ASI Financial Services Cash Handling Training Presentation · 2018-05-08 · To authorize/designate...
Transcript of ASI Financial Services Cash Handling Training Presentation · 2018-05-08 · To authorize/designate...
FINANCIAL SERVICES
CASH HANDLING Training Presentation
Presentation Out
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Purpose
Responsibilities Club President/designee(s)
Cash & Cash Equivalents
Risk & Controls
Collecting Cash
Cash Handling Policy
Questions
Purpose
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Understand the principles of good cash handling
Segregation of duties
Follow Financial Services cash handling policies and procedures
A Serious Issue
• If you are responsible for handling cash you are
accountable for that cash. You must comply with
ASI Financial Services policy & Procedures
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President’s Responsibilities
To authorize/designate a cash handler responsible for handling cash and cash equivalents.
Ensure that a current signature card with specimen signatures from authorized student and advisor signors is submitted to ASI Financial Services upon registration.
Ensure that all signers/cash handlers attend the annual mandatory cash handling training.
Ensure that cash handling is operated in accordance with CSU and ASI policies and procedures.
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President’s Responsibilities (Cont.) How is the cash going to be secured?
Locked cash box or secured area until deposited
Who is going to prepare the deposit? & How?
President, Treasurer or designated student
Prepare a Deposit Form
Deposit must be prepared by someone who didn’t collect the cash
or open the mail. It that is not possible then it must be reviewed
by someone other than the preparer.
When to bring deposit to ASI Financial Services?
Make deposits daily even if it’s a small amount. Deposits should
never be held longer than five business days.
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President’s Responsibilities (Cont.)
Who needs training?
Any person that is handling cash or cash equivalents
Establish an effective internal control system
Delegate responsibility for cash handling duties, maintain proper segregation of duties
Require that students handling cash be properly trained & follow all of the ASI Financial Services policies and procedures
Review receipts on a regular basis
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Cash & Cash Equivalents
What is included in “Cash handling”?It’s not just “cash”. It includes the following:
Coins
US Currency
Checks (Cashier Checks)
Money Orders
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US Currency (Counterfeit)
US currency has been redesigned to stay ahead of counterfeiters.
Quick ways to Authenticate cash
Even when pressed for time, you can still take simple steps to authenticate the cash you are handed. All you need to do it Feel, Tilt, and check
Feel the paper: Run your fingers over it-the note should feel slightly rough in touch
Tilt the note: A 3-D Security Ribbon and color shifting Bell in the Inkwell
Check the Light: Holding the cash to light you will be able to see the watermark and the security thread. If the watermark is nonexistent or not visible from both sides, you may be handling counterfeit currency.
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Cash & Cash Equivalents (Cont.)
Check Requirements
Checks for deposit must be payable to: Clubs and Organizations
Additional requirements:
Be recently dated (no more then 180 days old)
Properly signed or stamped “For Deposit Only”
Numeric and written amount must match
Be legibly written in ink
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Who or what is at risk?
The Money & You
Risk & Controls
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What are the risks?
Cash is stolen
Cash is lost
Documentation does not agree with records:
No audit trail
Finger pointing and accusations
Loss of revenue
Risk & Controls (Cont.)
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In the cash collecting process, YOU are just as
important as the cash!
Controls are designed to protect both YOU and
the cash you are handling.
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Risk & Controls (Cont.)
Segregation of Duties
Segregation of duties must be maintained when cash is
received and no single person should have complete control.
Risk & Controls (Cont.)
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In person or By Mail
Student clubs and organizations shall be accountable for the
collection and deposit of cash and checks received.
Upon receipt of check endorse the back of check
“For Deposit Only “
Complete the ASI Deposit Form: Deposits of cash and
checks must be on separate form.
Collecting Cash
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Collecting Cash (Cont.)
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Collecting Cash (Cont.)
Deposits must be taken to the ASI Financial services within a week
(5 business days) of receipt or daily if accumulated cash is greater
than $300.00 or if total of checks is greater than $2,000.00
Student clubs and organizations shall keep cash and or checks in a
secure location at all times.
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Collecting Cash (Cont.) Record the Cash?
An official receipt shall be recorded for each collection using a pre-numbered book or
daily receiving log.
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Cash Handling Policy & Procedures can be obtained at:
http://asi.cpp.edu
Resources
Public Documents
Cash Handling Policy
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QUESTIONS ????
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Louisa KeyesAccounts Receivable Vault Cashier
(909) [email protected]
Ivonne CabezasAssociate Director of Revenue Management
(909) [email protected]
Carol LeeDirector of Financial Services
(909) [email protected]
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