Overview
It is recommended that boards of management should use online banking for all payments.
This is more cost effective and efficient for the school.
General controls when using electronic payments:
- The board of management should have an approved electronic banking policy and has this should be communicated to relevant staff.
- In order to ensure good division of duties, the person entering the payments onto the system should not be one of the authorised approvers of payments.
- All payments must be approved in accordance with the governance document. The Principal and one other person approved by the board must both approve all payments, be they cheques or electronic transfers.
- The board of management must approve the authorised approvers, and this should be recorded in the minutes of the board meeting.
- New suppliers and any changes to supplier bank details must be verified by telephone call prior to any changes being made.
- New suppliers and any changes to supplier bank details must be approved by both authorised online payment approvers.
- When payments are presented for approval, they should be accompanied by supporting invoices or other documentation and initialled by both online authorised approvers as evidence of approval.
- Both online approvers should satisfy themselves independently that the payment is properly due.
- Invoices stamped/marked ‘paid’ with the eft reference once payment has been issued.
Further Guidance:
> Guidance on Electronic Banking
Sample Forms & Templates