Chapter 11.2 – Bank Account

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This policy should be read and carried out by all staff for all authorisations of opening, operating and closing bank accounts.

Purpose of the Policy

This policy sets out the requirements for use of bank accounts, including opening, closing authorisation, variations to terms and conditions, reconciliation of bank accounts and bank account transactions.

Opening Bank Accounts

Any new bank accounts to be opened for the business must have the authorisation of CEO.

For each new bank account opened, the financial system must be updated, and the bank account registered by CFO.

Bank Account Authorisations

For monies withdrawn from any bank account, whether by cheque, EFT or other online payment method, there must be two persons authorising for each payment.

The authorised persons for bank account payments are:

Each payment made must be supported by invoice, receipt or other appropriate documentation and the authorised prior to payment.