When cash is received, it should be acknowledge by means of printed receipt which should have a counterfoil or a carbon receipt. The receipt should be consecutively numbered. The unused receipt should be cancelled and must not be detached from the counterfoil. No blank counterfoils should be accepted. As soon as cash is received, it should be entered in a rough cash book or dairy.
Remittances should be opened by cashier in the presence of a responsible officer. All cheques received should be crossed. Automatic tills or cash registers are very useful for checking receipts. All the receipts of the day should be deposited in the bank at the end of the day or the next morning. Bank reconciliation statement should be prepared frequently by the cashier and also by some one else. The cashier should not have any control over the ledgers.
Petty cash should be organized under the imprest system. The methods of recording the cash should be so organized that chances of misappropriation are reduced to a minimum. If travellers are permitted to collect money on behalf of the company, the issue of receipts by them and deposits of such moneys into the bank should be carefully controlled
Remittances should be opened by cashier in the presence of a responsible officer. All cheques received should be crossed. Automatic tills or cash registers are very useful for checking receipts. All the receipts of the day should be deposited in the bank at the end of the day or the next morning. Bank reconciliation statement should be prepared frequently by the cashier and also by some one else. The cashier should not have any control over the ledgers.
Petty cash should be organized under the imprest system. The methods of recording the cash should be so organized that chances of misappropriation are reduced to a minimum. If travellers are permitted to collect money on behalf of the company, the issue of receipts by them and deposits of such moneys into the bank should be carefully controlled