3.2 CASH RECEIPTS/REVENUE
PURPOSE: To outline the policies and procedures cash receipts and revenue.
A. Cash Receipts/Checks Cash receipts/checks shall be received by the receptionist/office assistant, noted in the daily mail log (including amount received and check number) and stamped with the appropriate "Deposit Only" stamp. The receipts will then be copied and routed to the department for recording in appropriate records. The receptionist/office assistant will then route receipts with appropriate backup documentation to the accounting department where they will note appropriate general ledger account allocation. The accounting firm will prepare the cash receipts for deposit and accounting records (all deposits should be made in a timely manner, normally on the same day they are received). B. C. Wire Receipts Payments can also be received through wire. As a wire is processed through the bank, the accounting consultant is notified of the wire by reviewing the bank statements. If the wire is related to payments towards the Trade Show or Mid-Year Conference, the accounting consultant will communicate the wire payment revenue to the third-party service provider managing the event. The third-party service provider then updates the tradeshow accounts receivable subsidiary ledger. The funds received via wire are allocated to a liability account and transferred to the third party service provider bank account D. Credit Card Receipts IGA uses several different third-party service providers to process credit card payments for several IGA events. The Office Manager applies payment receipts through credit cards into the accounting system and the accounting consultant the reconciles the payments at month-end.
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Deleted: Lockbox Receipts Deleted: There are two lockboxes that will collect tradeshow booth, tradeshow registration and mid-year revenues. A third-party service provider has access to the lockboxes through the online banking system to apply revenues received to the subsidiary receivable ledger. The accounting consultant will record the lockbox revenue in the accounting software when notified through the third-party service provider. The Executive Director will receive updates from the third-party service provider and the accounting consultant.¶ Deleted: Tradeshow revenue Deleted: payment Deleted: T Deleted: Accountant Deleted: as they are received Deleted: The wire payment is then treated like a lockbox payment and the Accountant will record the revenue in the accounting software. (Refer to lockbox section.)… Deleted: N Deleted: revenue
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Deleted: The Accountant logs into the service providers’ subsidiary ledgers to gather details regarding the credit card revenue. The Accountant then manually records the transactions into NIGA’s accounting software. …
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3.3 INVESTMENTS PURPOSE: The Investment Policy is intended to ensure that IGA complies with applicable accounting and regulatory guidelines to appropriately manage and safeguard IGA funds. All investment decisions shall be consistent with IGA’s overall strategic plan and shall be conducted in a
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IGA Accounting Policies and Procedures (guidelines)
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