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#2025060 - 07/03/15 03:28 PM Oversight of Spending Limits
NeverEndingSupport Offline
100 Club
Joined: Jan 2004
Posts: 208
We are struggling with making sure expenses are staying within approval limits assigned; yet minimize the need for typically large $$ invoices from having to go to the President for approval. Different levels of management have different limits. Ours are set basically based on business unit hierarchy: Division-$$$$, Dept-$$$, Sect-$$$, Unit-$$$. BUT, some invoices typical to functional needs always seem to exceed the standard limit and have to be pushed up the chain for added signatures which is a pain. E.g., Dept Head over facilities often will have invoices for utilities or one-off vendor services that exceed the limit. Our limits are fairly low (Div:$25,000 Dept:$5,000 Sect:$2000 Unit:$500 unless item had been budgeted...Yikes!)

We'd be interested in seeing another bank's spending limit approval matrix to see if we can convince the Board to consider a new approach to expenditure spending limits.

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General Discussion
#2025136 - 07/03/15 05:38 PM Re: Oversight of Spending Limits NeverEndingSupport
edAudit Offline
Power Poster
Joined: Jul 2008
Posts: 4,790
You are here
In a prior in addition to the basic limits suggested we also had a higher limit stated for certain vendors (such as core, BSA...) who frequently exceeded limits
Opinions can be considered as coming from anywhere but my employer.


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#2025267 - 07/06/15 12:03 PM Re: Oversight of Spending Limits edAudit
Cape Codder Offline
Gold Star
Joined: Jul 2011
Posts: 413
^^ We do this now.
Nothing difficult is ever easy.

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#2025277 - 07/06/15 01:27 PM Re: Oversight of Spending Limits NeverEndingSupport
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,405
Large maintenance contracts go directly to our COO. The approval of a utility bill is basically worthless. You have to pay it even if it is not properly approved. Our invoices are approved once entered into our Accounts Payable System. An image of the invoice can be immediately pulled up if needed. All invoiced are approved within the Accounts Payable System.

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