Financial Guide for SMEs - SME Corporation Malaysia

Financial Guide for SMEsBank Reconciliation StatementsAre bank reconciliations prepared:• At least monthly for all accounts?• By someone other than the person authorised to signcheques or use a signature plate?YES/NOAre bank reconciliations reviewed and adjustments of thecash accounts approved by a responsible person other thanthe bookkeeper?Petty CashAre all disbursements from petty cash funds supported byapproved vouchers?YES/NOIs there a pre-determined maximum dollar limit on the amountsof individual petty cash disbursements?Are petty cash funds set on an imprest basis (i.e. if the totalamount is RM100, you can only spend what you have and itis only replenished by the amount spent)?Are petty cash funds:• Kept in a safe place?• Reasonable in amount so that the fund ordinarily requiresreimbursement at least monthly?• Controlled by one person?• Periodically counted by someone other than the custodian?Accounts PayableAre supplier invoices matched with applicable purchase ordersand receiving reports?YES/NOAre all available discounts taken?Is there written evidence that invoices have been properlyprocessed before payment, e.g. stamped?165chapter 7-13 p79-181 Eng.indd 1658/15/11 5:03:10 PM