Common use of Accounting and Bookkeeping Services Clause in Contracts

Accounting and Bookkeeping Services. A) General Ledger Maintenance 1) Establish and maintain Client’s general ledger per the State Standardized Account Code Structure. ExED will monitor and edit revenue and expenditure account code structure, add program and location codes when needed, and perform all other regular maintenance. B) Bookkeeping 1) Record all transactions into accounting system with appropriate coding to enable the required reporting. C) Balance Sheet Reconciliation 1) Perform monthly reconciliation of all bank statements. Quarterly perform reconciliation of remaining balance sheet accounts: Prepaid/Deposits, Accounts Receivable, Accounts Payable, Payroll Liability, Debt/Loans, and any Other Asset or Liability Item. Record monthly depreciation entries and update asset values for items such as property, equipment, and furniture. D) Accounts Payable 1) Process vendor invoices for payments, including: verify approval of payment, determine cash flow availability, verify non-duplication of payment, log appropriate accounting entries, produce check payments, and verify check security. ExED will process vendor invoices approved for payment on a schedule to be determined in consultation with the Client. At a minimum, ExED will process vendor invoices once per week. Any discrepancies will be reported to the Client within three business days of ExED becoming aware of the discrepancy.

Accounting and Bookkeeping Services. A) General Ledger Maintenance 1) Establish and maintain Client’s general ledger per the State Standardized Account Code Structure. ExED will monitor and edit revenue and expenditure account code structure, add program and location codes when needed, and perform all other regular maintenance. B) Bookkeeping 1) Record all transactions into accounting system with appropriate coding to enable the required reporting. C) Balance Sheet Reconciliation 1) Perform monthly reconciliation of all bank statements. Quarterly perform reconciliation of remaining balance sheet accounts: Prepaid/Deposits, Accounts Receivable, Accounts Payable, Payroll Liability, Debt/Loans, and any Other Asset or Liability Item. Record Perform monthly depreciation entries and valuation analysis and update asset values for items such as property, equipment, and furniture. D) Accounts Payable 1) Process vendor invoices for payments, including: verify approval of payment, determine cash flow availability, verify non-duplication of payment, log appropriate accounting entries, produce check payments, and verify check security. ExED will process vendor invoices approved for payment on a schedule to be determined in consultation with the Client. At a minimum, ExED will process vendor invoices once per week. Any discrepancies will be reported to the Client within three business days of ExED becoming aware of the discrepancy.

Accounting and Bookkeeping Services. A) General Ledger Maintenance 1) Establish and maintain Clientthe School’s general ledger per the State Standardized Account Code Structure. ExED will monitor and edit revenue and expenditure account code structure, add program and location codes when needed, and perform all other regular maintenance. B) Bookkeeping 1) Record all transactions into accounting system with appropriate coding to enable the required reporting. C) Balance Sheet Reconciliation 1) Perform monthly reconciliation of all bank statements. Quarterly perform reconciliation of remaining balance sheet accounts: Prepaid/Deposits, Accounts Receivable, Accounts Payable, Payroll Liability, Debt/Loans, and any Other Asset or Liability Item. Record Perform monthly depreciation entries and valuation analysis and update asset values for items such as property, equipment, and furniture. D) Accounts Payable 1) Process vendor invoices for payments, including: verify approval of payment, determine cash flow availability, verify non-duplication of payment, log appropriate accounting entries, produce check payments, and verify check security. ExED will process vendor invoices approved for payment on a schedule to be determined in consultation with the ClientSchool. At a minimum, ExED will process vendor invoices once per week. Any discrepancies will be reported to the Client School within three business days of ExED becoming aware of the discrepancy.