Cash_cycle - Accounting Receiving All monies received are...

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Accounting Receiving Accounting Payment • All monies received are recorded • All monies received are banked • Cash and cheques are safeguarded against loss or theft • All payments are authorised , made to the correct recipients and recorded • Payments are not made twice for the same liability Segregation of duties is particularly important Recording of receipts by post • Safeguards to prevent interception of mail between receipt and opening • Appointment of responsible person to supervise mail • Amounts received listed when post opened • Post stamped with date of receipt Recording of cash sales and collections • Restrictions on receipt of cash (by cashiers/seller only) • Evidencing of receipt of cash: receipt, cash registers • Clearance of cash offices and registers • Agreement of cash collections with till rolls • Agreement of cash collections with bankings and cash and sales records • Investigation of cash shortages and surpluses General controls over recording
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