“Bank” refers financial institutions registered in terms of the Banks Act, No. 94 of 1990. “Bank Statement” refers to a document produced by the municipality bank reflecting cash deposits and withdrawals made by municipality. “Cash” refers to actual cash (coins and bank notes), cheques , postal orders and direct bank deposits, credit and debit card payments, third party payments (easy pay and post office) and transfers into the council’s bank account. “Financial year” means a period starting from 01 July ending the following year on 30 June. “Insurance” means financial protection against loss or harm such as theft, fraud etc, in return for payment premium “Receipt” in relation to this policy, refers to voucher/slip issued by the municipality to acknowledge receipt of payment. 3. OBJECTIVE The main objective of the policy is to provide clear guidelines in terms of proper control over direct bank deposits and to ensure correct and prompt process and allocation of direct bank deposits to the accounting system of the municipality. The overall control over cash is of utmost importance due to the nature of this resource as theft and possible fraudulent transactions are always a possibility. 4. INSURANCE The Council must be properly insured against theft, fraudulent transactions etc. regarding the cash funds kept on the premises of the Council. Fidelity guarantee insurance must also be taken out in respect of employees handling council funds.
“Bank” refers financial institutions registered in terms of the Banks Act, No. 94 of 1990. “Bank Statement” refers to a document produced by the municipality bank reflecting cash deposits and withdrawals made by municipality. “Cash” refers to actual cash (coins and bank notes), cheques , postal orders and direct bank deposits, credit and debit card payments, third party payments (easy pay and post office) and transfers into the council’s bank account. “Financial year” means a period starting from 01 July ending the following year on 30 June. “Insurance” means financial protection against loss or harm such as theft, fraud etc, in return for payment premium “Receipt” in relation to this policy, refers to voucher/slip issued by the municipality to acknowledge receipt of payment. 3. OBJECTIVE The main objective of the policy is to provide clear guidelines in terms of proper control over direct bank deposits and to ensure correct and prompt process and allocation of direct bank deposits to the accounting system of the municipality. The overall control over cash is of utmost importance due to the nature of this resource as theft and possible fraudulent transactions are always a possibility. 4. INSURANCE The Council must be properly insured against theft, fraudulent transactions etc. regarding the cash funds kept on the premises of the Council. Fidelity guarantee insurance must also be taken out in respect of employees handling council funds.