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Monthly Bank Statement

Policy: 

Monthly, F/EA Accountant performs the bank reconciliations for the F/EA Program Bank Account.  During the process, the <<Staff Title>> reviews the bank statements and account reconciliation supporting documents for accuracy.

After monthly bank reconciliations have been performed, reviewed and finalized, <<Staff Title>> submits copies of bank statements to State Program Administrator via secure file delivery.
Procedure: 

 

  1. After F/EA Accountant reconciles Program Operating Bank Account
  2. F/EA Accountant provides reconciled bank statements and control documents to <<Staff Title>>
    • <<Staff Title>> zips and password protects statements so that they can be securely e-mailed
  3. <<Staff Title>> e-mails copies of the monthly bank statements for the program to Program Administrator
    • Copies of the monthly bank statements are submitted via e-mail by the 30th of each month for the previous month
    • <<Staff Title>> leaves a voicemail message for the Program Manager stating the password to be used to open the files
  4. After e-mailing documents, <<Staff Title>> scans documents and saves electronic copies of documents and e-mail to <<File Path>>
Internal Controls: 

The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.

  1. F/EA Accountant reconciles the monthly bank statements
  2. <<Staff Title>> reviews bank statements and supporting documents for accuracy
    • <<Staff Title>> signs and dates bank reconciliation control documents and supporting documents after reviewing
  3. All documents are scanned and saved for a minimum of 7 years per File Retention Policy
  4. <<Staff Title>> zips and password protects bank statement files prior to e-mailing them to State Program Administrator.
  5. <<Staff Title>> saves a copy of the e-mail submitted to Program Administrator program manager with supporting documents for a minimum of 7 years per File Retention Policy