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Cash Handling - This module was prepared by Jessy Jackson, ISU Dining's Cashier!

Student Employees who are required to access this will be paid for 15 minutes.
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on 5 February 2014

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Transcript of Cash Handling - This module was prepared by Jessy Jackson, ISU Dining's Cashier!

Cash Handling
What is included in “Cash Handling” ?
Whether you take in lots of money or you collect “pennies,”the principles of good cash handling are basically the same.
Segregation of Duties
Security
Reconciliation
Management Review
Documentation
Who Needs Training?
Anyone who is handling cash at ISU Dining should be trained on cash handling procedures.

That means YOU!
Coins Coupons
Currency Gift Cards
Checks Intramurals
Credit Cards ISU ID Cards
Tickets
Follow these 4 steps!
1. Cash bags need to be locked when sent in & signed in on sign in/out sheet.
2. Money faced and like bills together.
3. Correct forms sent in or the bag will be returned.
4. All deposits must include a deposit slip.
What is Facing Money?
This means your institution requires you to face all notes portrait side forward when preparing a deposit.
Fill out the forms correctly
COUPONS
1. We need a price on it or a receipt attached.
2. DO NOT staple credit cards slips to them, this does not provide us any information.
3. Keep coupons separate from credit cards.
4. DO NOT write
VOID
on coupons.
Shift Deposit Count Sheet
After each shift or
change in cashiers a
“Shift Deposit Count
Sheet” should be
completed
Over or Short? Your Manager will ask you to fill out an overage/shortage form to be returned promptly!
Safe Counts and Audits
Safe counts must be performed daily by management.
Any discrepancy in cash requires that you immediately notify the cash office.
Types of Cash Handling Risk?
Cash is stolen
Cash is lost
Lost revenues
No audit trail
Finger pointing & accusations
Lost job!
How to Correctly Close Down Your Register
Print the "
My Employee Report
" and "
Revenue Center Financial Report
" forms. Revenue Report only needs to be done the last shift of the day.
Separate coupons & employee meal chits from credit cards;
meal chits need to be kept at the location
the rest can be put in the bag.
Count coins (including Dollar Coins) and record on deposit count sheet.
Count bills and record on deposit count sheet.
Add all up.
Subtract drawer total from total cash.
Then check to see what you should have according to your "
My Employee Report
"—double check if necessary.
Pull cash to be deposited.
Recount drawer to make sure you have in drawer what you should.
Remember that at least 2 staff members must be present when counting down cash drawers.
Fill out deposit slip.
PROCEDURES FOR FILLING OUT DEPOSIT SLIP
Retail
Bag- put the cash bag number. Be sure that you are using the correct location for the bags if you have multiple locations using the same color bags.
Currency-this is dollar bills only including Traveler's checks- NO coin (not even the dollar coin).
Coin- this is for ALL coin.
Checks- any checks.
Diebold- this is actually the SVC which includes all ISU Card transactions, the new sheets also have this changed.
Total- this is the total of all the above items added up.
Cash long/short- put any overage or shortage here.
1215 use only- DO NOT put anything in this box it is for my use.
Residential
Mark correct location
Fill out the date- please make sure you are putting in the correct date
Name-Put your name
Bag#- put the number of the bag you will be using for the deposit.
Fill out the information for sales/price/total.
Add this up-put cash in the cash spot and checks in the checks location.
Do a grand total.
Deposits must be made after each meal period. It is not appropriate to do a total for the entire day.
1215 use only-DO Not put anything in this box it is for my use.
Risk and Controls
Remember – In the cash collecting process, YOU are just as important as the cash………..
The controls (rules) that we will discuss are designed to protect both YOU and the cash you are handling.
“Now that we have collected the cash, what do we do with it?
Secure
Balance
Deposit
Reconcile
How is cash going to be secured?
Cash must be stored in a safe or other secure place until it is deposited.

The safe must always be closed. No exceptions!

It is very important to change the combination when someone who knew the combination leaves the department. Contact Jamie in Food Stores to change your combination.
WHILE in Use…
If making change is necessary, each person collecting cash should have a cash box or drawer that no one else uses.

When not in Use…
Secure the cash box in a locked drawer and limit access.
Secure the cash drawer by locking it and limiting access.
Management responsibilites
Record Retention
ISU Dining keeps the following documents for five years:
Cash Register “total” tapes
Departmental Copy of receipt
Electronic Sales Log
Cash over/short record


Credit Card receipts must be kept 18 months.
Cash Equivalents
If you have the responsibility for cash equivalents such as tickets, coupons or gift cards, remember that they must be treated as if they are cash:

Secure in a locked safe or drawer.
Record the sale.
Balance sale.
Deposit cash promptly.
Reconcile sales against statement of accounts.
Resolve all outstanding issues.


(Remember that all cash and cash equivalents must be deposited promptly!)
Cash Handling Policy
Please take the time to read and review the ISU Dining
Cash Handling Policy

Please take the time to read and review the University’s Cash
Handling Policy online at:
http://www.ats.iastate.edu/vpbf/treas/treasurer/cashpro.htm
Cash Overage
Cash Underage
All
Credit Cards receipts should be sent to the cash office but you
do not need to write the total amount down.
A signature is
ALWAYS
required for a charge over $20.00!
Mark correct location
Fill out the date- please make sure you are putting in the correct date
Name-Put your name
Shift- put the shift that you are working.
Deposits must be made when changing
cashiers. It is not appropriate to do a total for the
entire day.
KNOW YOUR MONEY
How To Detect Counterfeit Money
The public has a role in maintaining the integrity of U.S. currency. You can help guard against the threat from counterfeiters by becoming more familiar with United States currency.

Look at the money you receive. Compare a suspect note with a genuine note of the same denomination and series, paying attention to the quality of printing and paper characteristics. Look for differences, not similarities.
If You Receive a Counterfeit
Do not return it to the passer.
Delay the passer if possible.
Observe the passer's description, as well as that of any companions, and the license plate numbers of any vehicles used.
Contact your ISU Police Officer. The number for ISU Police 24-hour dispatch center is: 515-294-4428 or 911 for an emergency.
Write your initials and the date in the white border areas of the suspect note.
Limit the handling of the note. Carefully place it in a protective covering, such as an envelope.
Surrender the note or coin only to a properly identified ISU Police Officer.
Example of a Raised Note
http://www.secretservice.gov/KnowYourMoneyApril08.pdf
Establish an effective internal control system.
Delegate responsibility for cash handling, while maintaining proper segregation of duties.
Require that staff who handle cash be properly trained and that they follow all of the University’s cash handling policies and procedures.
Review reconciliation on a regular basis, then sign & date documentation review.
Know your Money! Download your copy explaining how to properly identify money now!
Signature no longer required!
Signature no longer required!
Preparing Your Cash Bags

1. Bags need to be locked when sent in
2. Make sure before they are dropped that they
are signed in on the sign out sheet.

FOOD STORES WILL NOT PICK UP THE
BAG IF IT IS NOT LOCKED OR SIGNED IN

3. Money faced and like bills together
4. All correct form need to be sent in the bag or
the bag will be returned to be corrected
5. All deposits must include a deposit slip
6.
If you take a starter check make sure that their
name is on it, an address, phone number and
driver’s license number.
New Information!
Note: A starter Check is a check issued by the bank for a customer that has not had their checks printed. The check will have the correct bank account information but no personal information about the person writing the check.
Full transcript