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7-CASH HANDLING PROCEDURES (Procedure (RECEIPTS (date received, • name of…
7-CASH HANDLING PROCEDURES
Good cash-handling procedures
protecting the company
to keep in control – well manage
to gauge how the business is performing
set procedures that everyone who works for the company understands and sticks to
Procedure
RECEIPTS
date received
• name of the payee
• amount received
• what the payment was for
• type of payment
• unique receipt number
AUTHORISED STAFF
SECURITY
TILL REPORTS
PETTY CASH
CARD PAYMENT
Debit card
Credit card
Steps
1.Making the Purchase.
2.Entering the Transaction.
3.Transmitting the Data.
4.Approve or Decline.
5.Responding.
6.Completing the Transaction.
7.Submitting a Batch Closure.
8.Depositing the Funds.
Processing of transactions
DEBIT
- Request to enter PIN number -
Funds removed from account instantly
CREDIT
- Transaction verification by signature – funds may not removed immediately
Protection from liability
DEBIT
- Less protected –may be forced to pay for charges if stolen
CREDIT
- Not liable for credit transaction if stolen