Hints for Bookkeepers - PowerPoint PPT Presentation

1 / 21
About This Presentation

Hints for Bookkeepers


When a cash advance is unavoidable, it must be fully documented: ... Like all purchases, cash advances must be documented with a receipt ... – PowerPoint PPT presentation

Number of Views:44
Avg rating:3.0/5.0
Slides: 22
Provided by: MCSD9


Transcript and Presenter's Notes

Title: Hints for Bookkeepers

(No Transcript)
Bookkeepers Manual
Areas for Review
  • Internal Controls
  • Purchasing Policies Purchase Orders
  • Receipts
  • Checks
  • Cash Advances
  • Paying Employees
  • Paying Students
  • Contracted Services
  • Trust Accounts
  • Deposits
  • Money Collected Forms
  • Bank Balance
  • Bank Reconciliation
  • Transfer Vs. Adjustment
  • End of Month Procedures
  • End of Year Procedures
  • Principals Report
  • Fundraising Events
  • Day Care

Internal Controls
  • Internal controls are the checks and balances
    within the school that ensure maximum compliance
    with School Board Policy and Red Book procedures.
  • Examples include
  • Two signatures on checks, having principal
    sign all checks, using money collected forms,
  • Internal controls are created by following
  • State and Board rules and regulations
  • General accounting principals
  • Other rules and recommendations made by district
    finance personnel to ensure that there is
  • Separation of duties
  • Checks and balances
  • Adherence to established policies and procedures

  • 1

Purchasing Policies Purchase Orders
  • Policies
  • 3 Quotes are required on purchase of any single
    item of equipment between 1000 - 4500
  • Documentation of quotations received shall be
    submitted with the purchase order
  • Equipment Purchase over 4500 should be made
    through purchasing department
  • Any equipment purchase over 1000 must be
  • Items over 1000 must also be included on board
    property records
  • Procedures
  • Purchase order created
  • Purchase order approved
  • Order placed
  • Order delivered or serviced rendered
  • Invoice/Receipt received and approved for payment
  • Payment Made
  • FAQ
  • When should I issue a purchase order?
  • FIRST!!

  • Place and Receive Order
  • Once purchase order is approved, place order.
  • If amount exceeds PO, issue additional PO if
    amount exceeds 10 cushion.
  • When order received, count items.
  • Match invoice to receive list.
  • Have invoice approved for payment.
  • Paying Invoices
  • ALL checks to individuals MUST be supported by
    complete, appropriate, signed documentation.
  • Can only pay a complete receipt, contract, or
  • Mark invoice a s PAID.
  • Do not backdate or post date checks.
  • What is a Proper Receipt?
  • Printed company name, address, phone number
  • Date
  • Description of items purchased
  • Total cost (NO TAX)

  • Checks
  • MUST have two signatures
  • One signature MUST always be Principal or
    Assistant Principal, the other is bookkeeper or
    office manager. (Signature card must reflect
    current authorized signers).
  • Should always have full documentation see
    Receipts on previous page
  • Should always be computer-issued
  • Should never be for more than the invoice or
  • Should never be backdated or postdated
  • Blank checks should never be given out
  • Check Security
  • Choose check stock that copies through with
  • Account for all skipped and voided checks
  • Do not sign blank checks
  • Outstanding checks
  • Checks should not be left outstanding over 180
  • As 180 days nears, try to contact individual if
    no response, VOID check.
  • If check is lost or never received fill out the
    form (see attached), void check and reissue

  • 4

Cash Advances
  • When issuing checks for cash advances
  • Cash advances should be avoided!!
  • When a cash advance is unavoidable, it must be
    fully documented
  • Have complete , detailed, signed explanation as
    to the purpose and use of funds
  • Like all purchases, cash advances must be
    documented with a receipt
  • Any unused portion of the advance must be
    deposited to the school account promptly
  • Attach copy of Money Collected Form showing
    deposit of unused advance to original cash
    advance check. The deposit plus the receipts
    must equal the original check amount.
  • NEVER, EVER use cash to pay anyone
  • 5

Paying Employees
  • To pay school board employees for work performed
  • Send a check to Finance for the amount needed
    including benefits.
  • DO NOT pay school board employees out of internal
  • DO NOT pay anyone with cash (this includes
  • DO NOT make loans out of school funds
  • For non-school board employees see contracted
  • 6

Paying Students
  • Use forms provided (see attached) for
  • Found textbooks previously lost
  • Refund of cancelled trips
  • Refund of school pictures
  • Can also be used for scholarship payments, but
    these should also have an invoice from the
    university showing current enrollment.
  • 7

Contracted Services
  • When Services are provided by an outside person,
    a Contract
  • for services is required Before Beginning
    of Services.
  • Examples of contracted services
  • Deejay
  • Security Guard for sporting events
  • Official for sporting events (if paying official
  • Outside help brought in to perform extra cleaning
    or similar work
  • NEVER pay cash to any individual for services
  • Always mark the vendor file for a 1099
  • NEVER pay school board employees out of internal
    funds for work performed
  • A contract must have
  • Use Forms Provided. (See Attachment)
  • Signature of provider and approver (principal,
    superintendent and departments involved )
  • Social Security number, name , address, phone
  • Description of work performed
  • Date and time for work to be performed

  • 8

Trust Accounts
  • Funds collected for a specific, restricted
    purpose shall be accounted for in a trust
  • Restrictions on trust funds
  • No transfers out of trust accounts
  • No negative balances in trust accounts
  • Money can be used only for the purpose collected
    or designated alternative
  • May include school rings, graduation caps and
    gowns, lock deposits, etc.
  • Do not need superintendents signature on
    Purchase Orders from trust funds.
  • 9

  • Deposits should be made DAILY.
  • Teachers collecting should turn in the DAILY.
    Collections for night events should go to a
    night depository.
  • should not be left in the school overnight.
  • 10

Money Collected Form
  • Money Collected (MC) forms should be
  • MC forms should be SIGNED and DATED by both
  • MC forms should not be altered without
    acknowledgement by both parties.
  • MC forms should show as much detail as possible
    about the source of the and the purpose for
    which it was collected.
  • 11

Bank Balance
  • Maximize interest earnings by using interest
    bearing checking accounts
  • The school principal shall provide for the
    investment in FDIC insured savings or CDs, or US
    government securities for funds which are not
    needed immediately for expenditures.
  • Minimize service charges
  • 12

Bank Reconciliation
  • Make interest adjustments as needed. The batch
    date cannot be changed, but the bank date will
    need to be the last day of the month you are
  • Reconcile the bank statement by using Enter and
    Edit Cleared Check selection on the bank
    reconciliation screen. (see the Manatee manual
    for detailed instructions)
  • All savings accounts, including SBA, MMDAs, CDs,
    should be reconciled to the bank statements. This
    should be done through Manatee reconciliation
    procedures by specifying a different account
    each time.
  • Submit reports to Principal for review and
  • 13

Transfers vs. Adjustments
  • Transfers A loan or gift from one group to
    another (no cash is involved). All transfers
    should be signed by sponsor AND principal.
  • Adjustments Corrections, which usually involve
    the cash account. Attach backup documentation to
    the adjustment.
  • There should be no transfers out from Trust
    Accounts because the is restricted for use.
  • 14

End of Month Procedures
  • Verify that all postings are complete.
  • Perform Bank Reconciliation.
  • Post all interest earned .
  • Be sure to have two sets of disks ready and
    plenty of paper in the printer.
  • Execute the Month-End Macro by selecting Alt M.
  • The computer will make two backups and print
    several reports.
  • Print a General Ledger/Monthly Statement for each
    account's sponsor/teacher.
  • Do Not print an additional Principal's Monthly
    Report without rolling up accounts the report
    that prints automatically is all that is
  • Submit reports and bank statement to Principal
    for review and signature.
  • Submit the signed reports to Finance no later
    than the 25th of each month

  • 15

End of Year Procedures
  • Perform a reconciliation of your NSF account.
  • Send in Textbooks Lost/Damaged money to Finance.
  • Send in Library Books Lost/Damaged money to
  • Be sure the Petty Cash is fully reimbursed.
  • Transfer all interest from checking and SBA,
    MMDAs and CDs to the General Fund Account.
  • Make sure there are no negative balances in
  • Make sure all Cash Boxes have been returned.
  • Check that all encumbrances are up to date and
    cancel any unnecessary purchase orders.
  • Perform Month-End closing Procedures Option 1 .
  • Close the year by selecting Maintenance,
    Utilities, Year-End Closing, and Y for yes.
  • Make TWO backups, send one to Finance with June
    Reports by July 25th.

  • 16

Principals Reports
  • Must be signed by bookkeeper and principal
  • Should be sent to Finance by the 25th of
    following month
  • For A/P over 60 days, include list.
  • A/P over 60 days or checks outstanding over 180
    days should be researched and resolved.
  • Variances in bank reconciliation should be

  • 17

Fundraising Events
  • Fundraising
  • See Red Book, Chapter 7, page 8 (attached)
  • Raffles and other activities of chance shall not
    be conducted for school related activaties.
  • Each activity shall be approved by the sponsor
    and principal.
  • Each fundraising activity shall be planned to
    finance a specified objective.
  • See suggested fundraising form (attached)
  • Events
  • Ticket report should be attached to deposit for
    substitution of Money Collect Form
  • Amount of deposit should match of tickets times
    price per ticket
  • Tickets can also be used as receipts to provided
    backup for parking, food or game booth, etc.
  • Event Deposits
  • Frequently large events, such as dinners, dances
    or trips require an advance deposit. To write
    the check for a deposit, a contract for services
    to be performed is acceptable
  • When services are completed (after the hotel stay
    is over, for example) or final payment is made, a
    FINAL RECEIPT IS NECESSARY. The receipt should
    indicate the total paid and a copy should be
    attached to the backup for the check for deposit
    and the final payment check

  • 18
Write a Comment
User Comments (0)
About PowerShow.com