What Else Do You Need to Know About Cash Management?

Best Practices for securing cash:

  • Keep all cash in a safe until it is deposited.
  • For areas with regular cash receipts, a drop safe is recommended to limit access to the contents of the safe.
  • Cash boxes cannot be shared amongst employees as accountability for the cash will be diminished and management will not be able to readily assign responsibility for shortages to the appropriate employee.

Additional Security Policy Requirements:

  • If more than $2,500 in cash and securities is regularly on hand, the cash handling unit shall install a manual robbery alarm system must be installed for use during business hours to alert campus police (or the local police department for off-site locations) if an irregularity occurs.
  • If more than $25,000 in cash and securities is stored, the cash handling unit must install an automated alarm system to alert campus police (or the local police department for off-site locations) if the storage area is entered after business hours.

Petty Cash and Change Funds:

Petty cash funds must be separately maintained from cashier change funds.
 

Reconciliation & Documentation:

Cash collections must be reconciled on a daily basis to the cash register/point of sale system to ensure the completeness of receipts. Best practices include:
  • Compare receipts to deposit records.
  • Record cash receipts when received.
  • Count and balance cash receipts daily.
  • Perform periodic surprise cash counts.