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District business manager proposes consolidating 13 bank accounts to reduce accounting complexity
Summary
District business manager Amanda proposed reducing the number of bank accounts used by Fremont County School District # 2 to improve accuracy, reduce manual journal entries and audit risk. She said she has discussed options with the district auditor and expects subaccounts will preserve budgeting detail.
Fremont County School District # 2 business manager Amanda told trustees she is researching a plan to consolidate the district’s 13 bank accounts into fewer accounts to simplify accounting and reduce manual journal entries.
Amanda said the change is intended to improve accuracy, reduce audit risk and lessen the business office’s workload. She told trustees she discussed the idea with the district’s auditor during the recent audit and with peers in other districts that have adopted similar setups.
Under the proposal described at the meeting, core funds such as the general fund, athletic trust and major maintenance fund would remain separate. Multiple Wyoming Community Bank accounts used for special revenues, food service and payroll would be consolidated into a single clearing account with subaccounts to preserve fund detail for budgeting and reporting. Amanda said the plan could reduce the number of accounts to about six while preserving auditability and reporting detail.
Trustees asked whether the change would affect the budgeting process or audit results. Amanda said it would not change budget structure and that many accounting systems support subaccounts to keep funds from being commingled for reporting. She said the district would proceed cautiously and test the setup before making permanent changes.
No formal action was taken; Amanda said she will continue research and report back to the board with specifics and timelines.
