Transcript CASH HANDLING WORKSHOP SETTING THE STAGE  Student Businesses are enabled by the SGA constitution  The CSB, an agent for the Student Government Association.

CASH HANDLING
WORKSHOP
SETTING THE STAGE
 Student Businesses are enabled by the SGA
constitution
 The CSB, an agent for the Student
Government Association and the University
administration, is responsible for the
guidance, training and oversight of
participating student businesses.
 The CSB is to ensure that the student
businesses generate sufficient income to
make the investments necessary for the
long-term survival of the business
Center for Student Business,
CashManagement Workshop
What is Cash Handling?
 Accountability for business revenues
 Record keeping
 Accounting controls: checks and balances
for those handling cash and those keeping
records
 Explaining discrepancies
 Any differences in cash register and cash
need to be identified and justified
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CashManagement Workshop
Financial Accountability
 All items within the
business that are
financial in nature
are reviewed by not
only the CSB, but the
SGA and the
controllers office as a
means of being
accountable to the
University
Center for Student Business,
CashManagement Workshop
Can We Open a Bank Account?
 University policy states that you may not open an
outside bank account
 All cash (except for the cash bank for your
registers) should be deposited to your University
account on a daily basis.
 Tips are deposited on a weekly basis
 roll change
 At the end of each year, you will deposit your cash
bank and return your cash bag to CSD
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Opening for the Semester
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Cash Bank
 The cash bank is a loan that you take out
at the beginning of the semester so you
will have cash for your registers.
 You must pay back this LOAN as soon as
you have earned enough cash.
 Please document this in your cash-out
files in the CSB.
 Student taking out the loan must have
valid SR
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Taking out the Cash advance
January – People’s,
Sweets, Tix
Ophelia – Greeno,
Sylvan, BOB
Kamran – Earthfoods,
CD&C, Bike
 Before you open, take out a cash advance loan to
provide a change bank for your registers. Go to the
Center for Student Development and fill out a loan
request. A co-manager with signature responsibility must
sign this form as well as someone in the CSB. Take out
enough money needed for startup.
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CashManagement Workshop
Deposit Bags
This is also a good time to get your deposit
bags.
 Remember, deposit bags are checked
out at the beginning of each year.
 If you lose the bag, your business will be
charged the costs of replacing the bag.
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CashManagement Workshop
At the teller’s window
 When you go to the bank teller to get the loan,
the same co-manager with signature
responsibility who signed the loan request form
must be present and have an ID
 You will receive a receipt
 Repay the loan with money made from the first
few deposits and the receipt will be stamped
as repaid. Keep this.
Center for Student Business,
CashManagement Workshop
Responsibility of Cashout
Members: DAILY opening
 Count out cash change bank
 Report and record any
discrepancies
 Make sure your Point of Sale,
UCard or cash register machine is
operating
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CashManagement Workshop
Responsibility of Cashout
Members: DAILY (cont.)
 At closing, Run Sales Report (aka Z report)
 Make sure printer is on
 Special function 5 is sales report; when complete
run special function 6 to reset machine
 Run credit card nightly settlement report
 Count out opening change bank from cash
drawer
 Order change
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CashManagement Workshop
Counting out the Bank
from the Register drawer
 Start with the coins
 Don’t break rolls unless you run out of coins
 Easy trick is 50(pennies=$.50)40(nickels=$2)50(dimes=$5)40(quarters=$10)
 Move on to the bills – smallest to largest
 Use a Count out sheet to help you
 Bundle bills by a consistent number
 i.e. $1 in band of 25’s
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CashManagement Workshop
Register Example
 Assume this night,
this is what you have
currently in your
bank:
.01* _5 =_$.05_
.05*_5_ =_$.25_
.10*_7
=_$.70_
.25*_12_ =_$3.00_
$1*_6_ =_$6__
$5*__5_ =_$25_
$10*_4_ _=_$40_
$20*__6__=_$120_
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CashManagement Workshop
Register Example cont.
 We need to take out $45 in change
 What denominations do we need to take
out?
 Depends on which denominations are given
out the most
 Depends on your current drawer
 Common answer: 20 ones, 4 fives, roll of dimes
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CashManagement Workshop
Buying Change Form
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CashManagement Workshop
Responsibility of Cashout
Members: DAILY (cont.)
 Fill out the cashout form:
 COMPARE the sales report to your cash,
YCMP, Ucard
 Record YCMP and Ucard amounts
 Compare cash to actual cash; credit card to
credit card slips
 Cashout = YCMP + UCARD + Cash
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CashManagement Workshop
Cashout may also include:
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Catering revenue
Credit cards
RSO Sales
Departmental Sales
Taxes
The CSB strongly discourages accepting
checks due to the frequency of returned
checks
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CashManagement Workshop
Responsibility of Cashout
Members: DAILY (cont.)
 Make a deposit whenever there is cash,
usually daily, using your CASH BAGS
 Teller’s Hours 9am – 3:30pm (closed
12:30 -1:30pm) in the lower level of the
Campus Center
 After 3:30 Student Union businesses can make
deposits by calling Facilities Services or Security.
 Snack Bars: For after hours deposits., call for an escort
from Public Safety 545-2121
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CashManagement Workshop
DEPOSIT FORM
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Depositing Checks
Write in: Your speed
type/account code
Do not write on or stamp
the back of a check
Double check the date,
signature, amount
Enter the amount
being deposited into
each account code,
checks are considered
cash
Jane Doe $500.00
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CashManagement Workshop
Complete the
department notes
portion of the deposit
form: payer name on
check and amount
Deposit Do’s & Don’ts
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Do deposit daily and include tips
Do take the deposit with a partner
Don’t be obvious about the cash bag
Do call for Facilities Services to come
and open nightly deposit box after hours
 Do call for a police escort if after hours
 Police have key to night deposit box
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CashManagement Workshop
Common Deposit
Problems
 Holding Deposits
more than one night
 Miscounting cash
 Entering wrong amounts
 Forgetting tip deposit
 Omitting information
 Amount of deposit
 Account Codes
 Forgetting to include
change amounts
 $116.25, not $116
 If splitting accounts,
(tax, cash, catering
etc.) not showing the
amounts in split, only
the total
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CashManagement Workshop
How to Handle
Discrepancies
 CASHOUT Committee IS NOT
RESPONSIBLE FOR THE DEVIATIONS
if you keep records:
 You fill out Register Discrepancy Form
 You fill out Cash Short Over form
 You keep in touch with CSB
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Note: Register Discrepancy
Over/Short Report
 If the daily cash deposit has a deviation of
$20.00 or more, you are required to fill out
a written statement giving information
about why you think the deposit was not
correct.
 Forms are in CSB or on our Website
 Give completed forms to Program
Coordinator 24 - 48 hours of the
discrepancy
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 This form must
be submiteed
within 48 hours
or your
business will
be fined $25
 Quick submission
insures solving the
mystery of the
discrepancy
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CashManagement Workshop
How to Reduce
Discrepancies
 Train people on Register
 Design register
procedures to make your
lives easier
 Cash handling must be
done with the fewest
number of people possible
 These people should have
proper cash handling
training
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CashManagement Workshop
Responsibility of Cashout
Members: weekly
 Ensure weekly entry of all sales figures
into QuickBooks
 Record deviations in the CSB Register
Discrepancy Report
 Enter daily sales in Sales Tracking weekly
 Report out at All Staff
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CashManagement Workshop
Fines
 Each business will be fined $50.00 if the monthly
data is not entered into the CSB computers by the
7th of the month:
 CASH-OUT - Register Discrepancy, Quickbooks,
Sales Tracking
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Where Are Files Kept?
 Each daily cashout form must have a
copy of the Z-tape (sales report) and a
copy of the deposit form attached
 A copy of these files must be kept in the
cashout file in the CSB – located in the
filing cabinets in the conference room
 Include a copy of the credit card nightly
settlement report (CD&C)
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CashManagement Workshop
Record Keeping
 Record the daily cashout figures :
 Within the business’ own records/Cashout Sheet
 Sales Tracking Templates
 Weekly in QuickBooks
 Register Discrepancy
 Excel file, located in the public directory.
 Due by the 7th of each month
 Over/short log
 Discrepancies over $20 due within 48 hours
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CashManagement Workshop
Quickbooks
 All revenues &
expenses are entered
into one GENERAL
LEDGER in
Quickbooks
 Co-Managers are
required to enter data
once a week
 Look for this icon on
the start menu:
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CashManagement Workshop
Quickbooks
 Refer to the Financial Manual in the CSB
for details about using Quickbooks
 Every Revenue & Expense is entered by
Co-Managers
 Weekly
 Invoices, cashout, procard purchases,
catering jobs, IR’s received or written,
vending revenue – other?
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CashManagement Workshop
Open the
Chart of
Accounts
Click on “General Ledger”
Revenues
Sorted by
Account Codes
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CashManagement Workshop
Entering figures in QB’s
•Number line = Initials
•Payee = Cash, UCard,
YCMP, Credit Card,
RSO&Agency, or
Department
•Amount = Amount of
corresponding media
•Account = Use correct
corresponding account code!
Center for Student Business,
CashManagement Workshop
Sales Tracking
 A template has been set up for each
business
 It is the consultant’s responsibility to
create sales goals for your templates
 It is your job to enter daily sales figures
and report on them weekly at All-Staff
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CashManagement Workshop
Sales Tracking Example
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CashManagement Workshop
Sales Goals:
automatically
decreased
by daily sales
amounts
Total Sales FigureIncludes YCMP,
UCARD, Cash, Credit Cards, RSO
Sales and Departmental Sales
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CashManagement Workshop
Center for Student Business,
CashManagement Workshop
% to LY
Total Sales for LY
Total Sales for FY
Using Sales Tracking
 Report at All Staff
how your business is
doing:
 To Last year
 To Goal
 By month, week,
year!!!
Center for Student Business,
CashManagement Workshop
Summary : Cashout is
Important!
 How else would your business know that
there are problems?
 Theft
 Improper Training
 Loss of Revenue =
 No Raises
 Demonstrated inability to run a business
 Possibility of losing University Support
 You help to keep the business on track!
Center for Student Business,
CashManagement Workshop
Further Questions?
 Your consultant, the CSB Business
Development Coordinator or Rosemary
can help
 Answer questions
 Design new procedures
 With training Co-Managers
Center for Student Business,
CashManagement Workshop