Payment by Cheque
Daphne then releases the pay run for payment and the cheques and remittances are printed Cheques are computer generated with Daphne performing this process, Velma and Fred are also able to print cheques. The range of cheques printed for each payment run is recorded on the pay sheet (monthly report listing all cheque paid) which is provided to Daphne by IT, although she can run it. Daphne has not received for the last 2-3 months.
Once the cheques are printed and released for payment the GL and Creditors subsidiary ledger are updated automatically.
After the cheques are printed they are passed on to the cheque signatories for signing. The Transactions since last remittance report is provided to the signatories with the cheques. They are not provided with invoices.
Cheques and direct credits require two signatories. Authorised signatories are:
Scooby (Corporate Services Manager) Shaggy (Accountant) Bugs (Chief Exec’s PA) Dafffy (Office Manager) Porky (Rates Officers)
Porky is now a signatory as another was required in the ToyTown Office as Scooby is sometime unavailable. The usual signatories are Scooby and Shaggy.
Any combination of the above signatories can be used. All Cheques >$5,000 need to be signed by Scooby or Shaggy.