Indiana Cash Receipts Control Log
Description
How to fill out Cash Receipts Control Log?
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FAQ
Best practices:Record cash receipts when received.Keep funds secured.Document transfers.Give receipts to each customer.Don't share passwords.Give each cashier a separate cash drawer.Supervisors verify cash deposits.Supervisors approve all voided refunded transactions.
Your cash receipts journal should have a chronological record of your cash transactions. Using your sales receipts, record each cash transaction in your cash receipts journal. Do not record the sales tax you collected in the cash receipts journal. You must record this in the sales journal instead.
There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.
Control activities are the policies, procedures, techniques, and mechanisms that help ensure that management's response to reduce risks identified during the risk assessment process is carried out. In other words, control activities are actions taken to minimize risk.
Record any cash payments as a debit in your cash receipts journal like usual. Then, debit the customer's accounts receivable account for any purchase made on credit. In your sales journal, record the total credit entry.
Examples of these activities include reconciliations, authorizations, approval processes, performance reviews, and verification processes. An integral part of the control activity component is segregation of duties. However, in very small governmental units, such segregation may not be practical.
Key Internal Control ActivitiesSegregation of Duties. Duties are divided among different employees to reduce the risk of error or inappropriate actions.Authorization and Approval.Reconciliation and Review.Physical Security.
Strong internal controls are necessary to prevent mishandling of funds and safeguard assets. They protect both the University and the employees handling the cash.
The most effective way to protect cash at both receipt and disbursement is to have both written protocol on cash handling and separation of duties. Separation of duties means to separate one big job into several smaller jobs, with a different individual performing each.
