Cash Handling Process

Purpose

This document outlines the standardized processs for securely handling cash within the organization. It aims to:

• Minimize the risk of loss, theft, and fraud.
• Ensure accurate and efficient cash handling practices.
• Maintain proper accounting records for all cash transactions.

Scope

This process applies to all areas and personnel who handle cash in any form, including:

• Instructors
• Retail staff processing customer transactions
• Administrative personnel collecting fees or deposits

Roles & Responsibilities

• Management
  • Implement and maintain this cash handling process.
  • Provide adequate training to employees on cash handling protocols.
  • Oversee the security of cash storage processes.
  • Conduct periodic audits or reviews to ensure compliance.
• Staff handling cash
  • Adhere to all aspects of this cash handling process and related policies.
  • Secure cash drawers and tills at all times using designated locking mechanisms.
  • Process every transaction accurately and provide receipts to customers.
  • Report any discrepancies or suspicious activity immediately to a supervisor.
  • Participate in mandatory cash handling training.

Policy Statements

Accepting Cash Payments

1. Before accepting payments

• Control all due amounts
• Repeat out loud the expected amount to receive

2. Uppon payment reception

• Sort notes and coins
• Count accurately in front of the payer
• Examine all bills greater than 20 EUR
• Repeat out loud the received amount
• In case of overpayment (receiving more money than what's owed), return the change
  • The change should be counted back to customer, to confirm that the correct amount is given back
• In case of underpayment (receiving less money than what's owed), ask for the difference to fulfil the obligation and repeat the process
• Log the received fund in the cash log related to the nature of the payment
• Edit a receipt
• Store the cash

3. Document the transaction as an order, a fee, a fee collection...

Using Cash Funds

1. Pay with cash
2. Ask for invoice and receipt then provide both documents to the accounting
3. Log the spent funds in the cash log related to the nature of the expense

Exceptions

Exceptions to this process must be pre-approved by the Finance Department in writing. Any approved exceptions will be documented and communicated to all relevant personnel. Justification for the exception and any additional control measures implemented must be clearly outlined.

References