Cash handling procedures include documented guidelines for the control, receipt and safekeeping of cash held by a business. Some of the procedures include details of who is authorized to handle cash, how much can remain in a given location over a specified time and what to do in the event of an emergency, robbery or discovery of fake currency.Continue Reading
Some cash handling procedures include how recording, documentation and segregation of duties in transactions take place in a business. They cover responsibilities such as amount limits and authorization of transactions. The procedures create accountability by detailing actions and processes followed by staff members who are authorised to undertake such responsibilities.
Cash handling procedures include how all cash collected should be held securely, either in a cash box or a locked safe. Employees tasked with handling cash are expected to remain at their stations, never leaving money unattended.
When handing over responsibility, strict documentation rules are to be followed by at least two people signing off. A cash handover process should go through a cash register system and a pre-numbered receipt issued for all cash received with a copy retained for filing.
When balancing accounts at the end of the day, all funds collected should be documented by mode of payment, by comparing the total cash, checks and credit cards to the cash register totals, to the pre-numbered receipts. In the event of a difference, a counterbalance must be recorded separately, investigated and resolved with a supervisor or a member of the auditor's team present.
Some security measures and conditions that may be part of cash handling procedures include the installation of manned CCTV cameras. Employees involved in cash handling are required to undergo training in basic security measures.Learn more about Currency & Conversions