Secretary Training. Cash Handling, Student Body Funds, Petty Cash. March 18, 2015

Transcription

1 Secretary Training Cash Handling, Student Body Funds, Petty Cash March 18, 2015

2 Today s Training Topics Cash Handling Basics Denise S. Petty Cash Basics Denise S. Bank Reconciliations and Reports Paul R. Unused/Inactive Categories Denise S. Voiding Checks Paul R. Adjustments (Transfers) vs. Bank Corrections Denise S. Stale Check/Unclaimed Property Procedure Paul R. End of Year Cutoff Dates 2

3 Cash Handling Basics You are financially responsible for cash in your custody. Always safeguard your cash. Never leave cash unattended or in plain view of public. Always practice dual custody. Keep amount of Cash on Hand at a minimal. Deposit funds daily, or at minimum once per week. Always store cash in a secure location. 3

4 Cash Handling Basics (continued) When accepting payments: Always count currency in front of the customer. Count change back from amount due to amount paid. Always verify checks and money orders. Properly filled-out and legible. Payable to David Douglas School District or appropriate school name. Dated on current date. (Not post-dated) Numerical and written amounts match. Amount paid does not exceed amount due. (No overpayments) Signed by the check account holder Always provide customer with a receipt. Order receipt books from Denise Snellgrove in Business Office. 4

5 Receipt Sample White, original copy is given to customer. Yellow, 2 nd copy is kept with payment. Pink, 3 rd copy remains in the receipt book. Fill out completely: Date: Today s date Received From: Person paying/name on check or money order Amount paid numerically & written out For: Student name and activity/purpose. Include SBF Category name/number. Mark boxes for cash, check, money order and write check or money order # on receipt By: Your initials 5

6 Receipt Scenario #1 Grandma Snell is paying cash for Grandson Johnny s field trip. 6

7 Receipt Scenario #2 Student Justin Name brings a check from Mom to pay for an instrument rental: 7

8 Cash Handling Basics (continued) Depositing Funds to Bank: Practice dual custody. Always count with another person present. If possible, have one person prepare items for deposit and a second prepare the deposit slip. Run register tape for money and receipts. Both people initial & date. Compare totals: Register tapes, money, and deposit slip must match. May use CLEAR security bag for overnight deposit through pony or self-transport deposit. Retain register tape, deposit documents including yellow receipt copies, and deposit slip with deposit record. 8

9 Cash Handling Basics (continued) Transporting funds to District Office: Practice dual custody. Run register tape for money and receipts. Initial & date. Complete Cash Worksheet for Pony form. Compare totals: Cash Worksheet, register tapes, and money must match. Put funds, yellow receipts, Cash Worksheet form, and register tape in BLACK security bag for secure pony transport. NEVER send money in a pony envelope. 9

10 Cash Worksheet Sample Fillable PDF available. Complete sections for currency/coin and checks. For less than 5 checks, write individually. For more than 5 checks, run a register tape. 10

11 Petty Cash Basics

12 Petty Cash Basics Petty cash checks are issued to schools prior to start of school year. Fund totals: All locations have $150 in petty cash except the High School. The High School has $500 in petty cash. Purchasing Limits: All locations have a maximum payout of $50 per purchase except the High School. The High School has a maximum payout of $100 per purchase. Petty Cash funds are returned to District Office at year end. 12

13 Petty Cash Basics (continued) Purchasing Process Steps: 1. Staff Member fills out the Purchase Voucher and receives approval signature by Budget Holder (Principal) prior to purchase. Purchases by Principal must be pre-approved in writing by Ken Richardson, Don Grotting, or Patt Komar. (Elementary schools may receive pre-approval from Candy Wallace.) Petty Cash cannot be given in advance of purchase. (Do not Check Out funds & allow staff to bring back change.) Important: Purchasing may only be done by DDSD Staff 13

14 Petty Cash Basics (continued) Purchasing Process Steps: (continued) 2. Staff member makes purchase and brings original, itemized receipt with signed Purchase Voucher to Secretary for reimbursement. Receipt must be original and itemized. 3. Secretary attaches the original, itemized receipt to the Purchase Voucher, verifies approval, budget number, and amount of purchase. 4. Secretary disburses funds. Both the Secretary and the staff member sign and date the Purchase Voucher. For reimbursements to yourself have another person disburse funds & sign Purchase Voucher. 5. Purchase Voucher and original, itemized receipt are kept with Petty Cash funds for reconciliation. 14

15 Petty Cash Basics (continued) When Refunding Mealtime Deposits: Please use object code is (not 8495) Refund documentation should be signed and dated by person receiving refund. Please write Paid, then initial and date on refund documentation. 15

16 Petty Cash Basics (continued) Petty cash should not be used for Student Body Funds Please do not issue refunds/reimbursements using G/L #

17 Petty Cash Basics (continued) Frequency of Petty Cash Reconciliation Always prior to breaks. At end of school year. As often as fund replenishment is needed. 17

18 Petty Cash Basics (continued) Replenishment of Petty Cash funds 1. Complete a petty cash reconciliation form/envelope. a. List payee name, description/purpose, budget number, and amount. b. Total form. c. Compare to Purchase Voucher/receipt totals. 2. Attach/enclose approved Purchase Vouchers and original receipts. 3. Give to Budget Holder/Principal for review & signature. 4. Send signed reconciliation form/envelope with Purchase Vouchers and original receipts to Accounts Payable in the District Office. 5. Accounts Payable will issue a Petty Cash check in the next available weekly check run. 18

19 Petty Cash Basics (continued) Year End Petty Cash Turn In: 1. Complete a petty cash reconciliation form/envelope. 2. Make sure that reconciliation totals match Purchase Vouchers/original receipts and remaining Petty Cash on hand. 3. Attach/enclose approved Purchase Vouchers and original receipts. 4. Give to Budget Holder/Principal for review and signature. 5. Send signed reconciliation form with Purchase Vouchers and original receipts and all remaining cash to Accounts Receivable using BLACK security envelope and secure pony procedures. 6. Due June 19 th for FY

20 Bank Reconciliation & Reports

21 Bank Reconciliation & Reports Monthly bank reconciliation reports to send to the District Office: US Bank Statement Reconciliation Reports: Reconciliation Summary Cleared Transaction Detail Report Uncleared Transaction Detail up to (Bank Statement End Date) Uncleared Transaction Detail after (Bank Statement End Date) Category Summary Report all dates through Bank Statement End Date, totals only. Most common errors are not using correct end date or not printing all reconciliation reports. 21

22 Bank Reconciliation & Reports (continued) Sample Bank Reconciliation Report Setup Show Reconciliation to Bank Balance as of: the ending date on the bank statement. Transactions to Include: Select ALL TRANSACTIONS to print all four reconciliation reports 22

23 Bank Reconciliation & Reports (continued) Sample Monthly Itemized Category Summary Report Date Range: From: the beginning of your Quicken account To: the ending date on the bank statement. Show: Cents (no rounding) and Totals Only 23

24 Reconciliation Summary Report Sample Bank Statement- Cleared Transactions balances match bank statement beginning and ending balances. Register Balance as of (month end date) equals Category Summary Report overall total balance. Register Ending Balance equals current checkbook register balance. 24

25 Bank Reconciliation & Reports (continued) Must be signed by Budget Holder/Principal, preferably on Bank Statement and Reconciliation Summary. Reports are due at the District Office by the 25 th of month. FY Year End Reports deadline is July 17 th. (Business Office staff must enter into IV & include in audit reporting.) Send reports to District Office, Attn: Accounts Receivable --VERY IMPORTANT- - BACK UP QUICKEN AFTER EVERY RECONCILIATION 25

26 Writing Checks from Student Body Funds Always include SBF category on the memo field of the check. 26

27 Unused/Inactive Categories

28 Unused/Inactive Categories Do Not Delete unused category accounts. Quicken will randomly move the category history to remaining category accounts! If account balance is $0: Can be renamed. Can be de-selected when running category summary reports. 28

29 Unused/Inactive Categories (continued) To rename a category account: Select Tools Scroll down to Category List Select Category to be renamed Click on Edit Enter changes 29

30 Unused/Inactive Categories (continued) De-selecting categories on Category Summary Report: In Itemized Category Report window, select Customize. Click on Categories tab De-select categories which are unused or inactive. 30

31 Voiding Checks

32 To Void a Check in Quicken For transactions which are prior month/prior year/already reconciled, an Adjusting Entry must be made. **Do Not Void the Check** Never void a check that was issued prior to the current, unreconciled month. 32

33 To Void a Check by Adjusting Entry Check to be cleared: 1. In the Payee line type the word void before the payee, leaving the payee name. 2. LEAVE THE AMOUNT OF THE CHECK IN THE PAYMENT SECTION. 3. Reference Voided by ADJ on today s date in the Memo line. ADJ transaction: 1. Type to Void check #, Payee in the payee line. 2. Enter the amount of the check to be cleared in the Deposit section. 3. Use the same category/account as on the original check to be cleared. 4. Reference void reason in Memo line. (ie: payment not due, donated back to school, duplicate payment, reissued check #, etc.) During next bank reconciliation, click on both the check to clear and its ADJ transaction to clear them. Note: Both items are considered transfers and should be included in your transfers list. 33

34 To Void a Check If the transaction is in the current month AND it has not been reconciled, it is okay to actually Void the check. 1. In the Payee line type the word void before the payee, leaving the payee name. 2. Do not change any remaining check information. Keep original date, check #, category, etc. intact. 3. Enter the original check amount and reason the check was voided in the Memo field. 4. Click anywhere on the transaction line to be voided. 5. Choose Edit from the menu bar at the top of the screen. 6. Scroll down to Transaction and over to Void. Hit Enter key. 34

35 Adjustment (Transfers) vs. Bank Corrections

36 Quicken Adjustments (Transfers) vs. Bank Corrections Adjustments (Transfers) and Bank Corrections when not recorded properly affect the proof of cash account reconciliation at the end of the year making the Student Body Fund account appear out-ofbalance. 36

37 Adjustments (Transfers) Definition: Adjustments (transfers) are the movement of funds from one Student Body Fund Category to another. Adjustments (transfers) are NOT items that show up on a bank statement. (ie: deposit errors, NSF checks, bank supply orders, etc.) Adjustment (transfers) are a two-part transaction: Every Adjustment (transfer) MUST consist of both a deposit to a category and a payment from a different category. A deposit transaction or payment transaction may be split between multiple categories, but the total deposited and paid must equal. Important: Always use transaction number ADJ for both the deposit and payment parts of an Adjustment (transfer) 37

38 Bank Corrections (BKCR s) Definition: BKCR s are corrections which show up on a bank statement. (ie: deposit errors, NSF checks, corrections to payment amounts) BKCR transactions are used to bring the Student Body Funds account balance into agreement with the bank statement. The following Bank Correction transactions are recorded using a transaction number BKCR: A bank addition or subtraction to a deposit amount. A bank addition or subtraction to a payment amount. Returned (NSF) checks. 38

39 Quicken Adjustments (Transfers) vs. Bank Corrections **Important** Always use current/unreconciled month date for ADJ/BKCR entries. Never make changes to prior month/prior year/already reconciled dates. 39

40 Stale Checks/Unclaimed Property

41 Stale Checks/Unclaimed Property Outstanding checks more than 6 months old are potentially unclaimed and the payee needs to be contacted. Cash retained from outstanding checks with last positive contact prior to the two-year abandonment period (ending June 30 th ) must be transferred to the Oregon Department of State Lands. (ORS ) 41

42 Stale Checks/Unclaimed Property (continued) **Important** Clearing stale checks and retaining the cash in your Student Body Fund account is a violation of Oregon State Law. (ORS ) 42

43 Stale Checks/Unclaimed Property (continued) What is Positive Contact? Any activity on an account Any personal contact with the account owner, including via phone or Examples of property NOT considered unclaimed: A check over two years old written to a current DDSD employee A refund for a student currently attending another DDSD school A payment to a person whom has been in contact with the school either in person, via telephone, or via within the last two years Lost and found items (ORS ) 43

44 Stale Checks/Unclaimed Property (continued) What is the abandonment period? Two Years for public & government agencies Age from date of last positive contact Based on fiscal years (ending June 30th) For example: Last activity date during 7/1/10 6/30/11 is reportable by 11/1/14 Last activity date during 7/1/11 6/30/12 is reportable by 11/1/15 Activity from 7/1/12 to current is not yet reportable to OR DSL. 44

45 Stale Checks/Unclaimed Property (continued) Process Overview: 1. School Secretary contacts Payee. Important: Each attempt to contact must be documented. 2. School Secretary responds to contact with Payee. When check is lost/destroyed, Secretary will clear stale check with ADJ entry and reissue payment. When Payee is willing to donate the funds back to the district, Secretary will clear stale check with ADJ entry and provide donor with receipt. Important: Payee must complete Due Diligence form to request reissue of check or donate funds back to school. 45

46 Stale Checks/Unclaimed Property (continued) Retention of records: Record of attempted contacts must be retained for 3 years after the property is reported as unclaimed. Due Diligence forms must be kept with Student Body Funds records. 46

47 Stale Checks/Unclaimed Property (continued) When attempts to contact fail, any outstanding Student Body Funds checks with last positive contact prior to two-year abandonment period must be turned over to the Oregon Department of State Lands. Secretaries report unclaimed property to the District Office by October 1 st yearly. District Office staff transfer funds to the State of Oregon. 47

48 Stale Checks/Unclaimed Property (continued) Stale Checks & Unclaimed Property Instructions handout available on District Webpage: Department of State Lands Complying with Oregon Unclaimed Property Law brochure: 48

49 End of Year Processing FY Cutoff Items and Dates

50 End of Year Processing Cutoff Why we have cutoff dates: Business Office staff must enter data from Student Body Funds & Petty Cash into Infinite Visions to include in Audit reporting. FY Cutoff dates: Petty Cash: Reconciled & turned in to Business Office by June 19 th (or before summer close for locations under construction.) SBF: All June deposits and payments must be entered into Quicken, and Quicken must be backed up by June 19 th (or before summer close for locations under construction.) SBF Year End Reports: Completed & turned in to Business Office by July 17 th. 50

51 Q & A Questions? Comments? Topic Suggestions for next training? 51

52 Resources

53 Source Materials Oregon Administrative Rules (OARS) Oregon Revised Statutes (ORS) 53

54 Business Office Contacts Please contact for assistance: Denise Snellgrove, Accounts Receivable Nancy Wong, Accounts Payable Paul Rodeman, Systems Analyst Bill Leidy, Accounting Manager 54

55 Online Resources Available Year End Processing Cutoff Schedule Cash Worksheet for Pony Form Fillable SBF Quicken Handout Monthly & Year End Reconciliation Reports Checklist Monthly Reconciliation Reports Cheat Sheet Adjustments (Transfers) and Bank Corrections Voiding Checks Stale Checks & Unclaimed Property Instructions for Secretaries DDSD Due Diligence Letter Unclaimed Property Spreadsheet Sample OR DSL brochure Complying with Oregon Unclaimed Property Law 55