3.13 BANK RECONCILIATION
PURPOSE: To outline the policies and procedures for bank reconciliations.
The accounting consultant, on a monthly basis, shall perform the bank reconciliation in a timely manner following receipt of bank statements. Third-party service provider managing IGA events, reconciles bank statements for the account used for those events. The reconciliation shall be performed taking the following steps into consideration: • Compare the deposits listed on the statement with those on file. • Note other additions or deductions made on the bank statement such as service charges, bank charges, or collections made by bank for payment on the organization's account - entering transactions in the general journal. • Once reconciled, print year-to-date and period financial statements and file with the corresponding period's records. • Reconciliation documents will be filed in a permanent file for a period of no less than three years or that period of time specified by Federal regulations. • A copy of each reconciled bank account for each month will be given to the Executive Director for his or her review and signature. • Post deposits to the appropriate period. • List all outstanding checks and deposits.
Deleted: Accountant
Deleted: and a projected cash flow statement
Deleted: NIGA
IGA Accounting Policies and Procedures (guidelines)
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