005-080 - Bank Account

This paper comments on the operation of a bank account. There are many items to be considered when reviewing bank accounts, including:

• The establishment and operation of a GST Control Account, which is being offset for interest calculation purposes against any bank overdrafts being maintained by the business.
• Regular review of cheque signatories and advising the bank of any changes.
• Complete review of all aspects of eCommerce with the bank to ensure that only authorised persons can conduct eCommerce transactions and that any eCommerce transactions have been appropriately authorised.

These and a number of other matters are discussed in this paper, including:

• Opening Of Bank Accounts
• Cheque Signatories
• GST Control Accounts
• eCommerce
• Internet Banking Transactions
• Regular Receipt Of Bank Statements
• Daily Balance Book/Calculation
• Daily Balances From Bank
• Progressive Preparation Of Bank Reconciliations
• Cashflow Forecasts
• Internet Banking Transaction Authority Form
• Internet Banking Transaction Register