Question

What are internal control functions performed by a cash register and point-of-sale system? How are these functions performed when cash is received by mail? Two laragraphs specific and thiughtful response to the topic

Answer 1

The cash registers play a vital role in the process of money counting, reconciliation of the receipts, and drawer balancing which accounts for all of the day's transactions. These registers are also termed in the realm with another name which is the point-of-sale system (POS). The cash register prevents mishandling of money and provides a safeguard against the theft as it monitors the money. It removes the employee temptation of taking cash without documentation and also avoids holding too much cash.

Cash received in the mail is vulnerable to theft by the employees who are handling it, thus it is important that two or more employees must be involved in it. The person who opens the e-mail need to maintain a list; that contains the payer's name, purpose for which money is sent and total amount. One copy should go to cashier, second copy should go to accounts department for recording, cashier and third copy will be kept by the person who opens the e-mail. It would help in finding the error as the deposited amount by cashier should match with the amount recorded in the cash receipt journal