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CSMSI Cash Handling Policy

This memorandum outlines Cebu Sendai Motor Sales' cash handling policy. It defines cash and establishes procedures to ensure security and accountability when handling cash transactions. Only authorized employees whose job description includes cash duties can process cash. All cash handlers will receive training. Strict adherence to the rules is required and violations will be disciplined. The policy details secure vault access, daily banking arrangements involving varying deposit routes/times, cash recording/acknowledgment forms, and minimum check acceptance amounts.

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Jayson Malero
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174 views

CSMSI Cash Handling Policy

This memorandum outlines Cebu Sendai Motor Sales' cash handling policy. It defines cash and establishes procedures to ensure security and accountability when handling cash transactions. Only authorized employees whose job description includes cash duties can process cash. All cash handlers will receive training. Strict adherence to the rules is required and violations will be disciplined. The policy details secure vault access, daily banking arrangements involving varying deposit routes/times, cash recording/acknowledgment forms, and minimum check acceptance amounts.

Uploaded by

Jayson Malero
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MEMORANDUM

TO : CEBU SENDAI MOTOR SALES, INC. CASHIERS AND


COLLECTION OFFICERS

FROM : ADMINISTRATIVE DEPARTMENT

SUBJECT : CASH-HANDLING POLICY

DATE : NOVEMBER 21, 2016

Policy statement

This policy has been developed for all employees responsible for collecting and/or handling
cash. Cash includes coins, bank notes, currency, cheques, postal orders, gift vouchers, gift cards,
debit cards, credit cards and cash equivalents. These internal controls and cash handling
procedures have been established to ensure proper security arrangements and accountability.

Cash transactions should only be handled by employees who have been expressly authorized
by the Company to undertake such responsibilities. Such responsibilities in handling cash
transactions must be clearly stated in his/her Job Description.

All employees working in cash handling will be given training or instructions on how to do so
safely.

A breach of the rules set out in this policy is a disciplinary offence and will be dealt with in
accordance with the Company’s disciplinary procedure. Depending on the seriousness of the
offence, it may amount to gross misconduct and could lead to summary dismissal.

Definition of Term/s:

CASH – It is not limited to coins and banknotes. It’s also accepted as including cheques, postal
orders, debit and credit card transactions, gift vouchers, postal orders and other cash equivalents,
e.g. credit notes.

POLICIES AND PROCEDURES:

1. To limit the risk of internal theft or fraud, certain procedures, e.g. cashing up and refunds,
should only be carried out by a few individuals or at least two authorized employees.

2. Access to Safety Vault.

 The safety vault must be located in a secure room which has no


external access. Only authorized employees have access to the
safety vault and should know the location of the safe keys and the
safe combination. The safe keys must be kept in a separate
location, secured and not in public view and they should not be
marked in any way to identify the safe that they open. The safe
must always be opened with two authorized employees present.
The safe combination will be changed on a regular basis and
whenever an authorised employee leaves employment.

3. Banking Arrangements.

(a) If cash collection is banked each day by staff - rather than by a


security company or by armoured personnel of the bank, the
authorized employees should carry it in an unmarked bag. Handbags
which could be easily snatched are strictly prohibited and the
authorized persons for the deposit must regularly vary their route and
time every different schedule when they transport money.

(b) In case there is a transaction to bank or deposit a large amount of cash


(e.g. 50,000 above), staff should be sent in pairs and must use the
company car at all times.

(c) All Cash collection must be deposited within 24 hours in the


company's bank from the date and time of the collection.

(d) In case the bank deposit shall be done on the next banking day, cash
collection must be placed in the company's security vault.

(e) Cash collections shall be strictly handled only by person/s duly authorized by
the company for that purpose. Such responsibilities in handling cash
collection must be clearly stated in his/her Job Description or in a
written official order may it be either a primary function or in addition
to his/her duties.

(f) Cash deposits shall be strictly handled only by person/s duly


authorized by the company for that purpose. Such responsibilities in
handling cash deposit must be clearly stated in his/her Job Description
or in a written official order may it be either a primary function or in
addition to his/her duties.

(g) All cash collections subject for temporary safekeeping in the company
security vault or company cashiers vault must be recorded by the
cashier and acknowledge its receipt.

(h) All cash withdrawal from security vault or company cashiers vault
must be recorded by the cashier and have the person who withdraw the
cash signed the acknowledge receipt.

(i) Only authorized person shall be allowed to withdraw the cash safe
kept in the company’s security vault or company cashier’s vault.

(j) All cash deposit transactions shall be performed only after verification
of the following:

1. The depository bank is open, the fact of which is verified by prior


call by the person authorized to deposit and confirmed by the bank.
The verification must be recorded in the Daily Deposit Transaction
Log Book.
2. There is another authorized person to accompany the person who
will do the deposit transaction.
3. There is a driver and a company vehicle ready to be used in the
deposit transaction.
4. The scheduled deposit transaction is made known to the immediate
superior of the person authorized to deposit including the details on
the name of depository bank, location of the depository bank,
amount for deposit, accompanying persons and other necessary
information.

4. Security concerns.

 Whenever a large sum of cash needs to be counted, this must be


done only in the secured place with the presence of at least two
authorized employees.

5. Cheque Procedures.

The minimum amount for cheque payments is ____________________ (Php


_________). When accepting a cheque payment, employee must check the following:

 the date is correct

 the payee is correct

 the words and the amount in figures agree

 the cheque is signed

Please be guided accordingly.

Prepared by:

Wendil Delos Reyes


Admin Officer

Jayson C. Malero
Admin Officer

Noted by:

Mark Anthony S. Ortiz


CEO/President

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