Reconciling Cash to County Treasurer MASBO New Clerk
Reconciling Cash to County Treasurer MASBO New Clerk Academy September 24 th and 29 th, 2019 via Zoom • Steve Hamel – Interim Services/Trainer 406 -431 -0124, shamel@masbo. com • Denise Williams – MASBO Executive Director 406 -461 -3659, dwilliams@masbo. com
The Basics • Who? YOU! • What? Making sure the money you say you have is how much the county says you have • Where? Your desk…or wherever • Why? Single best way to detect errors of all kinds • When? Every month, without fail • How? Well, that’s next…
Absolute, Unbreakable Rules 1. 2. 3. 4. Get It Done! Do what works for you Communicate with your treasurer Use tools available to you – Accounting software – OPI spreadsheets
Steps • Entering revenue – From state (see OPI website) • State school payments, school foods, E-Grants – From county • • Taxes Penalty and Interest County retirement, transportation distributions Interest earnings – Others? Make sure to verify amount directly from paying entity – Track county A-101 numbers
Steps • Internal cash transfers (i. e. , recoding) – Communicate transfer to treasurer – Be timely! • Clear warrants – Report voided warrants to the treasurer
Steps Compare cash balances in your records to cash balances from county – By fund – Including funds 86 and 87 -equals list of outstanding warrants and liabilities. – OPI Spreadsheet
Steps Verify correct cash balances – Fund X 86 (Payroll) cash balance equals sum of: • Outstanding payroll warrants • Warrants payable (if work comp and/or unemployment insurance checks are issued quarterly) – Fund X 87 (Claims) cash balance equals outstanding claims warrants
Steps Resolve discrepancies immediately…if not sooner – Consult detail reports to find root of problem – Suggested process to find discrepancies: 1. Balance remaining funds to see if offsetting difference appears 2. Verify revenue totals 3. Verify clearing fund transfers • If the county tracks outstanding warrants make sure your list matches theirs…. or at least their total outstanding warrant amounts. 4. Compare District’s cash detail reports to county’s cash detail reports 5. Check detailed balance sheet report 6. Contact software vendor 7. Make correction(s)
Steps Verify revenue totals with county reports, EVEN IF cash balances (auditors will ask) – Track A 101 receipt numbers where possible – Ensure all differences are reasonable • Expenditure abatements (some treasurers code them to 1900 revenue. • Revenue refunds – Lunch money – Adult ed classes • Revenue differences caused by accruals – Grants – Driver’s Ed Reimbursements
Steps Reconcile project cash in Misc. Programs Fund (X 15), Student Activities (X 84), and others – OPI Fund 15 Spreadsheet – OPI Student Activity Spreadsheet – Request grant cash AFTER balancing cash in each project
Steps • Close month in accounting system, if applicable • Print reports – County report – District cash report – Outstanding check list • Retain documentation for 8 years
Get help! You are NOT on an island. – Software vendor – Treasurer/Bank – Your MASBO mentor – School Accounting Manual – Other clerks with your software – Other clerks in your area – OPI (try Dan Moody) – Us!
Certain Fund Limitations Verify correct cash balances in these funds: – School Foods (X 12) • Cash limit = 3 months expenditures • Figure total fund X 12 expenditures, divide by 4 – Lease Rental (X 20) • Limit $10 K cash, $20 K for K-12 districts • 20 -9 -509 MCA - Compensated Absences (X 21) • Cash limit = 30% accumulated sick and vacation of nonteaching & administrative employees • 20 -9 -512, MCA
Questions/Discussion MASBO New Clerk Academy September 24 th and 29 th, 2019 via Zoom • Steve Hamel – Interim Services/Trainer 406 -431 -0124, shamel@masbo. com • Denise Williams – MASBO Executive Director 406 -461 -3659, dwilliams@masbo. com
- Slides: 14