Common use of Accounting and Bookkeeping Services Clause in Contracts

Accounting and Bookkeeping Services. A) General Ledger Maintenance 1) Establish and maintain general ledger for each Related Client with economic activity. 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 quarterly reconciliation of all bank statements. Perform quarterly reconciliation of remaining balance sheet accounts: Prepaid, Accounts Receivable, Accounts Payable, Debt/Loans, and any Other Asset or Liability Items. 2) Record depreciation entries and update asset values for items such as property, equipment, and furniture. D) Accounts Payable 1) Process (i) regular payments to each Lender identified in Part 1 of this Schedule A, as and when due, and (ii) periodic 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 Related Client. Any discrepancies will be reported to the Related Client within three business days of ExED becoming aware of the discrepancy.

Accounting and Bookkeeping Services. A) General Ledger Maintenance 1) Establish and maintain general ledger for each Related Client with economic activity. ExED will monitor and edit revenue and expenditure account code structure, add program and location codes when needed, and perform all other regular maintenanceregularmaintenance. B) Bookkeeping 1) Record all transactions into accounting system with appropriate coding to enable the required reporting. C) Balance Sheet Reconciliation 1) Perform quarterly reconciliation of all bank statements. Perform quarterly reconciliation of remaining balance sheet accounts: Prepaid, Accounts Receivable, Accounts Payable, Debt/Loans, and any Other Asset or Liability Items. 2) Record depreciation entries and update asset values for items such as property, equipment, and furniture. D) Accounts Payable 1) Process (i) regular payments to each Lender identified in Part 1 of this Schedule A, as and when due, and (ii) periodic 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 Related Client. Any discrepancies will be reported to the Related Client within three business days of ExED becoming aware of the discrepancythediscrepancy.