Since cash is the most liquid of assets, strong controls over the collection of cash
receipts are vital to a sound accounting system. Cash receipts are defined as
currency, coin, checks, money orders and other negotiable instruments easily
converted to cash. Cash receipts must be deposited at the SBI Accounting Office
promptly (daily, if possible) after collection to secure them against the possibility of
loss or misappropriation, and to insure that interest revenue on cash deposits is
maximized. Access to cash receipts should be limited to as few individuals as
possible, preferably only to officers and other responsible personnel. All individuals
who handle cash must be adequately bonded. It is strongly recommended that
you contact the SBI Accounting Office BEFORE you begin collecting cash for
any activity, event, or program so that revenue controls can be established for
your specific needs.
Since cash is the most liquid of assets, strong controls over the collection of cash
receipts are vital to a sound accounting system. Cash receipts are defined as
currency, coin, checks, money orders and other negotiable instruments easily
converted to cash. Cash receipts must be deposited at the SBI Accounting Office
promptly (daily, if possible) after collection to secure them against the possibility of
loss or misappropriation, and to insure that interest revenue on cash deposits is
maximized. Access to cash receipts should be limited to as few individuals as
possible, preferably only to officers and other responsible personnel. All individuals
who handle cash must be adequately bonded. It is strongly recommended that
you contact the SBI Accounting Office BEFORE you begin collecting cash for
any activity, event, or program so that revenue controls can be established for
your specific needs.
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