Wiki What's your system for tracking deposits & payments?

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we would typically have our payment posters balance all of their batches for the day, and then run the end of day reports, make sure that everything balances, and then turn that over to the accounting department. That department would then double check that the cash/checks we gave them do indeed add up to what we posted on that day, and the deposit would be made to the bank.

I think it is important to involve two departments when possible to keep that level of integrity. You don't want the same person posting the payments and receiving the checks to be also the person making the deposit. Separating the duties helps keep everyone in check.

'With so many offices now received EFTs, the process would be slightly different to include accounting for the electronic funds deposited.
 
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