Tips for Monitoring Your Bank Account
Your Monthly Bank Statement
Always have your monthly bank statements mailed to your home address, and check for the following items:
1. Who the checks are written to
2. Are there duplicate payments
3. Payroll checks – the number of checks and whether or not an employee has received any extra payroll checks
4. Check endorsements
5. Bank charges – fees, overdrafts, returned checks, late payments, other items that you don’t recognize
6. Debits to your accounts
7.Automatic monthly payments
Your Checking Account
A practice owner should always:
1. Personally review and sign all checks
2. Review the invoices, statements, receipts or supporting documentation for check approval
3. Make sure you recognize the vendor and understand the reason for writing the check
4. Use professionally printed checks with multiple security features
5. Frequently inspect the checkbook to ensure that no additional checks have been taken from the back of the checkbook
6. Keep all voided checks in order to account for all of the check numbers
Author(s)
Stuart J. Oberman, Esq.
Stuart J. Oberman is the founder and President of Oberman Law Firm. Mr. Oberman graduated from Urbana University and received his law degree from John Marshall Law School. Mr. Oberman has been practicing law for over 30 years, and before going into private practice, Mr. Oberman was in-house counsel for a Fortune 500 Company.
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