Bank vs Deposit

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tubaloth
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Joined: Mon May 02, 2011 7:25 am

Bank vs Deposit

Postby tubaloth » Sun Aug 23, 2015 11:12 pm

In our audit, they found on the statement how the bank has a different deposit amount then what we sent to the church. Actually we have two, one from Jan, and one from March.

Our auditor said that there is no way to know if the bank found the check or corrected anything. They said the only thing we can do is we go and figure out if there is a check from a member for the amount we are off. (in both cases there is). then get that member to check with the bank if the checked cleared?

I would think if the bank found the money, and the deposit is now correct something would show up on a later statement report? Is that not true?
Is there no way to know if the bank figured things out?

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aebrown
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Re: Bank vs Deposit

Postby aebrown » Mon Aug 24, 2015 5:36 am

tubaloth wrote:Our auditor said that there is no way to know if the bank found the check or corrected anything. They said the only thing we can do is we go and figure out if there is a check from a member for the amount we are off. (in both cases there is). then get that member to check with the bank if the checked cleared?

I would think if the bank found the money, and the deposit is now correct something would show up on a later statement report? Is that not true?

If you carefully examine your financial statements (and/or the transactions in MLS), you'll see the deposit transaction as you transmitted it, and then some sort of adjustment transaction for the difference. Armed with those details, you can call the Global Service Center and ask for more details about any adjustments they made.

All that your depository bank will ever do is note the difference between what you indicated on the deposit slip and the money they received. The rest of the processing for checks that don't clear or have other irregularities is handled by the Church with their close association with Zions Bank, which handles the unit accounts. So the GSC will be able to help you track down just what happened.

russellhltn
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Re: Bank vs Deposit

Postby russellhltn » Mon Aug 24, 2015 10:36 am

An old accounting trick: Find out how much the difference is. Add up all the digits. If the sum ends up being a multiple of 9, you may be looking at a transposition (swapped digits) error.

For example: If the number is 1586 but what was entered is 1856, the difference is 270.

2+7+0 is 9, a multiple of 9.

This trick will help you know what to look for.
Have you searched the Wiki?
Try using a Google search by adding "site:tech.lds.org/wiki" to the search criteria.

bballrob
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Location: The Great White North

Re: Bank vs Deposit

Postby bballrob » Wed Sep 02, 2015 2:46 pm

russellhltn wrote:An old accounting trick: Find out how much the difference is. Add up all the digits. If the sum ends up being a multiple of 9, you may be looking at a transposition (swapped digits) error.

For example: If the number is 1586 but what was entered is 1856, the difference is 270.

2+7+0 is 9, a multiple of 9.

This trick will help you know what to look for.


What this trick WON'T help you to know is which two swapped digits of which check are off(cause even changing 1586 to 8516 using the trick will give you a multiple of 9). :mrgreen: And if the result of your calculation is NOT a multiple of 9, well, GOOD LUCK FINDING THE ERROR!! :geek:

Rob, CPA


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