(a)
(1) On a monthly basis, all municipalities shall reconcile their cash receipts and disbursements journals to the amount on deposit in banks.
(2) The reconciliation under subdivision (a)(1) of this section shall be approved by a municipal official or employee, other than the person preparing the reconciliation, as designated by the chief executive officer of the municipality.
(b) The reconciliations should take the following form:
City of Date Amount Per Bank Statement Dated $ .00 Add: Deposits in transit (Receipts recorded in Cash Receipts Journal not shown on this bank statement). DATE RECEIPTS NO. AMOUNT $ .00 .00 .00 .00 Deduct: Outstanding Checks (Checks issued and dated prior to date of bank statement per Cash Disbursements Journal not having yet cleared the bank). CHECK NO. PAYEE AMOUNT $ .00 .00 .00 .00 RECONCILED BALANCE $ .00 This reconciled balance shall agree to either the cash balance as shown on the municipality's check stubs running bank balance or the municipality's general ledger cash balance, whichever system the municipality employs.
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