BANK RECONCILIATION

Tracie Sherburn

(269) 387-4238

Why would I contact Bank Reconciliation?

Change Fund Questions:

Question: When do I use a change fund?

A change fund is used to facilitate the collection of cash from customers. (See Cash Receipt Policy). A change fund should always balance to its total and should be counted and compared with documentation at the close of each business day.

Question: Can I borrow money from my change fund for personal use?

The change fund is to be used solely for business purposes. The Accounting Services office or Internal Audit may count the fund at any time. If any questionable discrepancies (such as IOU's or personal checks) are discovered they will be formally reported to the operating unit's supervisor and the appropriate vice president.

Question: How do I establish a change fund?

To establish a fund complete a generic voucher naming yourself as payee and send it to Tracie Sherburn, Accounting, mail stop 5207. All change funds must be approved prior to being funded.

Question: What should I do if my change fund is stolen?

If your fund is stolen contact the Public Safety office immediately. The Accounting Services department will determine whether your fund will be replenished. Circumstances sometimes warrant your department or unit to cover any loses.

Question: What should I do if my change fund is over or short?
Your own department's fund/department will be used to correct small errors. It is debited when there is a shortage and credited when there is an overage. If you are short or over use 4990 or 8990 to reconcile to the total. If the actual balance is ever different from the amount that should be in the fund the discrepancy should be noted as "cash over" or "cash short".

Question: What are the duties/responsibilities as custodian of a change fund?

As custodian of the fund your duties and responsibilities are to maintain the balance of your cash fund. Your unused cash plus the documentation should equal the balance of your fund. It is important for you to reconcile the fund and be able to account for the cash balance.

Question: Can I reimburse individuals for money they have spent from my change fund?

No, a change fund is to make change. The procurement card is to be used to make purchases for the department.

Question: What should I do if the custodian changes?

Close out the fund by formally verifying the balance and having the "old" custodian sign off and notify Tracie Sherburn.

Question: To whom do I refer questions regarding my change fund?

Please call or email Tracie Sherburn for assistance tracie.sherburn@wmich.edu (269) 387-4238.

Why would I contact Bank Reconciliation?

for assistance with a new change fund or to close an old change fund
for assistance with a JES relating to cash transactions
for assistance with items to be corrected on the bank reconciliation
for assistance to obtain a copy of a check if Accounts Payable, Accounts Receivable, or Payroll are unable to get the copy
for assistance with missing/incorrect deposit/charge transactions (questions that cannot be answered by the Cashiering department)

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