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CASH HANDLINGWORKSHOP
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
Center for Student Business, 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
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
Opening for the Semester
Center for Student Business, CashManagement Workshop
Center for Student Business, CashManagement Workshop
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
Taking out the Cash advance
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.
January – People’s, Sweets, Tix
Ophelia – Greeno, Sylvan, BOB
Kamran – Earthfoods, CD&C, Bike
Center for Student Business, 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.
Center for Student Business, 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
Center for Student Business, 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
Center for Student Business, 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. $1 in band of 25’s
Center for Student Business, CashManagement Workshop
Register Example
Assume this night, this is what you have currently in your bank:
.01* _5 =_$.05_
.05*_5_ =_$.25_
.10*_7 =_$.70_
.25*_12_ =_$3.00_
$1*_6_ =_$6__
$5*__5_ =_$25_
$10*_4_ _=_$40_
$20*__6__=_$120_Center for Student Business, 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
Center for Student Business, CashManagement Workshop
Buying Change Form
Center for Student Business, 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
Center for Student Business, CashManagement Workshop
Cashout may also include:
Catering revenue Credit cards RSO Sales Departmental Sales Taxes The CSB strongly discourages accepting
checks due to the frequency of returned checks
Center for Student Business, 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
Center for Student Business, CashManagement Workshop
Center for Student Business, CashManagement Workshop
DEPOSIT FORM
Center for Student Business, CashManagement Workshop
Depositing Checks
Write in: Your speed type/account code
Double check the date, signature, amount
Complete the department notes
portion of the deposit form: payer name on
check and amountJane Doe $500.00
Do not write on or stamp the back of a check
Enter the amount being deposited into each account code,
checks are considered cash
Deposit Do’s & Don’ts
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
Center for Student Business, 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
Center for Student Business, 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
Center for Student Business, CashManagement Workshop
Center for Student Business, CashManagement Workshop
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
This form must be submiteed within 48 hours or your business will be fined $25
Quick submission insures solving the mystery of the discrepancy
Center for Student Business, 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
Center for Student Business, 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
Center for Student Business, CashManagement Workshop
Center for Student Business, 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
$50.00 FINE
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)
Center for Student Business, 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
Center for Student Business, CashManagement Workshop
Center for Student Business, 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:
QuickBooks Pro Edition 2004.lnk
Center for Student Business, 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?
Center for Student Business, CashManagement Workshop
Open the Chart of
Accounts
Click on “General Ledger”Click on “General Ledger”Revenues
Expenses
Sorted by Account Codes
Entering figures in QB’s
• Amount = Amount of corresponding media
• Account = Use correct corresponding account code!
• Number line = Initials• Payee = Cash, UCard,
YCMP, Credit Card, RSO&Agency, or
Department
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
Center for Student Business, CashManagement Workshop
Center for Student Business, CashManagement Workshop
Sales Tracking Example
Total Sales FigureIncludes YCMP, UCARD, Cash, Credit Cards, RSOSales and Departmental Sales
Sales Goals:automatically
decreasedby daily sales
amounts
Center for Student Business, CashManagement Workshop
% to LY
Total Sales for FY
Total Sales for LY
Center for Student Business, CashManagement Workshop
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
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