Common use of Bank Account Statements & Reconciliation Clause in Contracts

Bank Account Statements & Reconciliation. Bank account statements will be delivered (via U.S. Mail) unless requested otherwise by Manager in order to meet Owner deadlines – to a mailing address stipulated by Manager – directly from the banking institution to the property and/or Manager accounting offices. Manager should reconcile all bank accounts in a timely manner and include such reconciliation(s) with the monthly reporting package by the package due date. Any issues relating to timely receipt of the monthly bank account statement (based on the established bank account statement cut-off date) should be directed towards the banking institution. Recurring problems relating to the timely receipt of statements should be brought to the attention of Owner. Bank account statement reconciliations are to be documented each month on standard bank account reconciliation templates (provided by Owner) for each bank account in use by Manager and forwarded to Owner with the monthly reporting package. Unless Owner specifically requires otherwise, bank account service charges/fees will be set up to be billed (by the banking institution) directly to Owner. These charges/fees are not to be debited directly from the property bank account as a payment to the banking institution and thus should not appear (except as bank errors) on the monthly bank account reconciliation unless the account is directly controlled by the Owner. Manager should immediately notify Owner of any debits relating to service charges/fees that appear on the monthly bank account statements. Outstanding checks (over 6 months old) should be researched and resolved in accordance with Owner’s escheatment policy. Manager shall provide explanations for any large, unusual or recurring reconciling items along with an indication as to when they will be resolved. Bank reconciliations must be reviewed, approved, and initialed by at least one accounting supervisor independent from the individual preparing the bank reconciliation

Bank Account Statements & Reconciliation. Bank account statements will be delivered (via U.S. Mail) unless requested otherwise by Property Manager in order to meet Owner deadlines – — to a mailing address stipulated by Property Manager – — directly from the banking institution to the property and/or Property Manager accounting offices. Property Manager should reconcile all bank accounts in a timely manner and include such reconciliation(s) with the monthly reporting package by the package due date. Any issues relating to timely receipt of the monthly bank account statement (based on the established bank account statement cut-off date) should be directed towards the banking institution. Recurring problems relating to the timely receipt of statements should be brought to the attention of Owner. Bank account statement reconciliations are to be documented each month on standard bank account reconciliation templates (provided by Owner) for each bank account in use by Property Manager and forwarded to Owner with the monthly reporting Standard Monthly package. Unless Owner specifically requires otherwise, bank account service charges/fees will be set up to be billed (by the banking institution) directly to Owner. These charges/fees are not to be debited directly from the property bank account as a payment to the banking institution and thus should not appear (except as bank errors) on the monthly bank account reconciliation unless statement and shall be charged to the account is directly controlled by operation of the Owner. Manager should immediately notify Owner of any debits relating to service charges/fees that appear on the monthly bank account statementsProperty. Outstanding checks (over 6 months old) should be researched and resolved in accordance with Owner’s escheatment policy. Property Manager shall provide explanations for any large, unusual or recurring reconciling items along with an indication as to when they will be resolved. Bank reconciliations must be reviewed, approved, and initialed by at least one accounting supervisor independent from the individual preparing the bank reconciliation.