All Money is Deposited into Main Checking Account

We have several checking accounts in operation, in use by different Divisions and in different locations. Certain procedures in handling incoming funds must be adhered to, in order to facilitate accounting.

The most important procedure is to deposit all money received in any form, into the main checking account currently with California Bank. The total amount of income recorded on sales slips and the total amount of income deposited into the main account will need to be matched up daily for auditing purposes, so all money invoiced on sales slips must be deposited into the main account.

Any money to be disbursed to other checking accounts for any reason will be transferred by check from the main account to the other accounts. This gives us a nice audit trail by which we can follow where the money goes.

No other checking account is to have any money deposited directly into it whether received from sales or any other source. All income is always invoiced and deposited into the main account first.