All cash payments should be identified in writing as soon as the money is received. It is important that two receipt copies are written and one of these is given to the person who is paying the money and the person who is receiving the money should retain the other copy. The acceptable format that can be used for dual copy receipts include printouts from a cash register, written copies and also receipts that are generated on the computer. Receipts that are written by hand or generated on the computer should detail the value of cash that has been received, the person’s name who is paying it, date received, what the payment is for, the account number and name on the account and also the person who is receiving the money.
If any cash amounts are received in the post a receipt should be prepared and sent out to the person who has made the payment and a copy should be retained by the business. It is a good idea to have two people present when the mail is being opened as this safeguards the person that is dealing with it. It is important that as much as possible the access to cash is limited to a few people or even better just one person. This means that they are accountable for the money.