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CASH HANDLING WORKSHOP

CASH HANDLING WORKSHOP. SETTING THE STAGE. Student Businesses are enabled by the SGA constitution The CSB, an agent for the Student Government Association and the University administration, is responsible for the guidance, training and oversight of participating student businesses.

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CASH HANDLING WORKSHOP

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  1. CASH HANDLINGWORKSHOP

  2. SETTING THE STAGE • Student Businesses are enabled by the SGA constitution • The CSB, an agent for the Student Government Association and the University administration, is responsible for the guidance, training and oversight of participating student businesses. • The CSB is to ensure that the student businesses generate sufficient income to make the investments necessary for the long-term survival of the business Center for Student Business, CashManagement Workshop

  3. What is Cash Handling? • Accountability for business revenues • Record keeping • Accounting controls: checks and balances for those handling cash and those keeping records • Explaining discrepancies • Any differences in cash register and cash need to be identified and justified Center for Student Business, CashManagement Workshop

  4. Financial Accountability • All items within the business that are financial in nature are reviewed by not only the CSB, but the SGA and the controllers office as a means of being accountable to the University Center for Student Business, CashManagement Workshop

  5. Can We Open a Bank Account? • University policy states that you may not open an outside bank account • All cash (except for the cash bank for your registers) should be deposited to your University account on a daily basis. • Tips are deposited on a weekly basis • roll change • At the end of each year, you will deposit your cash bank and return your cash bag to CSD Center for Student Business, CashManagement Workshop

  6. Opening for the Semester Center for Student Business, CashManagement Workshop

  7. Cash Bank • The cash bank is a loan that you take out at the beginning of the semester so you will have cash for your registers. • You must pay back this LOAN as soon as you have earned enough cash. • Please document this in your cash-out files in the CSB. • Student taking out the loan must have valid SR Center for Student Business, CashManagement Workshop

  8. Taking out the Cash advance • Before you open, take out a cash advance loan to provide a change bank for your registers. Go to the Center for Student Development and fill out a loan request. A co-manager with signature responsibility must sign this form as well as someone in the CSB. Take out enough money needed for startup. January – People’s, Sweets, Tix Ophelia – Greeno, Sylvan, BOB Kamran – Earthfoods, CD&C, Bike Center for Student Business, CashManagement Workshop

  9. Deposit Bags This is also a good time to get your deposit bags. • Remember, deposit bags are checked out at the beginning of each year. • If you lose the bag, your business will be charged the costs of replacing the bag. Center for Student Business, CashManagement Workshop

  10. At the teller’s window • When you go to the bank teller to get the loan, the same co-manager with signature responsibility who signed the loan request form must be present and have an ID • You will receive a receipt • Repay the loan with money made from the first few deposits and the receipt will be stamped as repaid. Keep this. Center for Student Business, CashManagement Workshop

  11. Responsibility of Cashout Members: DAILY opening • Count out cash change bank • Report and record any discrepancies • Make sure your Point of Sale, UCard or cash register machine is operating Center for Student Business, CashManagement Workshop

  12. Responsibility of Cashout Members: DAILY (cont.) • At closing, Run Sales Report (aka Z report) • Make sure printer is on • Special function 5 is sales report; when complete run special function 6 to reset machine • Run credit card nightly settlement report • Count out opening change bank from cash drawer • Order change Center for Student Business, CashManagement Workshop

  13. Start with the coins Don’t break rolls unless you run out of coins Easy trick is 50(pennies=$.50)- 40(nickels=$2)- 50(dimes=$5)- 40(quarters=$10) Move on to the bills – smallest to largest Use a Count out sheet to help you Bundle bills by a consistent number i.e. $1 in band of 25’s Counting out the Bank from the Register drawer Center for Student Business, CashManagement Workshop

  14. Assume this night, this is what you have currently in your bank: .01* _5 =_$.05_ .05*_5_ =_$.25_ .10*_7 =_$.70_ .25*_12_ =_$3.00_ $1*_6_ =_$6__ $5*__5_ =_$25_ $10*_4_ _=_$40_ $20*__6__=_$120_ Register Example =$195 Center for Student Business, CashManagement Workshop

  15. We need to take out $45 in change What denominations do we need to take out? Depends on which denominations are given out the most Depends on your current drawer Common answer: 20 ones, 4 fives, roll of dimes Register Example cont. Center for Student Business, CashManagement Workshop

  16. Buying Change Form Center for Student Business, CashManagement Workshop

  17. Responsibility of Cashout Members: DAILY (cont.) • Fill out the cashout form: • COMPARE the sales report to your cash, YCMP, Ucard • Record YCMP and Ucard amounts • Compare cash to actual cash; credit card to credit card slips • Cashout = YCMP + UCARD + Cash Center for Student Business, CashManagement Workshop

  18. Cashout may also include: Catering revenue Credit cards RSO Sales Departmental Sales Taxes The CSB strongly discourages accepting checks due to the frequency of returned checks Center for Student Business, CashManagement Workshop

  19. Responsibility of Cashout Members: DAILY (cont.) Make a deposit whenever there is cash, usually daily, using your CASH BAGS Teller’s Hours 9am – 3:30pm (closed 12:30 -1:30pm) in the lower level of the Campus Center After 3:30 Student Union businesses can make deposits by calling Facilities Services or Security. Snack Bars: For after hours deposits., call for an escort from Public Safety 545-2121 Center for Student Business, CashManagement Workshop

  20. DEPOSIT FORM Center for Student Business, CashManagement Workshop

  21. Depositing Checks Do not write on or stamp the back of a check Enter the amount being deposited into each account code, checks are considered cash Write in: Your speed type/account code Complete the department notes portion of the deposit form: payer name on check and amount Jane Doe $500.00 Double check the date, signature, amount Center for Student Business, CashManagement Workshop

  22. Deposit Do’s & Don’ts • Do deposit daily and include tips • Do take the deposit with a partner • Don’t be obvious about the cash bag • Do call for Facilities Services to come and open nightly deposit box after hours • Do call for a police escort if after hours • Police have key to night deposit box Center for Student Business, CashManagement Workshop

  23. Holding Deposits more than one night Miscounting cash Entering wrong amounts Forgetting tip deposit Omitting information Amount of deposit Account Codes Forgetting to include change amounts $116.25, not $116 If splitting accounts, (tax, cash, catering etc.) not showing the amounts in split, only the total Common Deposit Problems Center for Student Business, CashManagement Workshop

  24. How to Handle Discrepancies • CASHOUT Committee IS NOT RESPONSIBLE FOR THE DEVIATIONS if you keep records: • You fill out Register Discrepancy Form • You fill out Cash Short Over form • You keep in touch with CSB Center for Student Business, CashManagement Workshop

  25. Note: Register Discrepancy Over/Short Report • If the daily cash deposit has a deviation of $20.00 or more, you are required to fill out a written statement giving information about why you think the deposit was not correct. • Forms are in CSB or on our Website • Give completed forms to Program Coordinator 24 - 48 hours of the discrepancy Center for Student Business, CashManagement Workshop

  26. This form must be submiteed within 48 hours or your business will be fined $25 • Quick submission insures solving the mystery of the discrepancy Center for Student Business, CashManagement Workshop

  27. How to Reduce Discrepancies • Train people on Register • Design register procedures to make your lives easier • Cash handling must be done with the fewest number of people possible • These people should have proper cash handling training Center for Student Business, CashManagement Workshop

  28. Responsibility of Cashout Members: weekly • Ensure weekly entry of all sales figures into QuickBooks • Record deviations in the CSB Register Discrepancy Report • Enter daily sales in Sales Tracking weekly • Report out at All Staff Center for Student Business, CashManagement Workshop

  29. Fines • Each business will be fined $50.00 if the monthly data is not entered into the CSB computers by the 7th of the month: • CASH-OUT - Register Discrepancy, Quickbooks, Sales Tracking $50.00 FINE Center for Student Business, CashManagement Workshop

  30. Where Are Files Kept? • Each daily cashout form must have a copy of the Z-tape (sales report) and a copy of the deposit form attached • A copy of these files must be kept in the cashout file in the CSB – located in the filing cabinets in the conference room • Include a copy of the credit card nightly settlement report (CD&C) Center for Student Business, CashManagement Workshop

  31. Record Keeping • Record the daily cashout figures : • Within the business’ own records/Cashout Sheet • Sales Tracking Templates • Weekly in QuickBooks • Register Discrepancy • Excel file, located in the public directory. • Due by the 7th of each month • Over/short log • Discrepancies over $20 due within 48 hours Center for Student Business, CashManagement Workshop

  32. Quickbooks • All revenues & expenses are entered into one GENERAL LEDGER in Quickbooks • Co-Managers are required to enter data once a week • Look for this icon on the start menu: Center for Student Business, CashManagement Workshop

  33. Quickbooks • Refer to the Financial Manual in the CSB for details about using Quickbooks • Every Revenue & Expense is entered by Co-Managers • Weekly • Invoices, cashout, procard purchases, catering jobs, IR’s received or written, vending revenue – other? Center for Student Business, CashManagement Workshop

  34. Open the Chart of Accounts Click on “General Ledger” Revenues Expenses Sorted by Account Codes Center for Student Business, CashManagement Workshop

  35. Entering figures in QB’s Be sure to use all lines in QB's • Number line = Initials • Payee = Cash, UCard, YCMP, Credit Card, RSO&Agency, or Department • Amount = Amount of corresponding media • Account = Use correct corresponding account code! Center for Student Business, CashManagement Workshop

  36. Sales Tracking • A template has been set up for each business • It is the consultant’s responsibility to create sales goals for your templates • It is your job to enter daily sales figures and report on them weekly at All-Staff Center for Student Business, CashManagement Workshop

  37. Sales Tracking Example Center for Student Business, CashManagement Workshop

  38. Sales Goals: automatically decreased by daily sales amounts Total Sales FigureIncludes YCMP, UCARD, Cash, Credit Cards, RSO Sales and Departmental Sales Center for Student Business, CashManagement Workshop

  39. Total Sales for LY % to LY Total Sales for FY Center for Student Business, CashManagement Workshop

  40. Using Sales Tracking • Report at All Staff how your business is doing: • To Last year • To Goal • By month, week, year!!! Center for Student Business, CashManagement Workshop

  41. Summary : Cashout is Important! • How else would your business know that there are problems? • Theft • Improper Training • Loss of Revenue = • No Raises • Demonstrated inability to run a business • Possibility of losing University Support • You help to keep the business on track! Center for Student Business, CashManagement Workshop

  42. Further Questions? • Your consultant, the CSB Business Development Coordinator or Rosemary can help • Answer questions • Design new procedures • With training Co-Managers Center for Student Business, CashManagement Workshop

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