Cash Handling

Separation of Duties

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Separate duties of receiving and handling cash payments, reconciling the source documents to the deposit, and posting the payments and adjustments to customer accounts.

Approval and Documentation

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Ensure voids, paid-outs and adjustments are properly approved and documented.

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Establish accountability for all forms of revenue received such as using cash receipt books or logs, cash registers or tickets.

Reconciliation and Review

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Use cashier-validated cash transmittal or bank-validated deposit slips when reconciling deposits to the monthly financial records (e.g. Budget Activity Report).

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Reconcile source documents (e.g. pre-numbered cash receipts, logs, cash register tapes) to validated cash transmittals or bank deposit slips.

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Account for the sequential “Z” readings of cash register machines, or non-resettable cumulative totals during the reconciliation process.

Safeguarding

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Endorse checks upon receipt.

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Store cash (includes checks and credit card slips) in a locked secure location.

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Restrict access to cash to the minimum number of authorized employees.

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Change the safe combination when employees leave the unit.

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Perform unannounced cash counts.