HCS 380 Discussion

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We’re learning about internal controls this week, and one specific cash control is the monthly bank reconciliation. Validation of records are good internal controls used in business. It’s important that the current asset account, cash, is correct and the monthly reconciliation keeps the bank balance straight.

Think about outstanding checks which are checks that are written and deducted from the checkbook but the business still has the cash (until the checks clear the bank). What if a check is written to someone and they don’t cash it for a long period of time, and it stays on the reconciliation as an outstanding check? In Kentucky where I had the long term care facility, we were required after a specific time period to report outstanding checks not cashed to the State of Kentucky. Our accountant would make an entry that would allow us to send the unclaimed money to the State of Kentucky and not continue to carry the check as outstanding. This is one way that “unclaimed cash” for each state gets reported and accessible to the beneficiary.

Class: Are you aware of States’ unclaimed check process, and if so do you have any experience with that system? Do you have anything to add to the discussion about bank reconciliations? Please discuss. 150 words

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