Describe some of the internal procedures for cash and receivables management?
Solution:-
Describe some of the internal procedures for cash and receivables management:-
1. Designate an individual with the responsibility and authority to administer the unit’s invoicing and collection activities. This individual should know how monies are coming into the unit and why.
2. Develop internal policies and procedures for handling monies.
3. Ensure employees are familiar with institutional and unit specific policies and procedures and have completed the required annual training.
4. Ensure an adequate segregation of duties or compensating controls exist in cash handling processes. – Functions are divided so that one individual does not have control over all aspects of processing and handling monies to include: invoicing, retrieving and opening mail, custody of funds, posting to accounts and/or deposit of funds, record keeping, and reconciliation of receivable activity – Individuals, who handle monies or issue invoices, should not have the ability to enter data into institute accounts or perform departmental reconciliations. If those functions are performed by the same individual (generally due to a small number of employees), then strong compensating controls should exist, i.e. approval (sign-off) by the department chair or appropriate level of management
5. Instruct customers/payers to remit funds to the Cashier’s Office. If the unit does receive monies, then ensure appropriate receipting using pre-numbered receipt books.
6. Restrictively endorse checks immediately upon receipt.
7. Ensure adequate safeguarding of monies until deposited.
8. Monies should be deposited within 24 hours of receipt.
9. When a department performs services or supplies products to an external entity and bills them for payment, departmental procedures for creating and managing receivables should be developed and approved by Business Affairs. Assist the Cashier’s Office as necessary with collection of receivables.
10. Ensure write-offs of uncollectible accounts are properly approved.
11. Reconcile revenue accounts at least monthly to ensure that deposited amounts were correctly posted.
12. Maintain proof of reconciliation for identified retention period.
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