6.1.5 Handling Cash, Checks, and Credit CardsGeneral principles and procedures:
Cash, check, and credit card handling duties must be separated (i.e., the person accepting payments must be different from the person entering those payments into the ledger; another person prepares deposits and yet another person must make the bank deposits).
Persons handling financial transactions must be bonded.
The person in charge must supervise the bookkeepers and business managers and review their work regularly.
Immediately endorse for bank deposit only all checks.
Accurately record all cash, checks, and credit card payments daily.
Keep cash and checks in a locked, secure location pending deposit.
Issue a receipt to the payer and keep a duplicate on file.
Do not make cash disbursements (payments) from cash received before the cash is recorded.
Deposit all cash and checks in the bank in a timely manner (at least weekly).
Do not pay bills with cash.
Do not cash paychecks.
Do not cash or accept checks made payable to "Cash."
Do not pay cash back on a check or credit card transaction.
The person in charge must review all bank statements and transactions for all accounts (ministries, capital campaign, fiesta, parent association, scrip, bingo, extended care, preschool, etc.).
A designated administrative staff member (e.g., bookkeeper or business manager) must reconcile bank statements every month.