August 2013
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August 2013. Handling Company Cash. Policies and Procedures…. Ferguson’s policies in handling the company’s cash are : The store Manager is responsible for managing and protecting all “Cash” in the branch. All locations are required to purchase a counterfeit detector marker.

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August 2013

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August 2013

August 2013


August 2013

Handling Company Cash


Policies and procedures

Policies and Procedures…

  • Ferguson’s policies in handling the company’s cash are:

    • The store Manager is responsible for managing and protecting all “Cash” in the branch.

    • All locations are required to purchase a counterfeit detector marker.

    • All cash and checks received by branches and HQ departments must be deposited in the bank no later than the next business day.

    • The company does not permit any associate to use the branch cash drawer funds to:

      • Make cash refunds for previous purchases made by credit card or checks.

      • Pay any branch expenses.

      • Cash associates’ or customers’ checks.


Policies and procedures1

Policies and Procedures…

  • The company does not permit any associate to:

    • Create “Slush Funds” from miscellaneous receipts of company owned inventory or assets.

    • Hold cash or checks for future processing.

    • Accept a check where Ferguson is not a payee, and the payee endorses the check over to FEI.

    • Post cash or checks that are not in hand. If the check or cash has not been received it must not be posted to any customer AR or cash sales account. Faxed copies of checks are not considered in hand.


Branch responsibilities

Branch Responsibilities

  • Safeguarding Cash

    • Use counterfeit detector marker to identify counterfeit bills $20 or greater.

    • Branch must have a key-locked cash drawer.

    • Branch manager to appoint branch associate who will be the custodian of the cash drawer. The cash drawer custodian should be assigned the following responsibilities:

      • Count monies received for the day.

      • Maintain cash drawer funds.

      • Perform cash sale reconciliation.

      • Sign off cash sales report and include date.

      • Give monies to be deposited to branch associate preparing the daily bank deposit


Branch responsibilities1

Branch Responsibilities

  • After the cash drawer custodian has signed off the cash sales report,if staffing permits, another branch associate should count the monies and verify the cash sales report. The second associate should then print name, initial and date the cash sales reconciliation report in the upper right corner.

  • The cash drawer should be secured when not being used, either in a safe (where applicable) or in a locked desk.

  • Any “Cash” received during the day that is not deposited the same day should remain at the branch overnight, and be locked in a safe. If a safe is not available, the “Cash” must be secured in a locked drawer in an office that is locked overnight.

  • Petty cash must also be locked in a safe overnight. If a safe is not available, the petty cash should be secured in a locked drawer in an office that is locked overnight.


August 2013

  • Separate Batches for (Cash and Checks)

    • Separate batches are now created for payment received in the form of cash and checks.

  • Bank Deposits

    • Cash and checks should not be listed on the same deposit slip.

    • There must always be one cash receipt batch per deposit.

    • The deposits must be made using the deposit slips for the bank account of the branch for which the cash is posted.

    • Take the deposit to the bank no later than the next business day.


Branch responsibilities2

Branch Responsibilities…

  • Segregate duties, where staffing permits, so that the associate taking the deposit to the bank is NOT the same as the person creating the deposit.

  • Verify that the returned deposit slip as verified by the bank matches the amount intended (original amount).

  • Any amount of cash $1,000 or higher must be kept in the safe (if available at the branch) during the day. And before taking the deposit to the bank, the deposit must be verified by another branch associate – if staffing permits.


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