All cash receipts shall be deposited to the bank as soon as possible. Any funds not
deposited in the bank will remain in the safe until the following day when it will be
deposited in the bank. Deposits should be recorded in the accounting software system
within 2 business days of deposit. Proper separation of duties will be in place to ensure
proper internal controls when handling cash.
- Mail will be opened by the Accounts Payable Specialist.
- Accounts Payable Specialist will make a list of all checks received and will endorse
each check. - Checks will be deposited by the Accounts Receivable Specialist.
- Bank reconciliations will be done by the Accountant. The bank reconciliation will be
reviewed by the Director of Finance on a regular basis.
All donations including cash, checks, stocks, as well as promises to give shall not only be
recorded in the Agency’s financial records as part of the records of deposits, but shall also
be properly recorded in the Fund Development department and finance staff shall work
together to reconcile their records on a regular basis.
