I just saw an interesting conversation take place between members. What are your answers to these questions—please share!
I have always followed the recommendation to never let the person who prepares the checks for accounts payable, sign the checks. Additionally, I have always been told to never let them reconcile the bank statements or any credit card statements.
Unfortunately, the person reconciling the statements is me, and I no longer want to continue doing so. Therefore, I wonder how the rest of you handle this issue. The questions below assume that someone other than you prepared the checks. More specifically:
- Who signs your A/P checks? Staff? CPA? Third party bookkeeper? What is the cost of same if the signer is other than staff?
- What checks, if any, can a staff member sign?
- If a staff member can sign a check, is there a limit on the size of the check to be issued?
- Who reconciles the bank statements? Is it the same person that paid the A/P?
- Who reconciles the credit card statements? Is it the same person that paid the statement?
- Do you have your CPA perform the reconciliation process? If so, what is your usual monthly cost for same?
- Do you use an outside third party to perform the reconciliation process? If so, what is your usual monthly cost for same?
- Other thoughts and/or suggestions on the matter?
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Director, Member Services, Marketing & Recruiting
American Academy of Estate Planning Attorneys, Inc.
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San Diego, California 92123
Phone: (800) 846-1555
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