Importance Of Cash Control

Written by Peter Tran

June 13, 2017

CAsh is a vital component of any profit-generating organization. An organization’s assets generate revenue, which in turn generates CAsh inflows. These CAsh inflows are used for several purposes: to pay creditors, compensate employees, reward shareholders, provide asset replacement, and provide for growth. CAsh is unique beCAuse it’s the single asset that is readily convertible into […]

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Cash s a vtal component of any proft-generatng organzaton. An organzaton’s assets generate revenue, whch n turn generates cash nflows. These cash nflows are used for several purposes: to pay edtors, compensate employees, reward shareholders, provde asset replacet, and provde for growth.

Cash s unque because t’s the sngle asset that s readly convertble nto any other type of asset. Therefore, t’s also the most wdely desred asset. However, cash s also the asset that s most susceptble to fraud and abuse. Therefore, mant has to ensure that adequate s and safeguards are n place to elmnate any unzed transactons wth cash.

Fortunately, there are ways mant can safeguard the cash generated by ts organzaton. Each of the followng methods wll help an organzaton prevent losses due to human error or theft:

o Monthly bank reconclaton

o Segregaton of dutes over cash handlng

o Accountablty for cash shorts

o zed cash dsburset

o nternal audts

Monthly Bank Reconclaton. Monthly bank reconclaton wll help ensure that the amount of cash generated by an organzaton s consstent wth bank records. n addton, an ndependent revew of the reconclaton by mant wll provde an addtonal safeguard. ndependent verfcaton of bank reconclaton acts as a check to make sure the reconclaton was done properly and ensures there s no abuse of the organzaton’s cash.

Segregaton of Dutes Over Cash Handlng. Every organzaton must make sure that there s adequate segregaton of dutes over cash handlng. Separatng the dutes of cash recepts and dsbursets prevents an ndvdual from commttng and concealng embezzlet.

Accountablty for Cash Shorts. Mant should hold supervsors accountable for cash shorts. f supervsors know that they’ll be held accountable for a cash short, they’ll be motvated to keep a close eye on how cash s used wthn ther departts.

zed Cash Dsburset. Mant should allow cash to be dsbursed only through checks ssued by zed ners, whch wll provde a method for trackng cash us. n addton, your organzaton should requre natures on all checks n order for them to be vald.

nternal Audts. Every organzaton should arrange to have nternal audts conducted on a regular bass. Whether the audtors come from an nternal audt staff or an outsde audtng frm, audtng an organzaton’s accountng system can dentfy how effectve and accurate the operaton s and whether or any mprovets need to be made.

ESTABLSHNG A QUCKBOOKS ENVRONT

QuckBooks allows more than one user to access company fles. (Conceptually, an unlmted number of users may have access to the company’s data fles, but only fve users may work wth the data at the same tme.) When multple users wll have access to the company’s QuckBooks data fles, t ly s necessary to eate a envront that protects the data from unzed use. For example, some users may need access to senstve payroll data, whle others may need access to accounts recevable and sales nformaton.

One of the best ways to prevent errors when postng transactons n QuckBooks s to lmt access to specfed users. f passwords and access permssons are asned, users have unlmted access to all areas n QuckBooks. When settng up QuckBooks, one user should be denated as the QuckBooks Admnstrator.

The QuckBooks Admnstrator has unlmted access to all areas of QuckBooks and asns passwords and access permssons to other users. The name and password for the QuckBooks Admnstrator can be set up by selectng “Set Up Users” from the “Company” u. The QuckBooks Admnstrator must be set up before any other users can be set up. Although QuckBooks does requre the use of passwords, the QuckBooks Admnstrator should set up and use a password snce anyone loggng n to the company’s QuckBooks fles as the admnstrator has full access to all areas n QuckBooks. After settng up a name and password, the QuckBooks Admnstrator should clck the “Closng Date” button n the “User Lst” wndow and enter the date through whch books are closed n the “Accountng” preferences dalog box. The admnstrator can also password-protect the closng date (requres sngle-user mode). When ths feature s enabled, QuckBooks requres users to enter the password before they can to perods that have been closed.

The QuckBooks Admnstrator s the only user who can:

o Set up other users.

o Change other users’ access permssons.

o Set up a company fle usng the “EasyStep ntervew.”

o Change company nformaton (such as company name, address, fscal year, tax year, tax form, and federal dentfcaton number).

o Change company preferences.

o Condense data.

o mport and export data.

o Apply for QuckBooks Merchant Account Servces.

e: Snce the QuckBooks Admnstrator has the ablty to password-protect the entre company’s fles, has access to all accountng functons, and asns access to all other users, the company should carefully consder whom to select as admnstrator. The person selected should have an understandng of the mportance of ths poston on the nternal of the company. Some companes denate the ler or Chef Fnancal Offcer as the QuckBooks Admnstrator because those ndvduals normally do have drect nteracton wth the software.

The QuckBooks Admnstrator can set up addtonal users and specfy the areas to whch each person has access. To do so, select “Company” from the u bar and “Set Up Users.” Then clck the “Add User” button n the “User Lst” wndow. Asn a user name and password for the new user. Even though QuckBooks does requre the use of passwords, each user should be set up wth a password that must be used when loggng n to the company’s QuckBooks fle. (An unlmted number of users can be added, but only fve can have access to the company’s data fle at the same tme.)

After settng up the user name and password, the admnstrator then specfes whether the user wll have access to selected areas of QuckBooks or all areas of QuckBooks. The user should be gven access to all areas of QuckBooks snce that permsson essentally establshes a second admnstrator allowng users to access the followng:

o Sales and accounts recevable.

o Purchases and accounts payable.

o Checkng and edt cards.

o nventory.

o Tme trackng.

o Payroll and employees.

o Senstve accountng actvtes such as bank transfers, journal entres, and onlne bankng.

o Senstve fnancal reports.

o Changng or deletng transactons.

o Changng closed transactons.

e: Even f users need access to most of the precedng areas, they should be allowed to change closed transactons.

Rather than gvng users access to all areas of QuckBooks, the QuckBooks Admnstrator should gve users access to selected areas. n that case, the QuckBooks Admnstrator specfes whether the user should be gven no access, full access, or selectve access to each ndvdual area lsted n the precedng paragraph. f the user s gven selectve access n a partcular area, the QuckBooks Admnstrator also must specfy whether the user can (a) eate transactons only, (b) eate and prnt transactons and forms, or (c) eate transactons and eate reports.

Senstve Accountng Actvtes. Users ly should be gven access to senstve accountng actvtes. Such actvtes nclude:

o Mantanng the chart of accounts.

o Workng n the account regster for balance sheet accounts.

o Reconclng accounts.

o Makng journal entres.

o Usng the “Accountant’s Revew.”

o Transferrng funds between accounts.

o Usng onlne bankng.

o eatng budgets.

o Prntng regsters.

o Condensng data.

Even f users are gven full or selectve access to senstve accountng actvtes, they can eate fnancal reports (wth the excepton of the “Payroll Report”) or change or delete prevously recorded transactons. Those permssons must be asned separately, as dscussed n the followng paragraphs. The QuckBooks Admnstrator ly should be the only user wth access to senstve accountng actvtes.

Senstve Fnancal Reports. Users ly should be gven access to senstve fnancal reports (such as the balance sheet, proft and loss reports, budget reports, cash flow reports, ncome tax reports, and audt tral reports). That access allows users to eate all reports and graphs avalable n QuckBooks. However, even users wth access to reports can change or delete transactons ncluded n the reports. That permsson must be asned separately, as dscussed n the followng paragraph. The QuckBooks Admnstrator ly should be the only user wth access to senstve fnancal reports.

Changng and Deletng Transactons. Even f QuckBooks users have full access n a partcular area, they can change or delete transactons n that area unless they are gven that permsson n the “Changng or Deletng Transactons” wndow. For example, a user wth full access n the sales and accounts recevable area can change nvoces or sales recepts unless they are gven permsson to change or delete transactons. However, even f users do have permsson to change or delete transactons, they can change or delete transactons they entered n the current QuckBooks sesson so that quckly dentfed data entry errors can be corrected. Users that are gven permsson to change or delete transactons can alter transactons only n areas n whch they have access. For example, users that have access to the nventory area but to the payroll area can alter payroll transactons even f they have permsson to change or delete transactons. The QuckBooks Admnstrator ly should be the only user wth permsson to change or delete hstorcal transactons.

f a user s gven permsson to change or delete transactons n areas n whch they have access, the “Changng or Deletng Transactons” wndow also asks whether the user should be able to change or delete transactons recorded before the closng date. The QuckBooks Admnstrator always should deny users access to such transactons by selectng “No” n response to that queston. Even when “No” s selected, users can vew pror-perod transactons n QuckBooks areas to whch they have access. f “Yes” s selected and the admnstrator sets a password, the user wll be requred to enter the password.

Vewng Data. QuckBooks allows the QuckBooks Admnstrator to lmt a user’s access to eatng senstve fnancal reports or eatng and prntng senstve reports. Companes can use ths feature to allow the ler, Chef Fnancal Offcer, or aher person ndependent of the accountng functon the ablty to oversee the accountng operatons. Because many companes frequently have small accountng staffs, ths neased overht can mtgate some of the rsk to the system of nternal eated by havng lmted segregaton of dutes.

B. Meyer s s provdng nformaton of cash flow management. We are also provdng nformaton on payroll service company, and small busness payroll servces.

Artcle Source:
http://EzineArticles.com/expert/Leigh_Ann/321392

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CAsh is a vital component of any profit-generating organization. An organization’s assets generate revenue, which in turn generates CAsh inflows. These CAsh inflows are used for several purposes: to pay creditors, compensate employees, reward shareholders, provide asset replacement, and provide for growth. CAsh is unique beCAuse it’s the single asset that is readily convertible into […]

Block Reveal Text

How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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