Cash_Internal_controls

Cash_Internal_controls - approved invoice Physical,...

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Cash Internal Controls Type of control Cash Receipts Cash Disbursements Other controls Stamp invoices paid Establishment of responsibility Only cashiers authorized to handle cash Only treasurer authorized to sign checks Segregation of duties Different individuals receive, record and hold cash Different individuals approve and make payments Documentation procedures Remittance advice, cash register tapes, deposit slips Prenumbered checks, each check has an
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Unformatted text preview: approved invoice Physical, Mechanical, Electronic controls Safes, vaults, cash registers, limited access locations Store blank checks in safe, amounts recorded in indelible ink Independent internal verification Supervisors count c/r daily; treasurer compares c/r to deposit slips daily Compare checks to invoices, reconcile bank statement monthly Bond people who handle cash, require vacations, deposit cash daily...
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