Ensure your bank deposit slips are detailed

We have learned that not all banking institutions are providing a detailed breakout of cash and checks on bank validated deposit slips. If your banking records do not contain the detailed cash/check composition of your deposit, you will want to take corrective action as soon as possible.

Reconciliation of daily deposits is intended to ensure that all the funds your organization received make it to the bank intact. A proper reconciliation entails someone not involved in receiving the funds comparing a financial system receipting report to the bank validated deposit slips. The reconciliation compares the cash and check amounts listed in the financial system with those listed on the deposit slip. If the amounts do not agree, the independent reviewer should follow up to determine what caused the problem. State and local governments can implement cash receipting controls, such as verifying deposits, to monitor for fraudulent activity and catch mistakes.

Please take the time to check in with your cash-receipting departments and determine if they are getting detailed, bank validated deposit slips. If your organization is not getting detailed, bank validated deposit slips, contact and work with your bank to start receiving these records. If you have any questions, please contact your local audit manager, or Fraud Manager Stephanie Sullivan, Special Investigations Program Manager, (564) 444-6427 or sullivans@sao.wa.gov