Evolución cultural: del cuento a la película

Payroll Clearing Account

State Income Tax Withholdings Account Federal Payroll Tax Withholdings Account

Employee Insurance Programs Withholdings Account Federal Savings Bond Withholdings Account

Food Service Account

Food Service Revolving Account Auxiliary Operations Account

Auxiliary Operations Revolving Account Student Activities Account

Grants and Gifts to Teachers Account

Bank accounts, other than the general account, the general revolving account, and the grants and gifts to teachers account are discussed in the Food Service, Auxiliary Operations, Student Activities, and Payroll subsections.

General Account

A general bank account should be established by the governing board for current operations. This account should account for all resources used to finance school operations except those to be accounted for in the other specific purpose accounts listed above.

General Revolving Account

A general revolving account may be established by the governing board. The amount should be no more than $5,000 for charter schools with elementary or high school grade levels and $10,000 for charter schools with both elementary and high school grade levels.

A check should be drawn against the general bank account to establish the revolving account. The custodian of the revolving account should be bonded in an amount equal to twice the imprest amount of the account.

The revolving account should be operated on an imprest basis. Therefore, monies in the bank plus the total of the paid invoices and bank service charges should equal the authorized revolving account imprest amount. All reimbursements for account disbursements for the current fiscal year should be made by June 30 so that expenses are reported in the proper accounting period.

The revolving account may be used for activities that require immediate cash outlays such as postage, freight, fuel taxes, travel, and other minor disbursements. Salaries and wages should not be paid from the revolving account.

Procedures for establishing the revolving account

1. A voucher (or order for payment) should be submitted to the governing board. The voucher is prepared and approved as other school vouchers. (See §VI-G, Disbursements, for detailed procedures on preparing and approving vouchers.)

2. When the voucher for the revolving account is approved by the governing board, a check should be issued from the general bank account payable to the revolving account custodian.

3. When the check is received by the custodian, it should be deposited into the revolving account immediately. (See §VI-F, Receipts, for detailed deposit procedures.)

4. The custodian should record the deposit in the revolving account check register by entering the deposit date, description, and deposit amount when the validated deposit slip is received. The validated deposit slip should be retained in the revolving account file.

Revolving account disbursement procedures

Specific procedures may vary depending on size and organization of the school. 1. The employee requesting a check should:

a. Complete a revolving account check request (VI-C-8) by filling in the date, payee, invoice number, purpose, amount, and the requester’s signature.

b. Obtain approval for the check request from the appropriate supervisor. The supervisor should sign and date the revolving account check request to indicate approval.

c. Submit the approved revolving account check request and supporting documentation (i.e., invoice) to the revolving account custodian.

2. The revolving account custodian should:

a. Verify the mathematical accuracy of the invoice and ensure that the revolving account check request is properly completed and approved. Any discrepancies noted should be investigated and resolved prior to check issuance.

b. Sign and date the revolving account check request. c. Prepare and sign a revolving account check.

d. Record the check number, account code, and date on the revolving account check request.

e. Record the check number, issue date, description, and amount, and calculate a new balance in the revolving account check register.

f. Forward the signed check to the requester.

g. Mark the vendor invoice and other supporting documents paid, indicating check number, amount, and date, to prevent reuse.

h. File the revolving account check request and supporting documents in an unreimbursed disbursements file.

When the revolving account cash balance reaches a predetermined minimum level, the custodian should replenish the account. Before initiating replenishment procedures, the custodian should reconcile the cash on hand and the unreimbursed check requests and supporting documents to the imprest amount.

Revolving account replenishment procedures

1. The custodian should submit all revolving account check requests and related supporting documentation, including copies of bank statements verifying service charges, filed in the unreimbursed disbursements file to the employee responsible for voucher preparation.

2. The voucher should be prepared in accordance with the procedures outlined in §VI-G, Disbursements. The disbursements should be charged to the account codes listed on the revolving account check requests. The voucher should equal the total of the paid invoices or other supporting documents and any applicable bank service charges.

3. The voucher should be submitted to the governing board for approval.

4. The check received from the general bank account should be deposited into the revolving account.

The deposit slip should be prepared in duplicate and the copy retained by the custodian. (See §VI-F, Receipts, for detailed deposit procedures.)

5. The custodian should record the deposit in the check register when the validated bank deposit receipt is received and matched with the copy retained. The validated bank deposit receipt and copy should be retained in the revolving account file.