Page 18 - HCSD SOPandIC Manual

HINDS COUNTY SCHOOL DISTRICT
Standard Operating Procedures and Controls Manual

SECTION II – ACCOUNTING

General Ledger

Purpose: To ensure accurate and timely recording and reconciliation of all financial activity.

Staff Business Administrator, Assistant Business Administrator, Accountant
Assigned: and/or School Bookkeeper (s).

Reference: DIB – Financial Reports and Statements

Procedure:

Opening Entries

• Verifies that correct beginning balances and approved budget are entered into software.

• Records revenue entries for tax levy receivable, state aid receivable, debt service receivable, tax
levy and/or state aid, and other known receivables.

Monthly

• Verifies that all accounts are reported in the Monthly Board Report.

• Verifies that all bank reconciliations are prepared for all bank accounts and are in agreement with
the Business Manager’s Monthly Financial Report.

• Reviews all accounts for funds availability, prepare transfers as needed.

• Completes Transfer Worksheet for all accounts. Obtains Business Manager’s signature and keep
on file for auditor.

• Obtains Board President and Secretary’s signature on report and submit for board approval.

Year –End Procedures

• Completes all accruals.

• Reviews all balance sheet accounts, compiles documentation for audit verification.

• Reviews all open year-end purchase orders for determination as accounts payable or carry
forward encumbrance.

• Reviews all accounts payable or encumbrances from the prior year, if any are open. (Note:
Outstanding encumbrances should have been paid within 90 days.)

• All tasks performed by support personnel will be reviewed and approved by the business
administrator.

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