[GNC] BotanyBayGardens nonprofit example, and why GnuCash does not suffice

[Dale Alspach]

I would not put much faith in requiring two signatures. It is unlikely that
the bank is actually paying any attention to this requirement.  I learned
this from a former bank employee who was on the board of a nonprofit I work
with. In other words it is an internal control only.

Dale

On Mon, Jul 27, 2020, 3:01 PM Adrien Monteleone <
adrien.monteleone at lusfiber.net> wrote:

> All but one business or non-profit I've worked for or with had a
> two-person signature rule. (over a certain small amount) One still
> writes paper checks to keep that standard. (not sure myself how that is
> handled electronically)
>
> For the one business that allowed only one signature for any amount, it
> was a mom & pop business, in a small town, with a small town bank, with
> signature images on file and all of the tellers personally know the
> business owners. (who are the only ones approved to sign checks) They
> did have a rule with the bank that if over a certain high amount, the
> bank had to speak to the other owner to confirm the check. *All* checks
> had to be made with an 'imprinter' and could not have their amounts hand
> written.
>
> Regards,
> Adrien
>
> On 7/26/20 10:39 AM, John Ralls wrote:
>
> >
> > Incidentally, the textbook also says that checks should ideally require
> two signatures. I don't know how to impose that control over electronic
> transfers but the local newspaper reports two or three cases of
> embezzlement a year where it's obvious that a two-person control would have
> prevented the crime.
>
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