Frequently Asked Questions

Financial Reports:

Q. When are the financial reports due?

A.  Financial reports are due the 15^th of the month.  Please call the Internal Audit Department if your bank statement is late or if you have other reasons that will delay the reports.

      Q.  If I fax my financial report on the 15^th is it considered timely?

A.  Yes, but please also send a hard copy in the mail since faxes can be hard to read.

Manatee:

Q.  When I receive my Manatee backup disk in the mail from the Internal Audit Department what do I do with it?

A.  You may re-use them but it is a good idea to format them first. 

Q.  What backup disks do I need to keep?

      A.   Year-end disks should be kept for a period of 20 years. 

      Monthly disks may be re-used after 2 months. 

  Q.  What reports are due to the Internal Audit Department?

  A.   The following reports are required:

·        Monthly Report including signatures of both the Secretary or Bookkeeper and the Principal.

·        Bank Reconciliation including the outstanding check list and the deposits-in-transit list if applicable.

·        Cash Receipts Journal.

·        Cash Disbursements Journal.

·        Trial Balance.

·        A copy of the Bank Statement.

Excel:

Q.  What reports are due to the Internal Audit Department?

A.   The following reports are required:

·        Financial Report with the Principal’s signature on it.

·        A copy of the Ledger.

·        A copy of the Bank Statement.

      Q.  How do I show transfers between accounts on the ledger?

A.   Debit the account that the money is coming out of and Credit the

account that the money is going into.  Also, on the left hand side of the

ledger you will need to enter a JE under the Receipt number column and

enter the transfer amount in the (Dr) amount column and the (Cr) amount

column.  Notate in the Description area the reason for the transfer.  

Audits:

Q.  When is my school going to be audited?

A.   The Internal Audit Department sets up the audit schedule prior to every school year.  Typically, routine audits of Elementary schools will be scheduled every 3 years, Middle schools every 2 years, and High schools every year. 

Donations:

Q.  Are monies received from Parent Teacher Organizations considered to be donations?

A.  Yes, even though it may be for a specific purpose, i.e. RIF, classroom

functions, etc… These donations need to have approval by the Board

of Education if the amount is over $500.00. 

Cash:

Q.  Does a transfer from one cash account to another cash account

(i.e. buying or cashing in a CD, a deposit or withdrawal from

savings) have any effect on other general ledger accounts?

A.   No, it neither increases nor decreases other accounts since the cash

has already been recorded in the accounts and is included in the balances.

Internal Audit Department:

Q.  If the auditor assigned to my school is not available and I need

help may I contact another auditor?

A.  Yes, feel free to call anyone in the department, everyone’s phone

number and email address are located under Staff Directory.