2012 - 2013. FINANCIAL PROCEDURES FOR LOCAL SCHOOL ACCOUNTING. Natalie Young, Chief School Financial Officer Dr. Jacqueline Brooks, Superintendent of Education. Purpose. The purpose of this session is:
2012 - 2013
FINANCIAL PROCEDURES FOR
LOCAL SCHOOL ACCOUNTING
Natalie Young, Chief School Financial Officer
Dr. Jacqueline Brooks, Superintendent of Education
The purpose of this session is:
The Principal is directly responsible for the handling of all monies received at the school. It is the ultimate responsibility of the Principal for any shortages resulting from the failure to follow, or to require others to follow, the financial procedures for handling of school monies.
school account on a daily basis.
RECEIPTING FUNDS CONT.
9. The teacher should retain the original Master Receipt.
10. The teacher should not hold funds until all funds for an activity, fundraiser, or any other purpose are collected.
11. The school is required to make a timely deposit, according to school board policy.
12. Teacher receipt books containing the receipt copies and unused receipts should be returned to the Principal’s Office at the end of the school year.
When should Sallie Jones turn the receipted funds/money in to the office?
A Master Receipt should be issued by the designated person after counting or verifying the amount of the receipts at the time funds are actually received from the teacher.
2.The person presenting the funds for receipt should wait for a Master Receipt to be prepared and verify the information on the Master Receipt before leaving the office.
3.The Master Receipt book or record and supporting documentation must be secured for audit.
4.The Master Receipt should also be issued for each check received by mail.
5.Funds received must be secured until deposited. Funds must be deposited daily.
The principal should consider establishing designated times to receive funds for the issuance of Master Receipts.
Sample Master Book Receipt
The next step includes depositing the funds.
The secretary or bookkeeper generally makes daily deposits.