Bank Reconciliation Class. Presenter: Emilia Tito Staff Accountant Auditing & Property Records
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1 Bank Reconciliation Class Presenter: Emilia Tito Staff Accountant Auditing & Property Records
2 Introduction Administrators are asked to attend the bank reconciliation class because they are responsible for reviewing and signing the Bank Reconciliation statement, as well as, the Principal s monthly financial report. To have good internal control over the school s assets, the school administrator is responsible for understanding and verifying the financial data on the monthly reconciliations.
3 Objectives 1. To know the processes used to post interest and service charges monthly. 2. Be familiar with the reports required to prepare the bank reconciliation statements. 3. Learn the processes used for outstanding checks and NSF checks using the NSF log. 4. As an administrator know what questions to ask. 5. To do a bank reconciliation using the general ledger, the bank statement and previous month s bank reconciliation statement.
4 Financial reports due to Auditing by the 12 th of each month Summary of Principal s monthly Trial Balance Bank statement Bank reconciliation statement with adding machine tape to support all amounts listed and make sure the other adjustments are identified. General ledger- needs to be sent to Auditing if you are a new bookkeeper or out of balance. See Chapter 10 of the Manual of Internal Fund Accounting book for more information.
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7 Important to ASK QUESTIONS. -The prior month s other adjustments getting FIXED or do they need to be carried over? - Interest and service charges (are they being posted to the GL?) - Are the other adjustments on the bank reconciliation there for a reason? Need explanation. - Deposits in transit (is it on the next month s bank statement or is it being carried over month to month? ) Make sure the reports and numbers on the bank reconciliation statement match the supporting documents. All amounts listed must be supported with sufficient documentation.
8 Exercise 1- Reconciling August Exercise packets should include: - Bank Statement for the month of August - Completed Bank Reconciliation Statement for the month of July - Blank Bank Reconciliation Statement (will be used for the August bank reconciliation) - Directions from the back of the Bank Reconciliation Statement on how to balance the financials. - General ledger for the month of August - Trial balance for the month of August - Principal s monthly for the month of August
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14 School Aug , , , ,892.56
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26 Banking tips 1 - Principals must contact the Director of Auditing if you would like to change banks. - If a Principal or an administrator is moving to another location please write a letter to the director of Auditing on letterhead with the name of your current school, check signers of your current school(old), ask to delete your name from the list of school signers and add the new principal or admin. and list their name, list your account number and sign with your original signature. - Your check stock should state the following: * void after 6 months * two signatures required(cannot be two support personnel)
27 Banking tips 2 - NEVER pre-sign checks - Checks should be stored in the safe when not in use. - Voided checks should be put with the disbursement packets in numerical order. - Unused bank bags and voided bank bags should be in a locked cabinet. - A school can have only one checking account. - All BOA users must have on line access to statements and transaction information on cash pro. It may be challenging to pick up your certificate or reset your password, but we will work with you. Please contact Emilia Tito in Auditing if you need access.
28 Banking tips 3 - BOA users if you need any checks, deposit slips or a deposit stamp please contact: Harland Clarke You should all be getting a faxed confirmation with every deposit made from your bank. - If you have any problems with your bank statement, a deposit or a check that has cleared please [email protected] - See additional information in Chapter 3 Manual of Internal Fund Accounting book.
29 Clearing checks Checks should be cleared in MANATEE each month using the bank statement- this should be part of the monthly reconciling process. Go in MANATEE: Disbursement > Bank Reconciliation > Edit/clear checks Never change the amount of the check in MANATEE during the clearing check process, fix with an adjustment afterwards. Not clearing your checks is an audit item and can cause problems when you back up daily and monthly.
30 Stale dated checks (outstanding checks) If a check has not cleared the bank in 2 3 months, contact the company or individual to whom the check was written to and inquire if the check has been lost or misplaced. If the check is under (and over 360 days old) the principal may approve the check to be voided in the MAS system. If the check is or more, a disbursement packet needs to be completed and sent to the Cash Mgmt. Dept. and the check needs to be voided. Stale dated checks not processed in a timely manner is an audit item. Read Chapter 3 Manual of Internal Fund Accounting for detailed instructions.
31 Voided checks Do not alter or hand write on any check(s) Write VOID across the spoiled check Physically cut out the signature area of the check Keep voided checks with disbursement packets. On the general ledger, a voided check has brackets around it on the disbursement side. Read Chapter 3 Manual of Internal Fund Accounting for more information.
32 NSF checks (returned checks) Start a No Check list to prevent repeat offenders. Do not re-deposit an NSF check - collect cash or a money order. Use a separate deposit slip for the cash or money order collected, may be put in a bank bag with another deposit. Do not include in the bank bag total. On the bank reconciliation statement (left side) where it says name of maker - list last name of the check owner and the amount. Collecting service charges is up to the Principal. Make sure you send checks for or more to the state attorney s office for collection. Process an adjustment to record an NSF check as an accounts receivable. Not following up on your NSF checks in a timely manner is an audit item. Refer to Chapter 3 and Chapter 13 Manual of Internal Fund Accounting book
33 NSF checks continued Procedures for un-collected returned checks states if the check has not been redeemed and re deposited by the end of the following month an adjustment must be made to reclassify as an accounts receivable prior to preparing the bank reconciliation.
34 Adjustments 1 Make sure you use the proper codes 3431-interest, 0720-service charges Make sure you post the service charges and interest to the correct account May combine service charges and interest into one adjustment- the adjustment will have at least 4 lines of coding. On your bank reconciliation statement make sure to fill out a detailed explanation as to why there is a reconciling item (adjustment). Adjustments should have their own folder - signed, in numerical order and with backup attached. SUGGESTION: have a separate internal purchase requisition attached to each monthly service chg./interest adjustment -less likely to forget & not mandatory.
35 Adjustments 2 Post the service charges & interest each month or else it s an audit item if you carry it month to month. See Chapter 13 of the Manual of Internal Fund Accounting book for more info on adjustments Adjustments should be signed by both the administrator and the bookkeeper with supporting documentation. If your account is in the negative can TR funds from either GA or unrestricted donations.
36 When not in balance 1: Print the general ledger for only the cash accounts. Make sure the service charges and interest were posted properly. You will need your previous month s bank statement and previous month s bank reconciliation and a current month s general ledger with the adjustments highlighted. Were the other adjustments (reconciling items) on the previous months bank reconciliation either posted to MANATEE or adjusted by the bank? If not, they will need to be brought over to the current month s reconciliation. Use the general ledger to obtain deposits not credited amount; to identify and compare all deposit amounts and disbursement amounts to the bank statement; and to identify any adjustments made.
37 When not in balance 2: Make sure you run the trial balance and principals monthly reports on the same date/time and that the reports have the same totals. Transpositions - divisible by 9 Make sure you are carrying over outstanding checks from the previous month. The bank reconciliation reviewer (principal or another administrator assigned) needs to double check each figure on the bank reconciliation statement to the supporting documentation reports. Send required reports (trial balance and principal s monthly) on time every month with a copy of the bank statement to Auditing by the 12 th of the month. If the bank reconciliation statement is not completed or not balanced attach a note stating that the bank reconciliation statement will be sent in later when balanced.
38 Exercise 2- reconciling June Exercise packets should include: - Bank Statement for the month of June - Completed Bank Reconciliation Statement for the month of MAY - Blank Bank Reconciliation Statement (will be used for the June bank reconciliation) - Directions from the back of the Bank Reconciliation Statement on how to balance the financials. - General ledger for the month of June - Trial balance for the month of June - Principal s monthly for the month of June
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40 School June ,
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43 School June , , , ,257.90
44 See NSF Log to see If any cks clrd Is it on June s bank stmt? On the general ledger? Have the checks cleared the bank?
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46 May bank reconciliation May bank reconciliation June bank reconciliation
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48 Added from June bank stmt School Sewell Lowell June , May May , , ,257.90
49 Ck 300 clrd Wrong amt Voided check
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51 Added from June bank stmt School Sewell Lowell June , May May -.35 ck#300 clrd wr amt , , ,
52 difference Deposits not credited
53 / / / / / / NSF redep
54 Added from June bank stmt School Sewell Lowell June , May May -.35 ck#300 cleared wrong amt /6/08 deposit error Adding machine tape , , signed signed 74, , ,
55 Conclusion Information is available: Clearing checks, what is sent in monthly, NSF packets, adjustments for service charges & interest, transaction codes or stale dated check packets. **Remember if you have any trouble balancing your bank reconciliation first ask your reviewer to double check your figures after you have attempted to use the general ledger and have read the instructions carefully that are on the back of the bank reconciliation statement.
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