What is transparency in accounting and why does it matter?
Transparency is openly sharing financial information about financial activities, transactions, and financial positions. Transparency is essential in establishing and retaining trust, credibility, accountability, and confidence in the financial data provided.
How can we help? We offer transparency in managing student activity funds.
Oversight.
When your school administrator enters a transaction in AcctTree, the transaction is visible in real time to the school principal, the student activity fund advisor (usually a teacher), and the school district business office.
Separation of Duties.
School administrators are typically responsible for processing transactions and depositing funds in the bank. They should not also be responsible for reconciling their bank accounts.
In AcctTree, the school districts have real-time, view-only access to transactions. Districts can see every transaction, but cannot add or edit transactions. Having view-only access to transactions provides school districts with oversight, while also providing the separation of duties necessary to reconcile bank statements.
Reporting.
School administrators should run the Fund Activity Report that shows student activity fund information for each fund in the school (Beginning Balance, Total Receipts, Total Disbursements, and Ending Balance). This report should be created and sent monthly to the school principal and the school district’s business office.
The district business office should run the School Activity Report that shows student activity fund activity for each school in the district (Beginning Balance, Total Receipts, Total Disbursements, and Ending Balance). This report should be sent monthly to the school district’s Superintendent and School Committee/School Board members.
If you want more information about AcctTree.com, please contact me at tom.rossi@AcctTree.com or visit our website.
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