On 2020 Jul 26, at 07-26 11:25:10, Michael or Penny Novack
<stepbystepf...@comcast.net> wrote:
On 7/26/2020 11:39 AM, John Ralls wrote:
> Did nobody read the footnote? The book was published in 1985, long before
> electronic payments became widely available. No doubt the 2020 edition would
> say something like "independently documented transfer" with a mention
> somewhere that that used to mean a check but now covers a variety of payment
> methods.
>
> 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.
>
Even today, just because you CAN use "electronic checks" doesn't mean you would
want to. That's going to depend on the average number of checks per payee since
a bank transfer requires knowing/storing the bank routing number and account of
each. To use the organization where I have FINALLY been relieved as treasurer,
perhaps 50+ different payees but rarely more than two checks to the same payee
in a year. SOME payees, like for governmental filing fees provide a site, might
even require electronic payment. But only a couple of those payments n a year.
So if an orchard manager sent in a envelope of receipts for reimbursement, that
would have a return address to mail a paper check to. It's only the less well
off that would be sending me receipts like that, a few at a time. The ones well
off might just save up a bunch and hand them to me at the next board meeting
and I write them a check then and there.
Best solutions depend on the work flow. The work required to obtain the bank
information for a direct transfer is more than the work of writing/mailing a
check. More than doing it twice. But if you are going to be doing it ten times
(to the same payee) getting the bank info might be quicker.
Michael D Novack
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