9. BANKING PROCEDURE
The following provides an outline of core banking tasks.
9.1 General banking
Staff will be responsible for general banking tasks. Banking will be undertaken as needed to avoid large sums of money being kept on the premises. All bank transactions must be checked for mistakes or miscalculations prior to banking.
9.2. Monies received
All funds received will be recorded in the receipt book with the following information:
(a) Name written on the cheque, or the person paying in cash;
(c) Cheque number, if applicable;
Each time the banking is completed, the Treasurer will make a record of a summary of the banking and the purpose of the funds banked.
As required, the Treasurer will enter the receipts in accordance with the accounting system package. Receipt numbers will be recorded on cheques, and any paperwork received for direct deposits. All monies received are to be allocated to the appropriate categories identified in the budgets in accounting system package.
Payment of tax shall be in accordance with the taxing guidance under the Income Tax Act, 2004 andTanzaniataxing rules.
9.4 Cancelled and stopped cheques
Cancelled cheques should be marked ‘cancelled’ and retained in the cheque-book. Cheque requisitions should also be marked cancelled and changed accordingly in the accounting system package. Where cheques are not received by the intended ‘payee’, and there is a risk that the cheque may be cashed by the wrong person, cheques will be stopped by the Executive Director. The Bank will be notified immediately of the request to stop a cheque from any transactions.