Purpose To spell out procedures that must be followed in the signing of cheques on behalf of [enter-your-company-name-here]. Procedures All cheques must contain two eligible signatures. Eligible signatories are Board members or staff members who have been previously nominated and endorsed by the Board. Any two of the above have the authority to sign cheques. Signatories cannot sign a cheque made paya…

Purpose To ensure that petty cash is monitored regularly and not abused Background The use of petty cash is restricted to purchase of items required at short notice that cannot be acquired either through the normal ordering system within the required time. Payments of a payroll nature (salary, allowances, leave, etc.) must be made only through the payroll system. Scope All staff Pr…

Purpose To ensure that product received has actually been received and that it conforms to our requirements. Also to segregate product that does not conform. Background If appropriate we can request the right to inspect products and services at the supplier’s premises, at agreed stages. Where specified, our customers may also be given the right to verify at our supplier’s premises, that the product to be supplied co…

Purpose To confirm receipt of product before payment and to ensure we only pay for what we have received and that non-conforming product is not paid for. Background This is a significant area of leakage in virtually every business.  This procedure was drafted to ensure that we only pay for what we have physically received and checked to ensure what we have received is what we purchased. Scope Accounts Payable…