Skip to main content

Cash Handling 3: Principles

Bursar's Office Author

05/30/2018 Added

1250 Plays

Description

Introduction to the basic principles of cash handling.

Searchable Transcript

[00:00:00.000]In this quick clip we are going to present the basic principles of cash handling.
[00:00:06.466]Proper controls will help ensure that each deposit is recorded accurately.
[00:00:11.800]Most importantly, adequate segregation of duties requires that multiple individuals are involved when
[00:00:17.266]processing, recording and reconciling the cash transactions.
[00:00:22.200]Funds need to be secure at all times. The fund needs to be put away when not in use.
[00:00:28.166]Access should be restricted to only authorized employees.
[00:00:33.166]Reconciliation of depository transactions should be performed by someone other than the person who receipted the funds.
[00:00:40.533]Management should review the financial activity for accuracy and completeness.
[00:00:45.866]Documentation of the transactions should be stored within the department for 7 years.
[00:00:52.100]Who or what is at risk? The money must be secured.
[00:00:57.700]We want you to be protected in this transaction so that you feel comfortable handling the funds.
[00:01:03.900]All payments must be accounted for and customers deserve an accurate record of their payment.
[00:01:10.333]Money may be lost, stolen or misplaced.
[00:01:15.233]There also may be times when the funds collected, inadvertently do not match the deposits that are recorded within the system.
[00:01:23.400]Controls build strong audit trails for transactions.
[00:01:27.500]These procedures and controls are designed to protect you and to ensure accountability throughout the transaction.
[00:01:34.033]Conflict and unjust accusations will be minimized.
[00:01:38.133]Strong controls protect the assets of the University.
[00:01:41.733]When collecting payments from customers: Make sure you have a change fund.
[00:01:48.033]The Bursar’s Office will be happy to assist you with the establishment or modification of a change fund.
[00:01:53.900]Don’t try and make change from your personal resources or from other daily receipts.
[00:01:58.766]Evaluate the amount of change that is necessary to support your operations.
[00:02:03.000]Change funds should be sufficient to facilitate the revenue collection activities but no larger than is necessary.
[00:02:10.000]Secure cash at all times. Lock it away when not in use. Only authorized individuals should gain access to the funds.
[00:02:18.900]Never make change out of your pocket or from your own personal funds. Never cash a personal check under any circumstance.
[00:02:26.733]The change fund is only to be used to make change within a revenue collection transaction.
[00:02:34.200]Count and recount the money that the customer remits.
[00:02:38.466]For example, if a customer presented a $10 dollar bill for a $5 lunch. Say “ok, you gave me a $10, here is $5 in change. Thank you.”
[00:02:50.600]Make sure you confirm the amount you were given and make sure you count and confirm the change you give back.
[00:02:56.733]If you balance each transaction, errors are minimized.
[00:03:00.800]And, finally count your money when you leave your shift. Verify that the fund is balanced and your records are complete.
[00:03:08.533]Thank you for your time. If you have any questions please contact the Bursar's Office

The screen size you are trying to search captions on is too small!

You can always jump over to MediaHub and check it out there.

Comments

0 Comments

Log in to post comments