Report Covers 4.24

… dings cont. The examination of the cash receipts identified missing and unrecorded cash transactions, an indicator of accounting errors or the possible existence of fraudulent activities. The deficiency surrounding cash receipts raises concerns ab …

… and promote overall transparency. The Town Council hired a bookkeeper from a CPA Firm with expertise in QuickBooks accounting. This strategic hire is expected to strengthen financial integrity, streamline processes, and position the Town for b …

… Background 4 vacated during the audit. In addition, the Town hires various service vendors, as needed for IT, accounting and tax services. Town Solicitor The Town uses the services of a Town Solicitor for legal counsel on a situation …

… le is maintained for each Council member and Town employee. Financial Management The Town uses QuickBooks as its accounting system for all fiscal activities and has a banking relationship with M&T bank for its nine bank accounts. Town B …

… , via mail, or in person. Once received the cash receipt is deposited into the Town’s designated bank account and the accounting system is updated with the cash receipt. Cash Disbursements and Expenditures The President, Vice President, and …

… control process to track and maintain taxpayer changes daily. Ensure this information is updated and entered into the accounting system either immediately or at least monthly. Additionally, require supporting documentation and review for accuracy …

… receipt payment collections are accounted, safeguarded, deposited, and recorded promptly into the bank accounts and accounting system. Testing of a sample of forty cash receipt/deposit documentation found various issues: Oversight The ove …

… Daily Cash Reconcilement There is no daily reconciliation of the number of collection payment receipts to the accounting system receipt register and general ledger. Cash Receipt Output Reports Use The accounting system reports availa …