Overview
Pride of Our Footscray operates a dual-bank arrangement: Westpac as the primary transactional bank, and Commonwealth Bank (CBA) for physical cash deposits. This creates a complex reconciliation requirement where cash deposited at CBA must be tracked and matched against Westpac primary account balances.
Key Facts
- Primary Bank: Westpac (transactional account, supplier payments, payroll)
- Secondary Bank: Commonwealth Bank (cash deposits only; better physical cash handling facilities)
- Challenge: No documented workflow for tracking CBA deposits and ensuring timely flow to Westpac
- Current State: Cash deposits are manually tracked; reconciliation gaps occur when deposits are deposited at CBA but not yet transferred to Westpac
- Visibility Risk: Daily reconciliation cannot be completed until CBA–Westpac transfer clears
Process Gap
The ideal dual-bank workflow should be:
- Cash collected and bagged daily
- Deposit made at CBA physical location
- CBA deposit recorded in accounting system with timestamp
- CBA–Westpac transfer initiated (daily or twice-weekly)
- Transfer cleared to Westpac
- Westpac receipt matched to CBA deposit
- Both banks reconciled to GL cash account
Currently, steps 3–6 lack clear ownership and documented timelines, creating:
- Timing Issues: Deposits held at CBA for 1–3 days before Westpac transfer
- Reconciliation Delays: GL cash account cannot be finalised until both banks are clear
- Audit Risk: Cash-in-transit position not clearly documented
Relationship to Bank Reconciliation
The existing bank reconciliation process is already challenged (1,200+ unreconciled items as of November 2025). Dual-bank complexity adds another layer:
- Adds a second ledger to match (CBA deposit receipts)
- Requires tracking of inter-bank transfers
- Delays final cash position visibility
Related Pages
- Bank Reconciliation — primary reconciliation process; dual-bank adds complexity
- Westpac — primary bank operations and statements
- Commonwealth Bank — secondary bank for cash deposits
- Bank Reconciliation — broader cash handling and deposit procedures