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Bizmanualz Sample from the Accounting Policies and Procedures Manual includes

an example policy, procedure, a list of topics, forms and job descriptions

Accounting Policies and Procedures Manual


The Bizmanualz Accounting Policies and Procedures Manual will establish a
strong internal control system and comply with Sarbanes-Oxley section 404.
With these prewritten accounting procedure templates, you will learn how to
improve accounting department controls for Sarbanes-Oxley 404
compliance, how to improve the performance of business finance and credit,
how to manage shipping, purchasing and receiving, and how to manage
cash operations.

US$ 595.00 Includes seven (7) modules:


1. Introduction and Table of Contents  Instant download
How to Order: 2. Guide to preparing a well written manual Available immediately
Online: 3. A Sample Accounting Manual covering (no shipping required)
www.bizmanualz.com common requirements and practices
 Files are delivered
By Phone: 314-384-4183 4. 39 Policies and 56 corresponding forms
5. Embezzlement Prevention Supplement electronically in Microsoft
866-711-5837
Email: sales@bizmanualz.com 6. 32 Job Descriptions covering every position Word format
referenced in the Manual
7. Complete Index

Sample Policy for Accounting Policies and Procedures Manual


Cash Section: Bank Account Reconciliations
Document ID Title Print Date
CSH BANK ACCOUNT RECONCILIATIONS mm/dd/yyyy
Revision Prepared By Date Prepared
0.0 Preparer’s Name/Title mm/dd/yyyy
Effective Date Reviewed By Date Reviewed
mm/dd/yyyy Reviewer’s Name/Title mm/dd/yyyy
Approved By Date Approved
Final Approver’s Name/Title mm/dd/yyyy
Policy: To ensure the accuracy of the company’s bank account records by proving the monthly
balance shown in the bank’s Account Register.
Purpose: To outline the practices for preparation of a Monthly Bank Reconciliation
Scope: This applies to all bank accounts maintained by the company.
Responsibilities:
CFO is responsible for review and approval of all reconciliations.
Controller is responsible for reconciling all checking accounts.
Background: Errors or omissions can be made to the company's bank account records due to the
many cash transactions that occur. Therefore, it is necessary to prove the monthly
balance shown in the bank account register. Cash on deposit with a bank is not available
for count and is therefore proved through the preparation of a reconciliation of the
company's record of cash in the bank and the bank's record of the company's cash that
is on deposit.
Bizmanualz Sample from the Accounting Policies and Procedures Manual includes
an example policy, procedure, a list of topics, forms and job descriptions

Definitions: Batch- All of the day’s credit card transactions are collected into a “batch” of
transactions. The batch is closed, usually at the end of the day, and the result is
submitted to the merchant processor as a single “batch”.
Settlement- The processor clears the credit card transactions in the batch and the result
is “settled” to the designated bank account. Settlement varies by Credit Card Company
but usually occurs in 2-3 days after a batch is closed.
Processor- The processor is responsible for authorizing credit card transactions and
settling each batch. The processor is also the company that one must interface with on
all discrepancies or “chargebacks”.
Chargebacks- A chargeback occurs when a customer (cardholder) disputes a charge that
appears on their monthly credit card statement. If the dispute is unable to be resolved
then the transaction is charged back to the merchant. The processor charges the
merchant and returns the cardholder’s money.
Procedure:
1.0 BANK STATEMENT PREPARATION
1.1 After receipt of the monthly bank statement, including cleared checks, deposit slips and any
other transactions; the Controller should prepare the monthly bank reconciliation and have it
carefully reviewed by the CFO. The CFO review is especially important if a bookkeeper is hired to
perform other cash drawer or cash posting transactions. To preserve proper segregation of
duties, no single employee, other than the owner, should perform both cash transaction
functions and bank account reconciliations.
1.2 Prior to preparing the bank reconciliation, the accountant should review the bank statement for
any interest credits, bank charges and other fees. These should all be posted to the checking
account before reconciling. Note: some accounting systems allow for the entry of interest
credits, bank charges and other fees during the reconciliation process.
2.0 COMPUTERIZED FORMAT
2.1 In the computerized environment, the accounting system may provide an automated
bank reconciliation task. This task is generally selected once a month in conjunction
with receiving the month end bank statement. Once selected, the screen shows a list of
all items that have been posted to the cash account and that have not been cleared from
the previous month's account reconciliation. The screen is usually divided into two
segments: one half is a list of all checks and other charges reducing cash, and the other
half is a list of all deposits and other items increasing cash. This screen would also have
a field for entering the proper month end date and the balance at month end, per the
bank.
2.2 After the account-reconciling task is successfully completed, a report is provided which
shows the reconciliation process, including outstanding checks and deposits in transit.
The actual format will vary depending on the accounting system, but in general, will
contain the same information as shown on the manually prepared report in CSH107 Ex1
SAMPLE BANK AND BOOK BALANCES RECONCILIATION TO CORRECTED BALANCE.
Bizmanualz Sample from the Accounting Policies and Procedures Manual includes
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Note: Print out the full (not a summary) report, staple it to the applicable bank statement, and
file the result as an important control feature. This will document that the bank statement has
been successfully reconciled.
3.0 MANUAL PREPARATION AND RECONCILING ITEMS
3.1 A monthly bank reconciliation starts with the ending bank statement balance. List any deposits
in transit that were made but were not yet recorded by the bank and add to the bank balance.
Then, list any checks that were written on the account prior to month-end, but which have not
yet cleared the bank and deducted from the bank balance. The ending balance should agree
with the balance "per books", i.e.: the balance recorded in the checking account.
3.2 Now perform the same process with the monthly reconciliation of the ending balance per the
company's books.
Total deposits and total disbursements should be reconciled to the bank statement, then
adjustments such as any interest or any other bank credit items should be listed and added to
the balance. Then, any bank charges, transfer fees, etc. should be listed and deducted from the
balance.
From these steps, the "corrected" ending “book” balance is derived and should equal the
"corrected" bank balance from the previous step.
3.3 Any discrepancies between the derived balance and the checkbook balance will require
research to determine the cause, such as recording errors, omissions, incorrect postings,
etc. In some cases, the discrepancy can be caused by not accurately entering all bank
generated credits and charges; such as fees, interest, etc. If the balances still do not
equal, the bank statement should be carefully reviewed for possible errors; such as,
checks or deposits clearing for amounts that do not agree with those posted to the
store's checking account.
4.0 COMPUTERIZED PREPARATION AND RECONCILING ITEMS
4.1 The same procedures as the manual tasks described above are followed in a computerized
environment. The primary difference is in the ease of preparation. All transactions, which were
not already cleared in the prior month’s reconciliation, are listed.
4.2 Start by checking or clicking off with the mouse or keyboard those transactions, (mainly checks
and other debit memos, and deposits and other credit memos) that agree with the bank
statement. Once all bank statement items have been found and clicked off on the screen, the
remaining "un-cleared" entries on the screen are, in effect, the list of outstanding checks and
deposits in transit.
Furthermore, the screen typically provides a continually updating reconciled cash amount that
should agree to the ending bank balance amount once all items are correctly accounted for and
cleared. Usually the accounting system does the math and the screen displays both the ending
bank balance and the reconciled cash amount with the remaining difference, if any.
4.3 Investigate all differences and enter any adjustments to the reconciliation or post to the cash
account in order to ensure an accurate bank balance.
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5.0 ADJUSTMENTS AND OTHER TROUBLESHOOTING


5.1 In spite of the best of efforts, the reconciliation result may not agree with the bank
balance. The obvious first step is to make sure that all checks and deposits on the bank
statement agree with the entries in the cash account. Discrepancies of this type are
usually rare in computerized environments but may be caused by improperly recording
manual checks or credit card deposits and fees.
Checks are generally posted and printed simultaneously so that what shows up in the accounting
system will always agree to what was processed through the bank. Deposits are another matter.
The bank might group deposited checks differently than they were in the accounting system. As
explained in more detail in procedure CSH101 CASH DRAWERS AND CREDIT CARDS.
To simplify the month end reconciliation, receipts should be batched in a total deposit amount
that agrees to both the accounting system and the bank. Make sure to print a totaled deposit
report when daily receipts of checks and cash are batched for deposit. After making the bank
deposit, staple the validated bank deposit slip to the deposit report. This will document the two
events: 1) what was deposited per the accounting system, and 2) what was actually deposited in
the bank. These two amounts must agree. This helps eliminate deposit errors for check and cash
receipts.
5.2 A more difficult reconciling task is in obtaining agreement of all credit card receipts. The difficulty
results from three unique situations. First, there is a time lag of several days between the time
the credit card transaction occurred in the store and the time it is settled or deposited to the
store's bank account. Second, depending on the type of credit card and/or the merchant
provider, the fee charged (typically 1% to 4%) on each transaction may be automatically
deducted from the deposit before it shows up on the bank statement. And third, “chargebacks”
are usually deducted immediately by the processor and only reversed if the dispute is resolved in
the company’s favor. This may even occur before the chargeback notice has arrived in the mail.
Consequently, the deposit on the bank statement may not agree with the daily credit
card batch (receipts). In the face of these difficulties, the CFO and Controller should
thoroughly understand the particular credit card daily closing procedures. An end of day
report for each credit card closing should be printed and saved as a reference for the
month end reconciliation process.
Alternatively, the credit card processor will provide a month-end statement listing each
credit card “batch” submitted each day. This report can be used to reconcile the credit
card batches to the settlement deposits.
5.3 After reconciling checks and deposits, the next area to reconcile are bank generated Credit and Debit
memos. These can result from various events including, returned checks, returned check
charges, monthly bank activity charges, credit card merchant fees, charges from the use of debit
cards, interest income and other service charges. The CFO may not know many of these until
the bank statement is received. Each one of these entries must be entered and distributed to
the proper income or expense account. Whatever the accounting system, its reconciling
program usually provides a routine for entering these “end of month” bank credits and charges.
5.4 After agreeing all checks and deposits and entering all other bank credits and charges, the balance
per accounting system and reconciled bank balance should agree. Any remaining difference
Bizmanualz Sample from the Accounting Policies and Procedures Manual includes
an example policy, procedure, a list of topics, forms and job descriptions

must be investigated. If there is no other explanation, an adjustment should be made. This


would be entered as a bank charge or credit and posted to a miscellaneous account.
5.5 Any outstanding checks or deposits in transit over six months old should be reviewed for
disposition including write-off by a journal entry.

Revision History:

Revision Date Description of changes Requested By

0 mm/dd/yy Initial Release


Bizmanualz Sample from the Accounting Policies and Procedures Manual includes
an example policy, procedure, a list of topics, forms and job descriptions

CSH107 Ex1 SAMPLE


BANK AND BOOK BALANCES
RECONCILIATION TO CORRECTED BALANCE
Account No.

For Month Ended XX/XX/XX

Reconciliation of Bank Balance


Ending balance per bank statement $10,000.00
Additions:
Deposit in transit 2,500.00
Deductions:
Outstanding Checks
# 1003 150.00
# 1232 325.00
# 1235 1,275.00
1,750.00

Ending balance per checking account $10,750.00

Reconciliation of Book Balance


Ending balance per books $10,750.00
Additions:
Interest 100.00
Deductions:
Bank Charges 70.00
Wire transfer fees 30.00
100.00

Corrected Balance $10,750.00


Bizmanualz Sample from the Accounting Policies and Procedures Manual includes
an example policy, procedure, a list of topics, forms and job descriptions

Accounting Policies and Procedures Manual:

39 Prewritten Policies and Procedures


General and Administrative Revenue
1. Chart Of Accounts 24. Sales Order Entry
2. Files And Records Management 25. Point-Of-Sale Orders
3. Travel And Entertainment 26. Customer Credit Approval And Terms
4. Management Reports 27. Sales Order Acceptance
5. Period-End Review & Closing 28. Shipment Of Goods
6. Controlling Legal Costs 29. Invoicing And Accounts Receivable
7. Taxes And Insurance 30. Sales Tax Collection
8. Property Tax Assessments 31. Progress Billing
9. Confidential Information Release 32. Account Collections
10. Document Control 33. Customer Returns

Cash Purchasing
11. Cash Drawers And Credit Cards 34. Vendor Selection
12. Cash Receipts And Deposits 35. General Purchasing
13. Problem Checks 36. Project Purchasing
14. Wire Transfers 37. Receiving And Inspection
15. Check Signing Authority 38. Shipping And Freight Claims
16. Check Requests 39. Accounts Payable And Cash Disbursements
17. Bank Account Reconciliations
18. Petty Cash

Inventory and Assets


19. Inventory Control
20. Inventory Counts
21. Fixed Asset Control
22. Customer Property
23. Fixed Asset Capitalization & Depreciation

Job Descriptions: A complete job description is included for each of the 32 positions referenced in the
Accounting Polices and Procedure Manual. Each position includes a summary description of the position,
essential duties and responsibilities, organizational relationships, a list of the procedures where the position is
referenced, specific qualifications, physical demands of the position, and work environment

Accounting Manager Director of Quality Project Manager


Accounts Payable Clerk Engineering Manager Purchasing Manager
Accounts Receivable Clerk Financial Manger Quality Control Manager
Administrative Services Manager Human Resources Manager Quality Manager
Cash Manager Inventory Control Manager Receiving Manager
Cashier Legal Counsel Sales Manager
Chief Financial Officer Manufacturing Manage Sales Representative
Construction Manager Marketing Manager Service Manager
Controller Office Manager Shipping Manager
Credit Manager President Travel Coordinator
Customer Service Representative Production Manager
Bizmanualz Sample from the Accounting Policies and Procedures Manual includes
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56 Corresponding Forms and Records


General and Administrative Inventory and Assets (Con’t)
1. Account Codes 29. Capital Asset Requisition
2. Master File Guide Index 30. Asset Disposition Form
3. Records Retention Periods 31. Bill Of Sale
4. Travel Arrangements Form 32. Material Return Notice
5. Travel And Miscellaneous Expense Report
6. Entertainment And Business Gift Expense Report Revenue
7. Department Reporting Summary 33. Sales Order
8. Daily Flash Report 34. Order Form
9. Weekly Financial Report 35. Credit Application
10. Six Week Cash Flow Report 36. Request For Credit Approval
11. Budget vs. Actual Report 37. Credit Inquiry
12. Financial Statements 38. Phone Confirmation Checklist
13. Federal Tax Calendar 39. Shipping Log
14. Non-Disclosure Agreement 40. Commercial Invoice
15. Request For Document Change 41. Invoice
16. Document Change Control 42. Accounts Receivable Write-Off Authorization
43. Account Collection Control Form
Cash 44. 30 Day Satisfaction Guarantee
17. Daily Cash Report 45. Returned Goods Authorization
18. Deposit Log
19. Bad Check Notice Purchasing
20. Bank Wire Instructions 46. New Vendor Notification
21. Wire Transfer Form 47. Vendor Survey Form
22. Check Signing Authority Log 48. Purchase Requisition
23. Check Request 49. Purchase Order
24. Sample Bank And Book Balances Reconciliation 50. Purchase Order Log
25. Petty Cash Journal 51. Purchase Order Follow-Up
52. Daily Sundry Payable Log
Inventory and Assets 53. Order And Arrival Log
26. Inventory Requisition 54. Receiving Log
27. Inventory Count Sheet 55. Receiving and Inspection Report
28. Inventory Tag 56. Inventory Inspection Levels