Business Procedures Manual

Essential business procedural components for University System of Georgia institutions.

19.5 Internal Control Procedures For Wire Transfers

19.5.1 Transfer In

(Last Modified on November 4, 2010)

Transactions affected by wire transfers-in are to be recognized by the issuance of a receipt and thus find their way into the accounting records by way of the cash receipts subsystem. All such transactions are to be supported by either a validated deposit slip or a properly executed credit memo from the bank.

19.5.2 Transfer Out

(Last Modified on November 4, 2010)

When the issuance of a check is not appropriate and it is deemed necessary to issue an order to the bank to initiate a wire transfer-out, the recording of the transaction by journal entry shall be supported by full and adequate documentation of reason and objective.

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