Cash Handling
This form of payment must always be accepted at the school.
What is cash?
This must match the total of your deposit
What are receipts issued?
This must be approved before buying goods/services.
What is a purchase order?
This means one person should not handle all parts of a transaction
What is segregation of duties?
Auditors look for this in financial records
What is accuracy?
Cash should never be left in this location overnight
What is an unsecured desk or drawer?
Deposits should be made this often
What is daily or as required by district policy?
Personal purchases should NEVER be made with this
What is school funds?
What are internal controls?
Documentation must be this to pass an audit
What is completed in it's entirety?
This should be issued immediately when cash is received
What is a receipt?
Deposits should never be delayed for this reason
What is a convenience or waiting to accumulate more money?
This document proves goods were received
What is a packing slip or receiving report?
Approval is required before making this
What is a purchase?
Missing receipts can lead to this
What is an audit finding?
Cash should be counted by at least this many people when verifying
What is two people?
This document tracks all money collected before deposit
What is a breakdown sheet?
This happens when purchases are made with approval
What is an unauthorized purchase?
This should be reviewed regularly to catch errors
What is a bank reconciliation report?
This must be done monthly to stay audit-ready
What is account reconciliation?
The safest place to store cash before deposit
What is a locked safe?
This error occurs when receipts don't match deposits
What is a bank reconciliation discrepancy?
The consequnce of not following purchasing procedueres
What is audit findings or disciplinary action?
This is the biggest risk when controls are weak
What is fraud or misappropriation of funds?
The goal of every bookkeeper during an audit
What is no findings/clean audit?