CASH HANDLING WORKSHOP. SETTING THE STAGE Student Businesses are enabled by the SGA constitution Student Businesses are enabled by the SGA constitution

CASH HANDLINGWORKSHOP

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

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


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



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

Opening for the Semester



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

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


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.


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.


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


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


Counting out the Bank from the Register drawer

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


Register Example

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_Center for Student Business, CashManagement Workshop

Register Example cont.

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


Buying Change Form



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


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



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



DEPOSIT FORM


Depositing Checks

Write in: Your speed type/account code

Double check the date, signature, amount

Complete the department notes

portion of the deposit form: payer name on

check and amountJane Doe $500.00

Do not write on or stamp the back of a check

Enter the amount being deposited into each account code,

checks are considered cash

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


Common Deposit Problems

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


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



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

This form must be submiteed within 48 hours or your business will be fined $25

Quick submission insures solving the mystery of the discrepancy


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


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



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

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)


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



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:

QuickBooks Pro Edition 2004.lnk


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?


Open the Chart of

Accounts

Click on “General Ledger”Click on “General Ledger”Revenues

Expenses

Sorted by Account Codes

Entering figures in QB’s

• Amount = Amount of corresponding media

• Account = Use correct corresponding account code!

• Number line = Initials• Payee = Cash, UCard,

YCMP, Credit Card, RSO&Agency, or

Department


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



Sales Tracking Example

Total Sales FigureIncludes YCMP, UCARD, Cash, Credit Cards, RSOSales and Departmental Sales

Sales Goals:automatically

decreasedby daily sales

amounts


% to LY

Total Sales for FY

Total Sales for LY


Using Sales Tracking

Report at All Staff how your business is doing:

To Last year To Goal By month, week,

year!!!


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!


Further Questions?

Your consultant, the CSB Business Development Coordinator or Rosemary can help

Answer questions Design new procedures With training Co-Managers


Documents

CASH HANDLING WORKSHOP. SETTING THE STAGE Student Businesses are enabled by the SGA constitution Student Businesses are enabled by the SGA constitution