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Bank Reconciliations

Posted: Sun Jan 03, 2016 10:58 pm
by tlrogers
I was our ward's Ward Clerk 2001-2006, and was just called to be the Ward Finance Clerk. In my past life we had a procedure to follow each month to do bank reconciliation. The previous finance clerk knew nothing of it.

What process of bank reconciliation is now required with the bank statements beyond basic review and signatures? I looked for online help and training and was not able to find any.

Any help would be appreciated.

Thanks,

Trace

Re: Bank Reconciliations

Posted: Sun Jan 03, 2016 11:32 pm
by russellhltn
With the introduction of CUBS, I'm not sure as there is any reconciliation. A reconciliation would imply that there's two different ledgers that have to be reconciled (the bank and MLS). But with CUBS, everything SLC has is pushed to MLS and everything in MLS is pushed to SLC. No longer are there two ledgers.

But if you want, you could run a monthly report that shows the status of the budget, and if the ward is underspending or overspending.

Re: Bank Reconciliations

Posted: Mon Jan 04, 2016 6:12 am
by drepouille
You should review the monthly financial statement, follow up on checks that have not been deposited/cashed for more than 60 days, and have the bishop sign the statement. You also may want to ensure all checks were written against the correct budget or other category.

Re: Bank Reconciliations

Posted: Mon Jan 04, 2016 8:04 am
by jonesrk
You also want to check the individual missionary categories to make sure they are not going negative (or that funds are accidentally deposited into the main ward mission account instead.

Re: Bank Reconciliations

Posted: Mon Jan 04, 2016 11:49 am
by tlrogers
Thanks for the info... Sounds much more efficient. Will take all your inputs. Ward Missionary, budget assignments, checks outstanding. I also found distribution center budget assignments.

Re: Bank Reconciliations

Posted: Mon Jan 04, 2016 12:06 pm
by drepouille
One other thing to check is to ensure all purchases from store.lds.org or Staples are charged to the correct category. For example, if the YW ask you to order Personal Progress items, they will initially be charged against Distribution Center. You can adjust the source of the funding in MLS after the fact.