r · pdf filein addition, the tisd manual, section 5.2.a.3. discusses using the deposit report...
Post on 27-Mar-2018
219 Views
Preview:
TRANSCRIPT
Revised February 2014 1 of 10
Revised February 2014 2 of 10
Revised February 2014 3 of 10
Revised February 2014 4 of 10
Revised February 2014 5 of 10
Revised February 2014 6 of 10
The first print screen below shows the results of the Cash Receipt Report available in TEAMS. It has
been sorted by the Posted Date and some columns have been hidden. The second screen shows the
data selected to generate this report. Each campus should create and save one like this for use each
month to ensure that all deposits sent to the bank have been posted in the general ledger.
Bank Deposit Control NumberPosted Cash Receipt Amt Cash Receipt Description Account Number001 - 4032 05/01/2012 372.00 REL Food Service Lab 461.00.5755.00.001.00.350001 - 4031 05/01/2012 1,200.00 REL Cheerleaders Student Activity Account 865.00.2190.00.001.06.000001 - 4035 05/01/2012 755.00 REL Cheerleaders Student Activity Account 865.00.2190.00.001.06.000001 - 4034 05/01/2012 306.00 REL HOSA Student Activity Account 865.00.2190.00.001.94.000001 - 4036 05/01/2012 87.00 REL ID Card 461.00.5755.00.001.00.018001 - 4033 05/01/2012 130.00 REL FFA AG MECH 461.00.5755.00.001.00.380001 - 4030 05/01/2012 838.20 REL Model UN Student Activity Account 865.00.2191.00.001.00.119001 - 4058 05/02/2012 144.00 REL Transcripts 461.00.5755.00.001.00.020001 - 4054 05/02/2012 25.00 REL Orchestra Student Activity Accounts 865.00.2190.00.001.56.000001 - 4055 05/02/2012 198.00 REL FFA AG MECH 461.00.5755.00.001.00.380001 - 4052 05/02/2012 490.00 REL Baseball 461.00.5755.00.001.00.430001 - 4056 05/02/2012 44.55 REL Model UN Student Activity Account 865.00.2191.00.001.00.119001 - 4053 05/02/2012 1,485.00 REL 2012 Yearbook Account 865.00.2191.00.001.00.2124063 05/03/2012 250.00 REL Robotics Team (Amanda Camp) 865.00.2191.00.001.00.1214063 05/03/2012 1,500.00 REL Girls Basketball 461.00.5744.00.001.00.4554063 05/03/2012 1,000.00 REL Cross Country Campus Activity 461.00.5744.00.001.00.4604063 05/03/2012 1,152.50 Gifts & Bequests 461.00.5744.00.001.00.350
Revised February 2014 7 of 10
Tyler ISD Internal Audit Department
Top 5-Common Cash Control Issues
Listed below are the top five most common cash control issues noted in activity fund audits.
Issue 1: No Cash Receipts Issued
Issue: In reviewing activity funds, it has been noted some campuses do not issue cash receipts.
Criteria: The TISD Activity Fund Policy and Procedure Manual (TISD Manual), Section 4.1.A.,
indicates that “all cash and check collections must be receipted using a…receipt book immediately and in
ink by the person receiving the money.”
Recommendation: Internal Audit recommends that receipts are prepared and issued for all cash and
check collections.
Issue 2: Untimely Deposits
Issue: In reviewing activity funds, it was noted some campuses were making deposits untimely…on a
regular basis.
Criteria: The TISD Manual Section 5.1.A. and B., stipulates that “deposits must be made whenever cash
collections exceed $300 for secondary schools and $100 for elementary schools…even if the cash on
hand does not exceed the maximum allowable, deposits must always be made on Friday.”
Recommendation: Internal Audit recommends that all deposits are made in accordance with the TISD
Manual.
Issue 3: Safeguarding Assets
Issue: In reviewing activity funds, it was noted some campuses left monies, receipt books, and campus
checkbooks unattended in an unlocked drawer, file, or room.
Criteria: Best practices. Monies, receipt books and campus checkbooks should never be left unattended
in an unlocked drawer, file, or room. Best practice would be to lock the monies, receipt books, and
campus checkbooks in a drawer, file, or safe contained in a locked room before leaving unattended.
Access to locked drawers, files, or safes should be limited to essential personnel. Additionally, locks and
combinations should be changed at each change in personnel with access to keys or combinations.
Recommendation: Internal Audit recommends that all monies, receipt books and campus checkbooks be
controlled and safeguarded by storing them in locked drawers, files, or safes in a locked room/office.
Access to locked drawers, files, or safes should be limited to essential personnel. Additionally, locks and
combinations should be changed at each change in personnel with access to keys or combinations.
Revised February 2014 8 of 10
Issue 4: Monitoring Controls
Issue: Deposits were not being monitored to ensure they made it to the bank safely or deposits were being
posted in CIMS accurately and timely.
Criteria: It is a good idea to write the deposit bag number on the receipt. In addition, the TISD Manual,
Section 5.2.A.3. discusses using the Deposit Report provided by Financial Services to monitor deposit
postings in CIMS.
Recommendation: Internal Audit recommends that bank deposits are monitored to ensure cash receipts
are posted to the CIMS accounting system and deposits are deposited timely and safely in the bank.
Issue 5: Organization and Maintenance of Records
Issue: During reviews, campuses had missing supporting documentation such as receipts, deposit slips,
check copies, and Deposit Reports for multiple audit selections.
Criteria: Best practice. Supporting documentation for all deposits should be retained in a manner that
decreases the likelihood of lost documents and facilitates document accessibility and review.
Recommendation: Internal Audit recommends that supporting documentation for all deposits is retained
in a manner that decreases the likelihood of lost documents and facilitates document accessibility and
review. Permanent deposit slip records and cash receipt records should be maintained in the deposit and
receipt books. Other deposit documentation could be maintained in a file or a three ring binder filing
system with the most recent deposit’s documentation filed in the front of the file or notebook.
Revised February 2014 9 of 10
Tyler ISD Cash Handling Procedures
DO:
Give Pre-numbered cash receipts
Control the cash receipt book inventory
Use triplicate forms:
1 – for the payer
2. – with the bank deposit record
3. – stays in the book
Match bank deposits to cash receipts
Deposit money as soon as possible
Guard cash & checks
Void and reissue a cash receipt if a correction is needed. Attach the white copy of the voided receipt to the receipt book
DON’T:
Cash checks for anyone out of any cash you take in
NEVER deposit cash into your own personal bank account
Use the cash to make purchases – this leaves no audit trail and has the appearance of impropriety – just not
good business practice
Leave cash & checks where they could be stolen
Change a cash receipt
Write receipts in pencil
Revised February 2014 10 of 10
top related