This option will only be exercised in the event that a group becomes involved in illegal activities, there are severe violations of MIT policy, or an account becomes inactive and the last authorized signatories on the account are not available. If a group is derecognized by ASA these instances will be handled on a case by case basis. To simplify record keeping, checks should be written directly to vendors. For every check written you must keep an invoice or receipt as backup. Checks written directly to individuals must have a receipt as backup.
Timely reconciliation is essential to ensure that all transactions are accurate and appropriate.
Many banks limit responsibility for incorrect transactions to 60 days. Be sure to keep all receipts for all expenses. The method used for verifying transactions is dependent on the volume of transactions and personal preference. Some groups may be comfortable using the checkbook record of transactions, entering a notation that a check was part of a certain month's transactions. Other groups may want to use ledger paper to record check number, date of check, vendor, amount and month the check cleared.