Number of School Bank Accounts:
• The number of school bank accounts must be kept to an absolute minimum. All monies received for the benefit of the school should be lodged in the main school bank account. The maintenance of proper books and records in a standardised format will facilitate the analysis of the sources of income and patterns of expenditure. This reduces the need for separate bank accounts for the various sources of funds.
• In general, a school should operate one Current Bank Account to receive all income and make all payments and one Deposit Account to hold monies not required for immediate use. If a school is involved in a building programme it may need to open a special Building Account. All transfers between bank accounts should be clearly shown.
• While it is desirable that all accounts should be held in the same branch of the same bank, there may be circumstances where a Board might decide to open a deposit or investment account in a different institution where rates of return are higher. All transactions and transfers involving such accounts must be clearly recorded.
• No overdrafts should be entered into without the written approval of the Trustees and the formal approval of the Board of Management.
• All lodgements should be completed promptly using an authorised bank lodgement book. The book should be used in sequence.
• All original bank statements and other related documentation is retained in the school and available for inspection by authorised personnel.