Bank statements are sent electronically or in hard copy form, usually every month. The state- ments report the balance of the account at the beginning of the period, additions and subtrac- tions during the period, and a running balance. It is important to immediately reconcile the bank statement to the organization’s records. If this is done monthly, then the potential for fraud and abuse is far less.
Petty Cash Funds Often, government agencies use small amounts of money to pay for postage, delivery charges,
taxi fares, etc. This should be minimized. Postage can be ordered online, where such expendi- tures are easy to track. An account can also be set up with a local taxi company. It is much easier to keep track of taxi records than it is to track someone who is paying cash. Also, the organiza- tion’s employees should be issued credit or debit cards, which are easier to track than cash.