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Arkansas Code Title 14. Local Government § 14-59-108. Bank reconciliations

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) On a monthly basis, all municipalities shall reconcile their cash receipts and disbursements journals to the amount on deposit in banks.

(2) The reconciliation under subdivision (a)(1) of this section shall be approved by a municipal official or employee, other than the person preparing the reconciliation, as designated by the chief executive officer of the municipality.

(b) The reconciliations should take the following form:

City of ․․․․․․․․․․․․․․․

Date ․․․․․․․․․․

Amount Per Bank Statement

Dated ․․․․․․․

$ .00

Add:

Deposits in transit (Receipts recorded in Cash Receipts Journal not shown on this bank statement).

DATE

RECEIPTS NO.

AMOUNT

 

$ .00

.00

.00

.00

 

Deduct: Outstanding Checks (Checks issued and dated prior to date of bank statement per Cash Disbursements Journal not having yet cleared the bank).

CHECK NO.

PAYEE

AMOUNT

$ .00

.00

.00

.00

RECONCILED BALANCE

$ .00

This reconciled balance shall agree to either the cash balance as shown on the municipality's check stubs running bank balance or the municipality's general ledger cash balance, whichever system the municipality employs.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-59-108. Bank reconciliations - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-59-108/

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