Guidelines for Administering Cheques, Lodgments and Wire Transfers
- A Requisition must be prepared filling in information required on the form. Where information is not applicable, the section should be left blank.
- A Requisition must be written up and supporting documents must be attached before submission for approval.
- Any of the following persons are allowed to authorised requisitions: The Managing Director, Other Directors.
- Cheques are prepared and cash must be packaged.
- Cheques must presented for signature.
- Payment details are written up in a disbursement book.
- When the payee or his representative collects a payment, he signs a disbursement register. A form of identification should be presented by payee.
- All payments, with the exception of Petty Cash, must be made following these guidelines.
- Cheque payments are made only on Wednesday’s and Friday’s.
- Imprest float of ($) must be observed.
- The upper limit is ($) for any one payment.
- Vouchers must be prepared, supported and approved before funds are disbursed.
- The imprest float is to be reimbursed on a ‘needs’ basis.
- A receipt is required for all funds received in the company.
- Best practices dictate that all funds coming in to the company must be lodged promptly or by the latest the following day.
- All electronic transfers should be documented and daily records kept.
- All bank accounts must be reconciled at the end of the month.
- Customers who pay directly into the bank must be asked to fax in the payment slip.