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Business Procedures Manual

19.5 Internal Control Procedures For Wire Transfers

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19.5.1 Transfer In

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.

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19.5.2 Transfer Out

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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