All deposits received must be banked within 2 days.
Unallocated direct deposits of more than 1 month will be investigated fully to determine source of deposit. Where the source cannot be identified, the deposit will be allocated to CFO to a suspense account to keep these funds separate and identifiable.
Cheques outstanding for more than 12 months, or in line with banks policy will be reallocated back to the business through the financial system.
Where a payment stop on a cheque is required, this will be authorised by CEO.
CFO will be responsible for carrying out the following duties regarding payment stop on a cheque:
- ensuring the cheque has not already been presented at the bank
- getting authorisation to action the stop payment using appropriate forms from the bank
- ensuring the bank receives notification of the stop payment notice
- receiving confirmation of action from the bank of the stop payment
- ensuring the details of the stop payment are kept in the stop payment folder.