Bank account balances are to be reconciled to the general ledger before the 20th of each month.
The reconciliation is performed by the Accounting Assistant and reviewed by the Senior Accountant.
The review should include viewing a sample of canceled check images, documents supporting deposits, and documents supporting payments. The reviewed bank statement should be signed by the preparer and reviewer and filed.
The Associate Executive Director should independently download the bank statement monthly, examine it for unusual transactions, and compare it to the general ledger in total and specific transactions.