Use Bank Reconciliation Statement

The Bank Reconciliation Statement is a summary of banking and business activities that compare an organization's bank account with its financial statemnt. This statemnt covers deposits, withdrawals and other activities affecting a bank account for a specified period of time.

The petty cash account has a working balance of about Rs.2500 but each month Rs.5000 is spent from the fund. It could be the reason the cost of the institution goes up. Because of omissions and mistakes. I recommend paying close attention to the following petty cash funds I recommend following the introduced Internal Control Procedures for the petty cash funds:

Continue Following Procedures

All checks must be signed by two authorized signatories. The person responsible for preparing the checks should not be a check signer. record all of the check transactions your business has during an accounting period.

Regard,

Company’s auditor

Mr. Dissanayake has stated that he does not want to devote time to the administration of checks. It may be his intention to delegate authority to other managers. Because the company exchanges over three hundred checks a month He may feel it is stressful.

But having an understanding of checks means, that he has an understanding of the transactions that take place in the organization. In this matter, he must understand that it is imperative that he stays with the check transactions.

But it may be advisable to delegate the power of issue of checks to a certain extent. Authorization may be appropriate for checks issued for minor and general expenses. For checks issued on certain high-value transactions, it is advisable to devise strategies in such a way that his signature is essential,