Question

Assume your place of worship or church has consulted with you on how to receive, record, deposit and report on weekly offerings of checks, cash and electronic deposits. Describe a process that will be both efficient and provide safeguards against fraud and theft.

Answer 1

Following processes can be adopted to ensure safeguards against fraud and thsft :-

1 . Issue receipt for any cash or any check received and in case of electronic deposits ensure after processing of transaction at payment gateway there will an auto issuance of receipt. Issuance of receipts will help in cross verification of Cash received with receipts issued.

2 . The person issuing receipt should not collect cash instead a separate person should be there. For this purpose cashier after collecting Cash may give a token specifying amount which is finally to be given to the person responsible for issuing receipt.

3. All the cash collected, checks collected and money received through electronic deposits should be entered in accounts of the company daily.

4 . All the checks collected must be deposited to banks and deposit receipts must be kept for future reference or verification .

5 . A weekly report must be prepared comprising separately of cash collected, checks received and deposited and money received through electronic deposit.

6. Actual cash in hand, amount in bank and deposit receipts should be verified with the report submitted to ensure there is no misfeasance of funds.