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Cash Count Procedure and Guidelines

The cash count consists of analyzing cash transactions over a period to verify that all cash received has been accounted for and that the balance corresponds with the physical cash. It should be done daily and compare the verified balance against the recorded one, establishing any difference in the cash count report. The procedure includes counting cash and checks, breaking down receipts, totaling the amounts, and preparing the report with the required data and signatures.

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18 views4 pages

Cash Count Procedure and Guidelines

The cash count consists of analyzing cash transactions over a period to verify that all cash received has been accounted for and that the balance corresponds with the physical cash. It should be done daily and compare the verified balance against the recorded one, establishing any difference in the cash count report. The procedure includes counting cash and checks, breaking down receipts, totaling the amounts, and preparing the report with the required data and signatures.

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[Link].

CASH COUNT: CONCEPTUAL FRAMEWORK AND PROCEDURE

CASH COUNT

It consists of the analysis of cash transactions over a period of time.

determined, with the aim of verifying if everything has been accounted for

cash received and therefore the balance shown in this account corresponds to

what is physically found in the box in cash, checks or

It is also used to determine if the internal controls are being implemented.

adequately. This operation is carried out daily by the cashier. (Bravo,

2013, p. 180)

Zapata (2017) states that:

It is the spontaneous verification of the money received by the cashier.

special exam conducted with the purpose of verifying the suitability of the

accounting records and verify that the physical monetary values in

the power of the cashier to be in the exact amount.

In order to carry out the audit, the rules and regulations must be observed.

procedures used in audit practices and, therefore, will be

performed by an accounting official or by another with sufficient

knowledge of the subject.

Any difference found in this exam must be justified or

immediate coverage, without prejudice to applying administrative sanctions

and civilians. The conditions for this cash reconciliation examination to be

suitable are:

a. To carry it out at any time and without prior notice.

b. The delegate must have sufficient professional and moral capacity.


c. The delegate must be free of prejudices and possess sufficient

independence.

The delegate must have the technical documents to conduct the audit.

(minutes, balance certificate, etc.).

PROCEDURE FOR PERFORMING THE CASH COUNT

Zapata (2017) indicates the following:

Receive delegation from the competent authority to carry out the inventory.

respective.

[Link] the presence of the cash box custodian.

3. Classify the money into coins, bills, and checks.

4. Break down the payment receipts, if any, noting the date.

payment, the concept, the authorization, and the corresponding value.

5. Make a total sum of these values (cash and receipts).

6. Compare the verified balance with the recorded balance

accounting; establish differences in more (excess) or in less (deficit),

if there had been.

[Link] the inventory report, where the updates will be recorded.

presented. This will be known to the authorities of the company,

who will implement the corrective measures in case it does not

monetary resources would have been managed and used appropriately.

The minutes must contain at least the following information:

Start and end date and time of the inventory.

Determination of the scope of the examination.

Details of the documents and values found or presented.


Establishment of any differences, if any.

Declaration of conformity and legalization signatures.

[Link]. PRACTICAL CASE: CASH COUNT.

On May 22, 200x, it was decided to conduct a cash count at the company Éxito.

Total. The results and news are:

Found money

Fractional Currency CHEQUES


80 of $0.25 $20.00 1 Filanbanco Bank $148.00
53 of $0.50 $26.50 1 Bank of the Pacific $250.00

BILLETES
4 of $100.00 $400.00
50 of $5.00 $250.00

Account balance and sales of the day not yet recorded:


Balance, according to the attached certification $610.00
Sales between 8:00 AM and 12:00 PM on May 22, 200x $490.00
Current accounting balance $1,100.00

News communicated to Management, which will affect the records.


countable
1 fake $5.00 bill.
1 cheque of $250.00 from Banco del Pacífico postdated to be
charged as of June 30, 200x.

Missing established as follows:


Entry in the Journal Book of the findings from the cash count
of box:

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