Is this a common practice in non-profits? My supervisor insists that the General Ledger activity should align with the bank statement activity, even though our balance is reconciled. This is a requirement I’ve never encountered before.
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Is this common in Non-Profit?
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It’s not uncommon for some non-profit organizations to require general ledger (GL) activity to match bank statement activity, even if the reconciled balance is accurate. This practice can help ensure that all transactions are accurately recorded and provide a clearer Audit trail. However, the necessity for this matching can vary by organization and the policies they enforce.
It might be a good idea to have a conversation with your boss to understand their reasoning behind this request. Perhaps they’re aiming for greater accuracy in financial reporting or are preparing for an Audit. If it’s a new requirement for your organization, it could help to discuss best practices and how to efficiently implement this in your workflow. If you have concerns about the workload it might create, share those as well and see if there are ways to streamline the process.