University of Northern Iowa  Cash Handling Training Presentation

University of Northern Iowa Cash Handling Training Presentation PowerPoint PPT Presentation


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Background. Cash is handled by every department on campusInternal Audits cash handling is a common problem at all Regent institutionsRegents supported our initiative to have state universities jointly develop a training program. . . Cash Handling It's my job. Whether you take in lots of mone

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University of Northern Iowa Cash Handling Training Presentation

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1. University of Northern Iowa Cash Handling Training Presentation

2. Background Cash is handled by every department on campus Internal Audits – cash handling is a common problem at all Regent institutions Regents supported our initiative to have state universities jointly develop a training program

3. Cash Handling – It’s my job Whether you take in lots of money or…… ……you collect “pennies”

4. Main policy points pertaining to cash handling Main policy points pertaining to cash handling

5. What is included in “Cash Handling” ?

7. Risk?

8. Risk and Controls!!

9. Before cash collection begins….. “The planning checklist”

10. “Making change”

11. “Collecting the cash”

12. “Collecting the cash”

13. “Collecting the cash”

14. “Collecting the cash”

15. “Collecting the cash”

17. “Securing the cash”

18. “Securing the cash”

19. “Securing the cash” Most important to use GOOD JUDGEMENT! Most important to use GOOD JUDGEMENT!

20. “Securing the cash”

21. Balancing Comprised of: The daily comparison of unit-created records of revenue received with the actual money on hand (e.g.: amount received per cash register total tape/revenue log/pre-numbered receipts book for the day = actual amount of cash, checks and credit card receipts and other cash equivalents collected for the day). If amounts don’t equal as noted above, the Balancer investigates and resolves discrepancies. This is called reconciliation. When discrepancies are resolved and/or amounts are equal, the Balancer initials (or signs) & dates the cash register tape, revenue log, or pre-numbered receipts book to document the reconciliation. To maintain proper segregation of duties, the Balancer should not deposit, collect money, record accounts receivable, or reconcile Statements of Account.

23. “The Deposit”

24. “The Deposit”

25. “Reconciliation”

26. Reconciling Verify the processing or recording of transactions to ensure that all transactions are complete, authorized, recorded, & deposited on a timely basis. Reconciler investigates and resolves discrepancies, then initials (or signs) & dates documentation reconciled. Reconciler should not collect or deposit money to maintain proper segregation of duties.

27. Management Responsibilities Establishing an effective internal control system Delegating responsibility for cash handling duties, maintaining proper segregation of duties Requiring that staff handling cash be properly trained & follow all procedures of the University’s cash handling & depositing procedures. Reviewing internal cash records and reconciliations on a regular basis, then initialing (or signing) & dating all documentation reviewed

28. “Management Review”

31. Segregating Duties

32. Segregating Duties

33. Keeping Records - Record Retention

34. Transporting Cash

35. Cash Equivalents

36. Deposit Locations

37. Departmental Cash Handling Responsibility

38. Staff Cash Handling Responsibilities for Individuals

39. Questions About…?

40. UNI Cash Handling Web Links

41. UNI Cash Handling Web Links

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