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Cash Management

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  1. Cash Management WV State Treasurer’s Office

  2. Cash Management and Cash Handling • Spending Unit • State Cash Collection Site • Cash • Not just and • Coins • Currency • Money Orders • Checks

  3. Background • Oversees more than $13 billion on an annual basis • Collects, disburses and manages state and local government funds

  4. WVSTO Cash Management Treasury Operations Participant Accounting Accounting EFT

  5. Treasury Operations • Receipts Processing • Lockbox • Check & Cash Deposits • Check Processing • Sealing • Distribution

  6. Cash Accounting • Reconciliations • Manage Banking and Agency Relationships • Imprest Funds • Outside Bank Accounts • Cash Receipts Handbook

  7. Checks (Cash Accounting Continued) • Returned • Undeliverable • Stale • Stop Payments • Hotline: 1-866-243-9010 or (304) 558-3599

  8. Electronic Funds Transfer (EFT) • Automated Clearing House (ACH) • e-Gov • Allowing state agencies and local governments the ability to accept credit cards and use our ACH network

  9. Participant Accounting • Determination of Daily Cash Position • Wire Transfers • Investment Activity • Additional Information: (304) 340-1577

  10. Policies & Procedures • Establish Cash Management practices and safeguards • Develop & implement written procedures • Keep them updated

  11. Why is this important?

  12. Risks • Cash is lost • Cash is stolen • Bank Statement doesn’t agree with Spending Unit’s records • No audit trail • Finger pointing/Accusations

  13. Cash Receipts Handbook • WV Legislative Auditor’s Office - Cash Receipts Study • WV Code §12-2-2 • http://www.wvsto.com

  14. Cash Receipts Handbook • Purpose: “to provide guidelines for the proper receiving, handling, and safeguarding of Cash by Spending Units and employees.” • Goal: “to guide and control the process for accurate and secure receiving, receipting and processing of moneys received at various locations throughout the State.”

  15. Internal Controls • Internal Controls • Effectiveness & Efficiency of Operations • Reliability of Financial Reporting • Compliance with Applicable Laws and Regulations

  16. Internal Controls

  17. Internal Controls • Physical Safeguarding of Cash • Employee Screening • Handling Receipts • Using Dual Controls • One Business Day Rule • Cash Receipts Survey

  18. WVSTO Services • Lockbox • e-Gov • Additional Assistance

  19. Additional Services • Smart Safes • Remote Deposit Capture Device • Point of Sale (POS) Device

  20. Challenges Do you have a ham problem?? “We can’t solve problems by using the same kind of thinking we used when we created them” -Albert Einstein

  21. Questions?? Julie Hefner-Ferrell Cash Accounting Supervisor julie.hefner-ferrell@wvsto.com 304-340-2718 Misty Price Deputy Treasurer of Cash Management misty.price@wvsto.com 304-340-1570 Drew Hendricks Cash Receipt Accountant drew.hendricks@wvsto.com 304-340-2709