Field Experience - Essay Example

account so that when annual audit of the books occurs it would be easier to comprehend. (“School Bookkeeper’s Handbook”, 2008) The training has to be stressed upon the disbursements and the school expenditures. The trainees have to get familiarized with the ‘payment request form’ that contains the information such as date, Originator’s signature, and payable to, estimated amount of purchase, brief explanation and the account name and the Principal’s signature so that upon determining these factors, the school personnel can sanction the funds after verifying the details. (“Receipting”, 2008)The bookkeeper has to keep this form and tally with the exact expenditure once the original receipt comes. If it is less than the approved amount, then it can be changed and fewer amounts can be mentioned. If it is more, then it has to be approved by the Principal .Then they can do the changes accordingly. There are potential errors that may happen in times of paychecks and they need to maintain the records of the attendance record, time sheets signed by the employees, so that the payroll clerk can compute payroll without any errors. This has to be updated in the journal accordingly. There are other expenses that can be in the form of library, stationery and so forth that are checked and they need to be updated. (“School Bookkeeper’s Handbook”, 2008) Once they are proficient with the data collection and how to keep track of the expenses and income they can update it on a regular basis in the ledger account. The main stage is the bank reconciliation process .They need to know how to balance bank statements every month and submit Quarterly reports to the Finance department. (Muchira, n.d.) There are posting interest to account which is the most common reason for deposit balance errors and this has to be rectified once