Cash Handling Controls University Budget Office

If a deposit is over or short by more than $10, write a letter of discrepancy explaining the overage/shortage. Attach this letter to the pink copy of the Departmental/Sub Cashier Cash Collections Deposit Form before submitting the form to the Accounting Office. The yellow copy is retained by the department for reference and ledger transaction review purposes. Use a counterfeit bill detector pen, which may be purchased at most office supply stores.

Hold it up in front of the customer and transfer one bill at a time from one hand to another counting out loud. This will not only assure the customer of the correct change but will help keep bills from sticking together. If a customer pays a $78.32 item with a $100.00 bill, the change can be counted starting with the smallest coin denomination and going to the highest denomination of currency. US Currency has several security features that are easily verified.

Requests for Service

Assistance is available for your change fund and petty cash related questions from the Accounting Office – Financial Accounting and Reporting Office. Always honor valid credit cards, regardless of the dollar amount of the purchase. Imposing minimum or maximum purchase amounts is a violation of our Merchant agreement.

A Settlement Report must accompany a completed Cash Receipts Record. The Settlement Report , is a summary of transactions for a specific date or date range, and lists the total number of transactions and the total dollar amount. Most Settlement Reports will subtotal by types of credit cards used, and by charges versus credits/refunds. Checks of all types received in-person or through the mail, should be restrictively endorsed immediately. Walk-in customers should receive a pre-numbered written or cash register receipt. Documents enclosed with mail payments are to be date stamped by employee opening the mail.

The following elements are intended to promote ease of use for online shoppers and reduce cardholder disputes and potential chargebacks. Of course, peculiar behavior should not be taken as automatic proof of criminal activity. Use common sense and appropriate caution when evaluating any customer behavior or other irregular situation that may occur during a transaction. You know what kind of behavior is normal for your particular place of business. “See ID” or “Ask for ID” is not a valid substitute for a signature.

Petty cash funds

The person creating a cash receipt should not input the receipt through the cash register for posting. POS systems – The point of sale is critical to effective cash management. Make sure cashiers are well-trained and have total control over their respective drawers. Annually, review local cash handling procedures and update as needed. At a minimum, resubmits procedures every 3 years to AFR for approval. Maintain timely, accurate & effective communication with all local cash handling control managers in the department.

One of the most important steps your unit can take to protect cash — and you the cash handler — is to separate cash handling duties among different people. This way, no one person has control over the entire cash handling process. This principle is called Separation or Duties or Segregation of Duties. Policy related to safe and alarm requirements uses general and undefined terms such as “on a daily basis” and “regularly on hand”.

Safety

Two authorized fob shipping point must always be present when cash is being counted. Two authorized employees should always be present when cash is being transported. Show the invoice number and/or check number of the original payment or Accounts Payable approval for refund, rebate or overpayment. A general ledger fundThe general ledger account code should be selected from the Axxxx or Bxxxx series.

Collection on such checks can take the Treasury several days or weeks to receive the funds. The initial deposit to the department’s fund will be the amount reflected on the check, even though it is in a foreign currency. The Treasury will process the item and negotiate the exchange rate. Any exchange rate differences will be charged to the depositing department, as a reduction of the deposit . Cash received must not be used for making change, petty cash purposes, etc.

Here’s the information that is to be included on an endorsement stamp. We hope that as a result of this training you don’t feel like this runner looks. A 24-hour depository is located outside the North entrance. For each phase, we provided simple, but key control tasks for you to accomplish.

Why cash handling is important for the retail industry

The check establishing the fund and replenishment checks may be cashed at any bank or at the Campus Cashier’s Office. Arrangements must be made in advance with the Campus Cashier’s Office to cash checks greater than $500 to ensure that currency and coin in the desired denominations are available. Ensuring the closure of a petty cash fund upon a change in custodian. A departmental petty cash fund is subject to unannounced audits conducted by either Financial Affairs or the Office of Internal Audit.

To increase safety, it is good practice to have 2 people take the deposit to the Cashier’s Office. Please call the Cashier’s Office to request assistance transporting your deposit; the Cashier’s office will have staff come to your office/department to escort you to the Cashier’s Office. Consider things such as varying the time and route used to transport a deposit. Conceal the bank bag in another bag so that it is more inconspicuous. Inter-office mail isnotto be used for transporting deposits. A report should be created to explain the nature and denomination of the deposit.

Cash Handling General Policy

Secure your money, receipts, checks, and other valuables with the RSCB-100 Compact Cash and Key Box. It is equipped with a carrying handle for portability and extra storage space underneath… Secure your money, receipts, checks, and other valuables with the RSCB-400N Tiered Tray Cash Box. It has a separate compartment underneath the coin tray for holding coin wrappers, checks, and… The person handling the cash at the safe must not be involved in introducing the cash into the cash register. Only the minimum amount of cash should be kept in the cash drawer.

When not in use, place all cash in a designated secure location. Involving two people in a critical cash handling task is a special application of Separation of Duties called Dual Custody. At UCSC, whether you are depositing cash to a drop box, counting cash, or engaging in any such critical task, having two people engaged in that activity together is an important practice. Next we’ll discuss a special application of the Separation of Duties principle, called Dual Custody. Practice dual custody when transporting cash, counting large amounts of cash, and other risk critical actions. The person maintaining parking permit inventory records should not be responsible for point of sale transactions (i.e. selling parking permits).

• He currently works as the Head of Cash Management in Iberia for Gunnebo.
• Each cashier is required to use a check endorsement stamp that includes the cashier’s unique identity code.
• A refusal to sign means the card is still invalid and cannot be accepted.
• Make sure the currency, coin, or check from a transaction is placed in the cash drawer or other secure container or location before handling the next transaction.

It also discusses how to maintain an accurate cash float and compute daily revenue. Those who take this course will also be aware of security measures when counting and transferring money. Those who purchase the course will only have 4 weeks to access it. Cash handling procedures are related to training, cash handling, receipting, depositing, reporting, and hiring practices. These procedures apply to all retail stores or other businesses that handle cash transactions.

• Paper trail – All receipts, invoices and other payment-related documents must be accurately processed and filed.
• In addition, it is required that all individuals whose information is believed to have been compromised must be notified in writing to be on alert for fraudulent charges.
• Many campus units have peak periods of 1 to 3 weeks duration up to 3 times per year when the amount of money they take in is substantially higher than the norm at all other times during the year.
• Completion of the entire training material will take approximately minutes.
• Audits of cash handling processes and controls may periodically be performed by either Internal Audit or staff from Accounting or the Cashier’s office.
• The particulars of the process may be automated or manual, depending on the setting and the amount of cash involved in the handling and accounting process.

Petty cash funds may be used to reimburse an individual who used personal funds to make a purchase of goods for University business purposes. Petty cash funds may be provided to a person making a purchase of goods for University business purposes when other purchasing options are not available. Departments with an on-going need may establish a permanent petty cash fund. CruzBuy and the UCSC Pro-Card may be used for purchases in lieu of establishing a petty cash fund. Record cash receipt overages or shortages on the UCSC Department / Sub Cashier Cash Collections Deposit Form.

Commingling change fund currency and coin with petty cash currency and coin. A completed Direct Payment form requesting replenishment of the change fund The departmental expense FOAPAL provided on the Form will be charged in the amount of the replenishment. Reporting the loss or theft of change funds to the appropriate authorities. The change fund custodian may be held personally liable for losses caused by negligence or malfeasance.