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Cash Handling 3: Principles

Bursar's Office Author

05/30/2018 Added

1541 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

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