Cash handling procedure

Procedure

Intent and objectives

To ensure the day to day management of collecting, depositing, recording and safeguarding cash and cash equivalents is in accordance with the Retail Management Policy and Treasury Policy. Strong internal controls are required for cash collection to prevent mishandling of institutional funds. Controls are designed to safeguard and protect University assets.

Scope

Retail staff and Financial Services staff and those responsible for collecting, depositing, recording and safeguarding cash or cash equivalents. To minimise institutional risk, where possible accepting cash is discouraged.

Exclusions

Nil.

Procedure steps and actions

Procedure (including Key Points)

Responsibility

Timeline

Receipt of Cash

All customers must be encouraged to use EFTPOS facilities. In circumstances where the customer is unable to pay using card, cash will be accepted.

All retail staff

At time of sale

All sales should be recorded through the POS Terminal. The POS Terminal provides a recorded amount of funds entered on the register.

Campus Store Cashier

At time of sale

When applicable, the customer may obtain a refund if original receipt is provided and stock is in original condition.(eg. in the case of merchandise the tag must not have been removed). If under $30 the Change Float can be used for this purpose.

Campus Store Cashier

At time of refund

Cash or cash equivalents collected must be balanced on a daily basis to sales/income recorded.

Campus Store Manager

Daily COB

Variances must be fully explained and any required adjustments reviewed prior to updating the POS Terminal

Campus Store Manager

Daily COB

Frequency of variances must be established, and corrective action must be taken where necessary.

Campus Store Manager

As occurs

OneStop-SAP interface is used to record sales in SAP financial system.

Financial Operations

Monthly

Collection of Cash

Collection of cash must occur on a timely basis and performed securely.(eg Armaguard)

Campus Store Manager

Weekly or when required

Cash Handling Instructions must be followed when preparing weekly cash collections for Armaguard.

Campus Store Manager

Weekly

Secure cash collections occur weekly but where the amount of cash on hand exceeds $1,000 an additional collection must occur.

Campus Store Manager

When required

Change Floats

The Change Float for each POS Terminal must be kept separately and separate from the takings to be banked. The Float must remain constant.

Approval will need to be sought from central finance if there is a requirement to increase Change Floats.

Financial Operations

When required

Change Float Custodians to conduct a Float Audit monthly in accordance with Cash Handling Instructions.

Campus Store Manager

Monthly

Change Floats may be used for;

Change for Cash Sales

Approved Refunds

Campus Store Cashier

Ongoing

Safeguarding of Cash

Change Floats and un-deposited receipts must be kept in a safe and secure/locked place at all times.

Campus Store Cashier

Ongoing

Cash must not be retained in desk drawers or standard filing cabinets since they can be easily accessed with minimal force.

All retail staff

Ongoing

The cash drawers in the POS Terminals must never be left open unless a transaction is being processed.

All retail staff

Ongoing

Accountability over sales proceeds and change/cash floats must be assigned to specific individuals and segregation of duties must be implemented when assigning staff.

Campus Store Manager

Ongoing

Access to POS Terminals and Floats must be restricted to authorised personnel.

Campus Store Manager

Ongoing

Departmental Administrators must perform periodic, unannounced cash reconciliations of the cash registers/POS Terminals and Petty Cash Floats.

Financial Operations staff member

Periodic

Segregation of Duties

There must be a separation of duties between the person receiving cash and the person responsible for maintaining the accounting records.

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