4:080-AP6 Cash and Check Management

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Purpose

To ensure the proper handling, safeguarding, and accounting of cash and checks, ensuring accountability and transparency to mitigate risk.

General Requirements

1. Safeguarding Assets

- - - - Store all cash and checks in a locked safe or drawer until deposited.
      - Make daily deposits to minimize on-site cash.

2. Receipts

- - - - Issue pre-numbered receipts for all cash and check transactions.
      - Receipts must include transaction details, proper coding, and dating.

3. Electronic Payments

- - - - Process transactions electronically whenever possible.

Procedures

A. Receipt of Cash and Checks

1. Point of Collection:

- - - - Employees must be designated and trained and must collect and secure all cash and checks upon receipt in a secure container.

2. Issuing Receipts:

- - - - Trace all revenues to a pre-numbered receipt.
      - Regularly check the numerical sequence of receipts.
      - Date, initial, and detail all receipts.

B. Counting and Verifying Cash and Checks

1. Cash Counting:

- - - - Designated employees count cash in a secure, private area.

2. Verification and Agreement:

- - - - Compare independent counts by two employees until they agree.

3. Recording:

- - - - Complete a Cash Reconciliation Form with details and signatures of both employees.

4. Sign-Off:

- - - - Both employees must sign the Cash Reconciliation Form.

C. Storage and Security of Cash and Checks

1. Safe Storage:

- - - - Store cash and checks in a sealed deposit bag in a locked safe.

2. Access to School Safe:

- - - Restrict access to authorized and essential personnel only.

D. Depositing Funds

1.Preparation for Deposit:

- - - - Two-person verification for deposits, with both signing the deposit slip.
      - Include signed calculator tape or excel sheet for checks.

2.Documentation:

- - - - Write the building and organization name on the deposit slip.
      - Send deposit slips and back up to the Business Office immediately.

3.Transport to Bank:

- - - - Authorized employees must deposit within two business days.

4.Bank Deposit:

- - - - Deposit promptly and submit the reconciliation form and receipt to the Financial Coordinator within two business days.

5.Recording of Deposit:

- - - - Attach the bank receipt to the Cash Reconciliation Form and file. Enter deposit details into the accounting system.

E.Special Event and Activity Receipts

1.Ticket Sales:

- - - - Use printed tickets with sequential numbers. Reconcile unsold tickets and cash.

2.Field Trips, Book Orders, Athletic Fees, etc.:

- - - - Issue a pre-numbered receipt for collected amounts. Initial and file the list of payments.

F. Cash Disbursements

1.Expense Payments:

- - - - Make all payments by check, not from cash receipts.
      - Submit a Request for Check form with invoices or receipts.

2.Petty Cash:

- - - - Temporary petty cash funds under $500 may be established with written permission from the Director of Finance.

G.Audit and Review

1.Regular Audits:

- - - - Conduct regular audits by internal or external auditors. Investigate discrepancies immediately.

2.Staff Training:

- - - - Provide regular training for employees on proper procedures and the importance of accuracy and security.

H.Incident Reporting

1.Reporting Discrepancies:

- - - - Report discrepancies or suspected theft to the Building Principal immediately. File an incident report with details.