Cash controls PowerPoint Presentation

Cash controls PowerPoint Presentation

2015-10-01 82K 82 0 0

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at OSU. What is “CASH”?. Currency, coin, and cash equivalents:. Checks. . Traveler’s checks. . Cashier’s checks. . Credit card records. . EFTs: ACH and wire transfers. . Items of cash value: ticket, gift cards/certificates. ID: 146738

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Presentations text content in Cash controls

Slide1

Cash controls at OSU

Slide2

What is “CASH”?

Currency, coin, and cash equivalents: Checks Traveler’s checks Cashier’s checks Credit card records EFTs: ACH and wire transfers Items of cash value: ticket, gift cards/certificates

Slide3

BEST PRACTICES

For handling currency and coin:

Be watchful for counterfeit bills

Count cash out of public view

Count cash in double custody

Always give a receipt

Store cash in secured locked

receptacles

Deposit in person at the Cashiers Office

Slide4

For accepting checks:Endorse all items promptly upon receiptStore checks in secured locked receptaclesExamine the legal lineDeposit daily. Late deposits increase the risk of NSF or stop payment checks.

BEST PRACTICES

Slide5

Protect assetsProtect reputationProtect employeesWeaknesses in internal controls can result in substantial losses.

INTERNAL CONTROLS

Slide6

Physical safekeeping of assetsSeparation of dutiesAccountability

INTERNAL CONTROLS

Slide7

Cash processing areas are secured from entry by unauthorized peopleCash is stored securelyCash is not left unattended

SAFEKEEPING OF ASSETS

Slide8

Frequency of cash revenueNature of businessThe physical layout of the office

IMPACTING SAFEKEEPING

Slide9

No individual has control over the entire transaction cycle ReceivingDepositingRecordingReconciling

SEGREGATION OF DUTIES

Slide10

Frequency of cash revenueLack of staffManagement trust

IMPACTING

SEGREGATION

OF DUTIES

Slide11

Who has access to cash and whyWhere an asset is at all timesWhere keys are at all timesTransfers are documentedAll transactions can be traced

ACCOUNTABILITY

Slide12

Cash is deposited within 24 business hours of receiptWeb departmental depositsDeposits can be submitted electronically and tracked.Can be scanned w/backup and sent to:Departmental.deposits@oregonstate.edu

DAILY DEPOSITS

Slide13

A documentation file containing processes that are clearly definedCash handling procedures for your departmentCopies of these procedures signed & dated by the employees responsible for the execution of these proceduresDocumentation, including regular reconciliations and custody assignment, for the petty cash or change fund.Cash transfers are done in dual custody

DOCUMENT YOUR

INTERNAL

CONTROLS

Slide14

Verify employee’s employment historyPerform background checksMake sure they have cash handling trainingKnow your cash custodians

KNOW YOUR PEOPLE

Slide15

MISSOURI STATE BOOKSTORE

Slide16

MISSOURI STATE BOOKSTORE

“Converted checks from textbook companies to cash”

“ found $81,000 in cash in desk while manager was on vacation. . .”

“Admitted he embezzled more than $1.1 million over eight years. . .”

Missouri State Bookstore Manager

:

Slide17

Trust your employees but verify their work. Regularly have someone oversee the work of employees handling financial transactions.Set the right tone so that all employees know that dishonesty won’t be tolerated.Use your understanding of the business to conduct investigations whenever actual results are different than you think they should be.

SOME ADVICE ON TRUST

Slide18

One

example

:

City of Dixon, Illinois

Rita

Crundwell

, Comptroller is in prison after

Stealing $53 million in public funds.

City of Dixon, primary account holder, with

a second account holder listed as

RSCDA c/o Rita

Crundwell

.

. . .the biggest municipal embezzler in US history

Slide19

“Rita Crundwell is a big asset to the city. She looks after every tax dollar as if it were her own.”

Slide20

But won’t the funds be missed?Not if there is little or no reconciliation going on!Must be able to show that you are reconciling:Receipts to depositDeposit to Banner

RECONCILIATION

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Must be reconcilable. Custodian has the actual cash or a receipt for any cash not on hand.Custodian’s manager should verify that the fund balances periodically.Only the custodian should handle the fund.

PETTY CASH FUNDS

Slide22

They “disappear”They “grow” or “shrink”Custodians are changed without documentationResolve these problems quickly, they are audit issues

PROBLEMS WITH

PETTY

CASH FUNDS

Slide23

Where the heck are they?Business Affairs—link to Business Center ResourcesFIS Manual: 1402-10

PETTY CASH FORMS

Slide24

Get ReadyReview your own office like an auditorDocument proceduresSeparate the dutiesTrain employeesDeposit dailyReconcile monthly

PREPARE A CHECKLIST

Slide25


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