cash handling and bursar’s office internal controls
TRANSCRIPT
Jan Rogers Georgia Southwestern State University
Cash Handling and Bursar’s Office Internal Controls
Session Objectives Track all cash transactions Record and monitor cash discrepancies Implement and review internal controls
Cash Handling
Cashier Balance Sheet GEORGIA SOUTHWESTERN STATE UNIVERSITY
Cashier _____________________ IMPRESS DAILY BALANCING
DATE 9/16/2012 20:31
CURRENCY
50/100 Dollars 0.00 20 Dollars 340.00 10 Dollars 90.00
5 Dollars 50.00 1 Dollars 0.00
Total Currency: 480.00
COIN Dollars/Half
Quarters 10.50 Dimes 6.20
Nickels 2.70 Pennies 0.60
Total Coin: 20.00
TOTAL 500.00
Add by Denominations
Banner Deposit Summary Banner Transmittal Summary
Date: 9/16/2012
Banner Banner BANK
Username Session Cash Checks TOTALS C C R D Wire/ACH TOTAL
Mickey Mouse 3015 $277.00 $5,799.00 $6,076.00 $2,327.36 $8,403.36
Minnie 1548 $250.00 $250.00 $250.00 $500.00
Donald 1996 $346.00 $5,535.80 $5,881.80 $980.00 $25,652.40 $32,514.20
Cashed Checks ($100.00) $100.00
Grand Totals 523.00 11,684.80 12,207.80 3,557.36 25,652.40 41,417.56
Daily Summary
Cash 523.00
Checks 11,684.80
subtotal 12,207.80 Must equal bank deposit
CCRD 3,557.36
Wire/ACH 25,652.40
Total 41,417.56 Must equal total above
Deposit 12,207.80 ECHECKS
CCRD -1,119.00 mc/v/SA/Refund/8-23 ACH 8,328.00 Donald Duck - Int'l payment
CCRD 4,092.50 mc/v/d/SA/8-23 ACH 5,736.24 Woody
CCRD 243.86 G&CC/ 8-22 ACH 1,594.40 VA- Buzz Lightyear
CCRD 45.00 MC/BO/8-22 ACH 2,085.76 VA- Barney
CCRD 45.00 V/BO/8-22 ACH 2,908.00 VA- Daffy
CCRD 250.00 V/BO/8-21 ACH 5,000.00 Sallie Mae Loans/ Pluto
CCRD ACH
CCRD ACH
CCRD ACH
CCRD ACH
CCRD ACH
CCRD ACH
CCRD ACH
41,417.56 Total
Cashier Sessions and Bank Information Part I
Banner Transmittal Summary
Date: 9/16/2012
Banner Banner BANK
Username Session Cash Checks TOTALS C C R D Wire/ACH TOTAL
Mickey Mouse 3015 $277.00 $5,799.00 $6,076.00 $2,327.36 $8,403.36
Minnie 1548 $250.00 $250.00 $250.00 $500.00
Donald 1996 $346.00 $5,535.80 $5,881.80 $980.00 $25,652.40 $32,514.20
Cashed Checks ($100.00) $100.00
Grand Totals 523 11,684.80 12,207.80 3,557.36 25,652.40 41,417.56
Daily Summary
Cash 523
Checks 11,684.80
subtotal 12,207.80 Must equal bank deposit
CCRD 3,557.36
Wire/ACH 25,652.40
Total 41,417.56 Must equal total above
Credit Card, Wires, and Ach Payments Part II
Deposit 12,207.80 ECHECKS
CCRD -1,119.00 mc/v/SA/Refund/8-23 ACH 8,328.00 Donald Duck - Int'l payment
CCRD 4,092.50 mc/v/d/SA/8-23 ACH 5,736.24 Woody
CCRD 243.86 G&CC/ 8-22 ACH 1,594.40 VA- Buzz Lightyear
CCRD 45 MC/BO/8-22 ACH 2,085.76 VA- Barney
CCRD 45 V/BO/8-22 ACH 2,908.00 VA- Daffy
CCRD 250 V/BO/8-21 ACH 5,000.00 Sallie Mae Loans/ Pluto
41,417.56 Total
Record Journal GSW - JOURNAL ENTRY
DATE: 09/16/12
NO:
ACCOUNT AMOUNT DESCRIPTION/Open Item # DR. CR. ACCOUNT FUND DEPT ID PGM CLASS
CASH 41,417.56 118100 10500
Banner Cash Clearing-- 41,417.56 118199 10500
.
Remember to Monitor
Audit Trail Paperwork
Banner Receipting
Detail Code Miscellaneous Frequent Deposit
Less posting errors
TFADETL
One time deposit or less frequent
Less posting errors
ZSAMISC
Internal Controls Management
Example Security Cameras 2 by 2 Rule Maintain only the
amount needed in cash drawers
Timely Deposits
Separation of Duties
Written procedures Training Rotation of Duties Supervisory
override
Management Example Open door policy Be alert
Security Cameras Installation Direction Lighting Monitoring Picture Quality Maintenance
2 by 2 Rule
Supervisory Override
Only Amount Needed
Timely Deposits
Departmental Cutoff Daily Bank Deposits
ABC’s of Separation of Duties Asset Handling and Disposition Booking, Recording Transactions to the GL Comparison or Review of balances
Rotation of Duties Encourages and broadens skills and experience of staff Personal and professional development Improves organizational flexibility Prevents employees from taking advantage of their knowledge and the lack of effective audit, and committing fraud
Training
TEAM T- TOGETHER E- EVERYONE A- ACHIEVES M- MORE
Written Procedures Reconciliation of cash
Usage and audit of receipts
Monthly bank reconciliation
Cashier outages
Assignment
