Bank” column on the Excel spreadsheet. Any deposits processed in the month prior to or following the month of reconciliation are entered in the “Previous Deposit in Transit” and “Current Deposit in Transit” columns, respectively. 3. (Accounting Associate) Ensure that all deposit slips are received. If a deposit slip is unavailable, a bank-issued document verifying the deposit is sufficient. 4. Also, indicate separate deposits (previously returned checks or miscellaneous deposits). 5. Submit bank reconciliation spreadsheet with bank statement attached to the Accounting Manager in the finance department. 6. Upon receipt of bank statements for outlying schools , Accounting Associate makes the checks out to the sweep account (Wicomico County Board of Education) for the amount of net activity. 7. Checks must be submitted to the Comptroller and Superintendent for signature. 8. Checks are submitted to the Cash Receipts Accounting Associate for deposit. D. Returned Checks Collection Procedures 1. Returned checks are received by the Accountant I, who forwards them to the Food Service Department. 2. The Food Service Department Accounting Associate adjusts the students account by the amount of the returned check (usually causing a negative balance). A letter is then sent home to the parent notifying them of the negative balance that needs to be cleared.