Review Canceled Checks Before Your Bookkeeper Does
Be sure that you review your canceled checks before anybody else sees the monthly bank statement.
This chapter isn’t about browbeating bookkeepers. Still, a business owner can determine whether someone is forging signatures on checks only by being the first to open the bank statement and by reviewing each of the canceled-check signatures.
If you don’t examine the checks, unscrupulous employees — especially bookkeepers who can update the bank account records — can forge your signature with impunity. And they won’t get caught if they never overdraw the account.
I won’t continue this rant, but let me mention one last thing: Every time I teach CPAs about how to better help their clients with QuickBooks, I hear again and again about business owners who haven’t been careful about keeping an eye on the bookkeeper — and have suffered embezzlement and forgery as a result.
If you don’t follow these procedures, you — not the bank — will probably eat the losses.
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