Cash Handling Policy

Policy Purpose:

The purpose of the Cash Handling Policy is to define the acceptable levels of control for Cash Handling operations for all Library locations to ensure clear and consistent practices within the Library for the handling of cash. This policy is designed to avoid mishandling or fraudulent activity in the handling of cash and to prevent and minimize the risk to employees when handling cash.

Key Points Summary:

  • Promote proper and consistent cash handling practices across the Library;
  • Establish a system of internal controls for cash handling to prevent mishandling of such funds;
  • Assist in strengthening the security over cash receipts;
  • Ensure an appropriate segregation of duties exists;
  • Ensure appropriate safeguarding of cash

Definitions:

Bank Deposits – defined as consisting of coin, currency, cheques, and money orders.

Cash - defined as coin, currency, cheques, money orders and credit/debit card transactions.

Cash Float – funds used for the purpose of making change for a cash transaction.

Cashier - defined as any employee who performs the function of receiving, transmitting, safeguarding and/or depositing Library cash.

Point of Sale System – A computer used in place of a cash register to record transactions, handle credit and/or debit payments and print receipts and reports.

PeopleSoft Financial System – Accounting software utilized by the Library to record financial transactions.

Refund – A refund is defined as the exchange of monetary funds, debit transactions, credit card transactions or payment by cheque by the customer to the Library for goods or services that, after processing and settlement, has been mutually agreed to by the customer and Library that the repayment of a sum of money is required.

Segregation of Duties – Internal control concept in which the same employee does not have responsibility for incompatible activities such as handling cash and recording and reconciling transactions.

Transaction Log – Manual record used to record transactions.

Void - A void is defined as no exchange of monetary funds, debit transactions, credit card transactions or cheque payment by the customer to the Library for goods or services that, after it has been authorized but before it has been settled, has been mutually agreed to by the customer and Library that said transaction should not be processed.

Policy Details:

This policy applies to all Library staff, volunteers, students, and business partners who accept cash funds on behalf of the Library and whose financial transactions are captured within the Library’s financial systems.

This policy does not include controls pertaining to the use of petty cash funds.

Failure of staff to comply with this Cash Handling Policy could result in disciplinary action.

Pages

Search form

Cancel