Version 1.0
Prepared by: @Lorraine Sebata
Approved by: @Feli Capron
Reviewed date: 2025-07-24
Next review date: 2026-07-24
This policy applies to all employees involved in the collection, reconciliation, and deposit of funds received from customers across all business lines and operational activities.
This Bank Deposits Policy outlines Easyterms's commitment to ensuring all customer funds collected in the office are consistently, accurately, and securely handled and deposited into the bank.
This policy applies to all employees involved in the collection, reconciliation, and deposit of funds received from customers across all business lines and operational activities.
All customer cash and checks must be collected, counted, and reconciled at least twice a week. Any discrepancies identified during this process must be immediately reported to the Accountant or Accounting Officer.
Deposits must be prepared and delivered to the bank within one business day of the funds being received, unless otherwise specified by the company's financial policies.
The Accountant or Accounting Officer is responsible for ensuring that all deposits are accurately recorded in the company's financial system and that the corresponding bank statements are reconciled on a monthly basis.
Cash on hand should not exceed ten thousand dollars ($10,000.00) at any time. This limit does not include checks received.
All Employees: Responsible for adhering to the procedures for collecting, counting, and preparing funds for deposit.
Accountant / Accounting Officer: Responsible for addressing discrepancies, ensuring accurate recording of deposits, and monthly bank statement reconciliation.
General Manager / CEO: Responsible for the immediate transfer of the deposit bag with contents once prepared.
This policy will be reviewed at least annually, or more frequently if there are significant changes in regulations, business operations, or identified risks.