http://www.savo.co.uk/index.php?option=com_content&task=view&id=58&Itemid=41

 
 
Voluntary & Community Organisation Bank Account									
Having a bank account for your organisation is essential. Funders will not
release funding to a personal bank account. You should research the type of
account you need and ensure that at least two trustees are willing to become
cheque signatories.
Find a bank that understands the Voluntary and Community
Sector, rather than simply applying for a business account.
Although SAVO is not
able to recommend a particular bank, the Co-operative Bank and Barclays have
provision for VCS banking. To open your account, banks will expect to see a copy
of your constitution and will ask for personal identification from your
nominated signatories. 
Make sure you choose a bank that has local branches you
can access easily, to pay in your deposits. 
Here are a few tips on keeping your
accounts in order:
Banking
Cheques and cash should be kept in a safe until they
are banked. Access to the safe should be limited to 2 responsible individuals.
Banking should be done on a frequent basis (no less than once a week). If high
levels of cash are being banked, two individuals should go to the bank together
and insurance for cash in transit should be considered.
Cheque Payments
A bank
mandate must be drawn up stating who can sign cheques, to what value, and how
many signatures are required.
Cheque books should be kept in a safe, with access
limited to a limited and named number of individuals. Cheque signatories should
not be able to sign cheques payable to themselves. Blank cheques should never be
signed. Cheques should only be signed if supported by a valid invoice.
Petty
Cash
Petty cash should be kept to a minimum. Cash should be kept in a locked
box, with access limited to 1 or 2 people. The cash float should be kept at a
fixed amount and regularly replenished from the bank account. Claims for
replenishment should be fully supported by valid invoices or receipts. Claims
for replenishment should be authorised by someone other than the cashier. Random
spot checks (cash counts) of the petty cash balance should be undertaken by a
nominated individual (independent of the cashier).
Bank Cards
Some accounts will
give you a debit or credit card. Ensure that you have a robust policy for
managing these to ensure that misuse is minimised. 			
 
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© 2010 SAVO - Suffolk Association of Voluntary
Organisations  Registered Office: Dickson House, 43a Woodbridge Road East,
Ipswich, IP4 5QN
Our Legal Status: Company Limited by Guarantee. Registered
Number: 4354379. Registered Charity Number: 1091039 

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