What expenditure documentation should be kept and what is the best way to file it?
A Original invoices and/or documents that verify the payee, amount, and purpose should be obtained and filed for each expenditure. The document should be cancelled by marking the invoice Paid and writing the date and check number on the invoice. When capital cash is used to fund the expenditure, the original invoice should be forwarded to Finance and a copy of the invoice maintained in the school files. The best way to file documents depends on the school itself. In most cases, the filing method that provides the most accessibility is straight chronological (check number) order for all expenditures. Dividing documents into separate categories such as budget reimbursements, Title I, grants, etc., only makes the system more cumbersome. Reconciliation General Concept: The reconciliation process involves verifying the accuracy of the school’s cash balance and monthly financial activity by reconciling, or identifying the differences between, the bank statement and the schools SAFE report an
