Cash Handling John Globensky MiCPT, CPFIM

Transcription

1 Cash Handling Jhn Glbensky MiCPT, CPFIM Administrative Analyst - Accunting City f Grand Rapids

2 Establish Yur Authrity Cash Handling is a Treasury functin. regardless f where it takes place. Take actin t safeguard Cunty assets. Establish prcedures and internal cntrls. Require cash handling training by staff. Establish reprting and depsit requirements f all cash.

3 Purpse f the Treasurer's Office Receive and retain funds Safeguard and distribute funds Invest funds Maintain accurate recrds Maintain custmer relatins

4 Daily Operatins Lcatin Specific Prcedures Internal Cntrls Cash Audits-Peridic Review

5 Wrkspace Setup Lcatin Security (drs, cameras, windws, etc.) Limited Access Vault Access Supervisin

6 Cash Drawer Setup Separate cash drawers Unique cashier lgins Arrange currency, cin, checks, and credit card receipts in a cnsistent manner. Verify the dllar amunt f beginning cash. Establish a 'cash drp' threshld. Keep cash drawer lcked at all times. Lck cash in safe during clsed hurs.

7 Cash Handling Receive and distribute mney Fllw established prcedures Balance and depsit cash daily Establish gd public relatins Safeguard assets

8 Receiving and Receipting Knw yur cash handlers! Mail and drpbxes Custdial respnsiblity Lss versus Shrtage/Overage

9 Cunting Cash 3 Three Ways t Cunt 2 Tw Cunts n Each 1 One Ttal

10 Hand t Hand Methd Separate bills all bills facing up smallest denminatin n tp Hld in ne hand Transfer bills separately t ther hand Lk at each bill COUNT AGAIN Get tw cunts that agree!

11 Hand t Table Methd Same as hand t hand pile bills facing up with smallest n tp Place funds n table nt in custmer s hand Cunt nce int yur hand Cunt twice nt the table r cunter

12 Dn't Change - Making Change Establish a rutine Tw methds: cash register calculatin cunting frm sale t tendered amunt Cunting back smallest cin t the largest bill Tw cunts: (1) frm the cash drawer (2) t the custmer

13 Cin Acceptance Hw much are yu willing t take? Hw are yu ging t take it? What happens if it's wrng?

14 Fcus, Fcus, Fcus Keep $$ in view f custmer Cmplete transactin befre securing $$ Verify payment against invice/bill One custmer at a time Always give a receipt Security

15 Mutilated Mney Mutilated currency are any ntes which are NOT CLEARLY mre than ne half f the riginal nte, and/r, in such cnditin that the value is questinable. Financial institutin may als have special handling fr currency.

16 What isn t Mutilated Currency? Any badly siled, dirty, defaced, disintegrated, limp, trn, wrn ut currency that is CLEARLY MORE than ne-half f the riginal nte, and des nt require special examinatin t determine its value.

17 Checks and Check Cashing A payment n demand financial instrument. Check is payable when presented at signer's bank. Drawer/Maker Drawee Payee Risk

18 Type f Checks Persnal Checks Cmpany Checks Cashier Checks Persnal Mney Orders Traveler's Checks Online Bill Payment Checks

19 Seven Check Requirements Current Date Payee Payer Dllar Amunt Check numbers and written wrds. Bank Signature MICR numbers

20 Endrsement Endrse upn receipt Get a stamp r machine t endrse Custmize where needed

21 Check Fraud Precautins Matching pht identificatin Nn-lcal banks Ggle the ruting number. use rutingnumbers.rg. Date (accurate, pst-dated r stale) Legibility Drawee bank Payable t the City/Cunty New accunt cautin

22 Bank Cards - Credit & Debit Reduced fraud Cnvenience fr Custmers Cnvenience fr Municipality Accepted fr sme r all types f transactins. Fees can be passed t custmers when allwed.

23 Credit Card Transactins Pht Identificatin Zip Cdes and CVV2 Numbers Over The Cunter Payments Telephne Payments Mailed In Payments PCI Cmpliance

24 Daily Operatins

25 Clsing and Balancing Dcumentatin f clsing and balancing prcedures All transactins are accunted fr. All cash activities balanced and recnciled. Verificatin f recnciliatin by an ustide party Segregatin f duties

26 Lcating Cash Differences Check the basics first! Narrw dwn the errr. Search the wrk area. Dcumentatin f Variances Hnesty and Accuntability

27 Cmmn Balancing Errrs Writing Illegibly Currency rganizatin Data entry errrs Organizatin/Recrd Keeping Transpsitin errrs Multiple cashiers in ne drawer

28 Other Causes fr Errrs Sacrificing accuracy fr speed Nt cmpleting a transactin befre starting a new ne. Making change errrs Ding it 'in yur head' Distractins during a transactin Nt nting partial payment n stubs.

29 Preparing Depsits Segregatin f duties Duplicate r Triplicate Depsit Bags Treasurer's Reprt Armred car and night depsits Remte Depsit

30 Security!

31 Preventin Visibility, lights, cameras Actin (visibility and activity) Awareness f cashiers Incnspicuus transprt f funds Varied rutines Cash plicies Inaccessibility

32 Prtectin 'Cash Drps during the day. Lcked cash drawers Authrized persnnel nly Cmplete each transactin Panic buttns Sheriff Department Risk Assessment Passwrds, cmbinatins, and lcks Cameras

33 Emergency Prcedures Rbbery Fire Alarms Bmb Threats Weather Prepare prcedures Prtect peple first Secure the cash

34 Resurces APT US&C Cash Handling Guidelines Detecting Cunterfeit Mney Infrmatin n reprting cunterfeit mney Many infrmative tls The new $100 bill

35 Questins?