Guides for County Office Fiscal Management

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1 Guides for County Office Fiscal Management UNIVERSITY OF GEORGIA CAES March 3, 2014 Authored by: Timothy Gray

2 Table of Contents: Page 1. Bank Reconciliations 2 2. Spot Checking for CECs Checkout Receipt Book and Moneybag Change Funds NSF Checks Credit Card Sales P a g e

3 Bank Reconciliation Guide 1. The CEC should receive the bank statements sealed 2. Compare the Beginning and Ending balances in the account 3. Review all deposits and checks. a. Review reasonableness of the amount for each check and deposit (too high? Too low? Legitimate business expense?) b. Review the signatures on the checks (do any look forged or false?) c. Review if any checks are made payable to cash d. Review any non-check charges (bank errors, withdrawals, bank charges, etc) 4. Sign the back of the envelope to confirm receiving it unopened and give the statement to your bookkeeper to reconcile it 5. After reconciliation, review the statement again and compare it with the QuickBooks reconciliation report a. Review all entries that do not match. b. Review timeliness of deposits and checks in QuickBooks (are deposits in QuickBooks made the day of the actual deposit? Are deposits made weekly? Are checks entered within 24 hours of being written) c. Question all journal entries (is there documentation to support the entry? Are they frequent and numerous entries?) d. Question all voided checks (has it been 90 days since the check was written?) 6. If anything seems strange, then consult the Spot Checking Guide for procedures to trace each check and deposit back to the receipt book. If a discrepancy is discovered, then inform your District Director of the issue. 2 P a g e

4 Spot Checking for CECs 1. Select a month s Bank Statement and the QuickBooks Reconciliation a. Ensure that the beginning and ending balances match b. Review all cleared checks and deposits c. Question uncleared deposits and checks 2. Select a small sample of deposits (2-3) a. Match the amounts on the deposit slip with the reconciliations and the bank statements b. Add the yellow receipts amounts and see if it matches the deposit slip c. Check the sequence of receipts for missing receipt numbers d. Question the reasonableness of the amount (too high? Too low?) e. Verify the date that deposits are recorded in QuickBooks on the day of the deposit f. Verify the date of the deposits on the statement match the reconciliation reports g. Initial the deposits you reviewed 3. Select a small sample of checks (4-6) a. Sample checks over $300 and checks over $100 payable to employees b. Match the amounts on the checks with the reconciliation and bank statements c. Determine if the check is for a legitimate business expense d. Examine each check voucher, receipt and other documentation e. Check each voucher for the CEC signature f. Ensure that each check has a voucher and signature g. Check the sequence of checks for missing check numbers h. Question reasonableness of amount (too high? Too low?) i. Initial the checks you reviewed 4. Question all journal entries on the QuickBooks reconciliation a. Are there more journal entries than normal? (1-2 per month is normal) 3 P a g e

5 b. Is there documentation to support each entry? 5. Review the activity log in QuickBooks Online a. There should not be deleted or edited transactions unless it was done under the approval of a QuickBooks administrator. If there is approval, then there will be written documentation with the bank reconciliation for the period of the transactions. b. Specifically question the user on edits to amounts on transactions 6. Question your staff of any concerns you have during your review 7. If you suspect fraud, then communicate with your DED or contact UGA Internal Auditing through the Fraud Helpline if urgent. 4 P a g e Checkout Receipt Book and Checkout Moneybag Guide 1. The checkout receipt book is checked out of the extension office by a staff member or volunteer. The checkout should be fully documented with responsibility for the funds and receipts given the responsible party. 2. The staff member or volunteer responsible for collecting funds for an event must bring a checkout locked moneybag/box 3. Cash on hand to make change for the events must be written out of the extension checking account payable to the responsible party. 4. These checkout receipt books are then returned to the cash custodian along with the funds collected. Total funds should equal the total receipts and the cash on hand if any. Any discrepancy or discount must be documented. 5. The cash custodian then initials all file copies of the cash receipts once they are in their possession. The cash custodian then separates the change funds, if any, from the deposit for future recording. a. A designated substitute custodian can be appointed to cover extended periods of leave; however, the substitute is required to document the transfer of cash/checks and properly secure funds for which he/she is responsible. When the cash custodian returns, they must review all transactions made in their absence and document it by initialing the file receipt in the receipt book. 6. The cash custodian will then issue one receipt from the master receipt book for the entire amount of the funds collected. This receipt from the master book should reference receipt numbers from the secondary receipt book. The

6 white copy from the master receipt book should be stapled to the last receipt used in the secondary receipt book. The secondary book is now ready to be checked out again. 7. When the cash custodian is ready to make the deposit, the custodian must be careful to separate the funds raised from the change funds in QuickBooks. See change fund guide for more details. Change Fund Guide 1. If you do not already have the account, go to the chart of accounts, select new at the bottom of the page. Select bank account select cash on hand rename it change fund click finish. NOTE: Do not select a balance for the account. 2. Write a check to the change fund bank account payable to the person responsible for the money. If it s for the office, then it would be the cash custodian. Add information to the memo as needed. Use the Quick Add feature to make checks payable to employees or volunteers. Select employee to track them. 5 P a g e

7 3. When the money is returned, deposit to your checking account, select the change fund account to show the return of funds. This is how it will appear in the Change Fund Register: 6 P a g e

8 NSF Check Guide 1. Create the NSF Check account. Select company scroll down to the bottom of the page select new select income account select Discounts/Refunds Given name it NSF Checks click finish. 2. When an NSF check occurs, record the bank charges using the write check function out of the bank account affected (or use the expenses function in the new version). Select account 5080 Bank Charges, enter the amount under payment, and write NSF for the check number. 7 P a g e

9 3. Record the NSF check using the write check function (or expenses in the new version). Write out of the bank account affected and select NSF check account. Enter the amount of the original check and enter NSF as the check number, then click save. 8 P a g e

10 This is how it will appear in your Profit & Loss Report: 4. If the money comes in, then do a deposit the checking account affected and select the NSF check account on the first line. Fill in the amount of the check. On the second line, select 4070 other income to record the bank charges and/or an inconvenience fee. 9 P a g e

11 This is how it will appear in your Profit & Loss Report: 10 P a g e Credit Card Sales Guide Credit Card Sale Recommended Procedures: 1. Take the signed merchant copy from the machine a. Write receipt from the receipt book (optional) 2. Place the signed merchant copy into secured area (such as a locked cash bag or cash box) a. Staple it to the paper receipt book (if followed step 1a) 3. Copy the transaction onto a paper deposit log for credit cards (Appendix A) 4. Run batch report at the end of the day (or first thing the next morning) 5. Attach deposit log to the batch report and store with other deposit records.

12 6. Gather all signed merchant copies for the day, staple them together, place them in an accordion folder (tabbed by month optional) and store in a safe. The signed merchant copies must be shredded after one year. a. Take signed merchant copies out of receipt book, clip them together, place them in an accordion folder (tabbed by month optional) and store in a safe. (if followed step 1a and 2a) 7. Use the Deposit Function in QuickBooks Online to enter the transactions. 8. When your credit card and bank statements arrive, you will enter your charges and expenses and complete your bank reconciliation. Entering Fees for the Credit Card Machine and Transactions: 1. Locate the Bank Charges and Expenses on your Bank Statement. (This statement matches the QuickBooks picture with the purchased machine) Note that the Bank statement will sum some of the issuer s charges. They separate only the total interchange fees, and sum the rest into the total charge. 11 P a g e

13 The credit card statement will break them down into authorization, interchange fees, and service charges. (The last fee was on a separate page and had to be copied separately) 2. Use the Write Check function in QuickBooks to the bank account that the credit card machine is linked to. 3. Use the following accounts to record your expenses: supplies expense and bank charges expense. 4. Select save. Your QuickBooks should now match your bank statement and credit card statement (Pictures below) Example of charges and expenses if you purchased the credit card machine: 12 P a g e

14 Troubleshooting: 1. Credit Card Statement and Bank Statement Transactions do not match: You may need 2 months of credit card statements for every 1 bank statement. This is due to time lags between the credit card issuer, the bank, and your bank account. An example from Elbert County: In the November bank statement there is a $56.00 credit card transaction (11/04) that also appears on the attached October SunTrust statement. However there is a $94.00 credit card transaction (11/08) as well, but it appears on the November SunTrust statement. 13 P a g e

15 Bank Statement (November) Credit Card Statement (October) Credit Card Statement (November) 14 P a g e

16 Credit Card Machine Costs and Fees: Machine Purchase = $400 Machine Rental Fee = $30.00 per month Transaction Fees = estimated at around 6%, but this includes the rental fee and decreases with each swipe. After $500 of transactions each month it goes down much more. The amount is generally negligible and will not increase the cost of doing business. An exact amount of transaction fees is highly variable, but is generally small and will decrease in the long run as more people become aware that UGA Extension Services accepts credit cards. Other Credit Card Machines and PCI compliance: Credit card machines used by UGA must be PCI compliant and adhere to the state wide contracts with the Bursar s office. There are only three approved devices, and the machine currently in use is the most cost effective that satisfies both UGA contracts and PCI compliance. Recommendation: We recommend that you purchase your machine to save money in the long run. 15 P a g e

17 16 P a g e Appendix A:

18 Appendix B: Example of charges and expenses if you are renting the credit card machine: 17 P a g e

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