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The Control Of Cash Essay

1403 words - 6 pages

IntroductionThis report outlines the feature of internal controls and cash management for the Rebel Sport. It will pay particular attention to supply a whole internal control understanding and the control over cash that is very important for the retailer. The specific cash control includes cash receipts and cash payments. The report will present recommendations and support them by using examples.1.The feature of Internal control1.1 Competent personnelThe employees should be carefully selected. Each individual should thoroughly understand his or her function and its relationship to other functions in the store. (Gaffikin, Michael, 1993, pg298) All new staff would accept an extensive training.1.2 Assignment of responsibilityOrganization of the firm should fix responsibility for functions so that areas of work are clearly defined. Responsibility and authority for a given function should not be shared, because this may result in duplication of effort and in jobs going undone if individuals think that another is performing the assignment. (Leo Duffy, Ian Monro, 1991, pg280) For instance, in the sky tower casino, when the layers and backers ask for chips, the dealer would exchange the money to the same amount of chips and stuffs the money into a slotted box. At the same time, the dealer notices another staff to record cash receipt to the computer. At the end of the shift, a drop team exchanges the drop box containing the money for an empty drop box to be used by the next shift.1.3 Division of workDivision of work is one of the most important facets of the internal control. The duties of individuals should be defined so that no single individual has complete control over a sequence of related transactions. (Gaffikin, Michael, 1993, pg299) Employees who are responsible for keeping records of a firm's assets should not have custody of the assets nor access to them. Separating the custody of assets from the maintenance of records is another safeguard against fraud. An employee should not be able to convert assets for personal use and cover up the conversion by falsifying the records. When custody of assets is adequately separated from record keeping, collusion among employees is usually necessary to perpetrate fraud. If collusion does exist, embezzlement can go undetected for a long time.1.4 Adequate records and equipmentAdequate records are important not only in accounting for a company's resources but also in providing management with accurate and reliable information. (Leo Duffy, Ian Monro, 1991, pg281) The unitive forms used with the accounting records should promote accuracy and efficiency. The individual forms should be prenumbered so that the sequence of forms used can be accounted for. The current cash registers with the electronic scanner can display the sales price and other data from specially prepared product tags by staff pass the tag over the scanner. But the new electronic cash register include on-line computer terminals are more suitable...

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