(1) Accounting Heads
may only open a trust bank account with the prior written authority of the Chief Accountant.
(2)
The receipt
and payment of trust money should be recorded in
a separate cashbook or set of ledger accounts.
(3)
Each month,
the trust account shall be balanced and reconciled with the trust bank
account. The names and balances of each
account shall be listed and the reconciliation shall be signed by the
responsible officer. Unreconciled items should be investigated and resolved
promptly.
(4)
Each year, a
statement of receipts and payments shall be prepared for audit and inclusion,
when required, in the agency’s
annual report.
(5)
Each payment
of trust monies must be supported by an
expenditure voucher which contain details of -
(a)
the date;
(b)
the payee;
(c)
the amount;
and
(d)
the reason for the payment.
Each expenditure voucher for trust money must be signed and dated by the authorising officer, who must be independent of the officer responsible for maintaining the trust account records.
(Financial Instructions 2005 s(69))