I saw something that reminded me of 2 different situations I have seen happen to my clients.
Always keep your bank reconciliation up to date and never let the same employeeapply payments, writes the deposit slip, and make deposits. One client had an employee taking the last check of the deposit. She would write the check on the inhouse copy apply the payment and then leave it off the bank deposit slip. She then took the last check and told the bank her boss need the check cashed for a money order for a trip.
Always reconcile your Company credit cards and never let the same employee prepare checks and wire transfers that also an authorized signature on the account. Another client had her partner writing checks to herself and entering them into the payables package as another vendor. She would also make wire transfers to her personal AMEX card and enter it as a wire transfer for the companies AMEX Card.
Both situations the employee was really close friends with the owner.
Message Edited by mjpolk on 10-27-2009 03:39 PM
