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  • ACCTG CASH004 11-15 - Cash and Check Deposits

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    Debbie Langolf
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    Cash & Check Procedures

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    Cash & Check Procedures

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    36 views1 page

    ACCTG CASH004 11-15 - Cash and Check Deposits

    Uploaded by

    Debbie Langolf
    Cash & Check Procedures

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    POLICYANDPROCEDUREMANUAL

    SOPNO:
    ACCTGCASH00411/15
    DEPARTMENT: ACCOUNTINGSUBSECTION:CASH
    SUBJECT:
    CASHANDCHECKDEPOSITSISSUEDATE:November10,2015

    POLICY:Cashandcheckdepositsshouldbecompletelyandaccuratelyrecordedandreconciled.

    PROCEDURE:

    1. Allcashandcheckdepositsshouldbemadeintactonadailybasis.Depositsmustbeproperty
    reconciledtoensurethattheyareaccuratelyrecorded.Exceptionstodailydepositswillbeapproved
    bytheVPofFinanceandHotelAccounting.

    2. Inorderforcheckstoberecordedproperly,thecheckmustbeloggedbyanemployeeindependent
    fromtheaccountingfunctionbyreviewingallincomingmailandinterceptingallchecks.Thechecklog
    shouldincludethechecknumber,payeeandamount.Thecheckswillbephotocopiedandendorsed
    ForDepositOnlyanddroppedintheDropSafe.Acopyofthelog,andthephotocopyofthechecks
    willbeforwardedtoaccountingforposting.

    3. TheGeneralCashiermustreconcilethebankbalancesperthesealedenvelopestotheDropLog(as
    notedinACCTGCASH0035/15),whichinturnwillbereconciledtothePropertyManagementSystem.
    Anyvariancesmustbedocumentedonthedropsheet.

    4. ACashVarianceReportspecifictoeachdepartmentshouldbeprepareditemizingoveragesand
    shortagesforallcashhandlingpersonnel.Thereportshouldbedistributedupondiscoveryofthe
    variance,butnotfewerthanonceperweek,totherespectiveDepartmentHeadforfollowupon
    variances.Areportofcashvariancesconsolidatedbycashiermustalsobedistributedmonthlytothe
    DirectorofAccountingandGeneralManager.

    5. Anindependentandauthorizedserviceprovider(e.g.armoredcarservice)mustmakedepositstothe
    bankandanexecutedcontractandcertificateofinsuranceshouldbemaintainedonfile.Armored
    CarServicePickUpLogmustbemaintainedonadailybasis.Allpickupsmustbeproperlyrecorded
    onthelogbytheGeneralCashierandsignedforbytheArmoredCarServicerepresentative.

    6. Onadailybasis,theCorporateStaffAccountantmustverifythetotaldepositamountpertheGeneral
    Ledgertodepositverificationfromthebank,includinganonlinebankstatementprintoutoradeposit
    ticketreceivedfromthebank.Anyvariancesmustbedocumented,researchedandresolved.The
    depositreconciliationmustbesignedanddatedbytheindividual.

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