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Cash Management

Cash Management. WV State Treasurer’s Office. Cash Management and Cash Handling. Spending Unit State Cash Collection Site Cash Not just and Coins Currency Money Orders Checks. Background. Oversees more than $13 billion on an annual basis

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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

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