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Financial ManagementInternal Controls - Cheque Transactions-2Cheque deposits: Ensure that as soon as you receive a cheque, you enter these in the books and deposit the same as soon as possible if the received amount is in order – preferably the same day or keep a day to deposit all the cheques – preferably two days in a week – as per the organizational guidelines. Availabiity of Funds: Make it a point to see the availability of budget in that particular head. This is done by various people – first when a requisition is made by a person for payment they need to check and when it goes for approval the Line Manager also needs to check and when it comes to the Finance Manager/Accountant they also need to check before it goes for signature of authorized person. Proper documentation: In all the cases the most important part is to ensure that proper required documentation is in place. For any reason any document for a transaction is missing – keep a note alongwith other documents giving the reasons. Ensure that the payment is made only after having the proper documentation and approved by Line Manager & authorized signatory. Receipt: Prepare a receipt as soon as it is deposited in the bank but only send to the party once the payment is realized. Also see: Cash and Acrual based Accounting Accounting and Accounting Objectives ~ ngoporta 02/09/2014 |
