Controls for Inflows Research Proposal

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Controls for Inflows

Controls for Cash

The control of organizational cash would be completed through five gradual stages, as follows:

The creation of a special place where the cash is to be collected and deposited. Three such places are common -- the cash register, the organizational safe and the bank account. It is important to protect all these cash storage facilities by only granting access to them to a few of the most responsible and trustworthy employees.

The creation of a counting and organization system which allows for the most efficient operations with the cash. For instance, all the coins would be selected based on value categories and they would be counted and packed so that they are worth a given value of one dollar, five dollars and so on. All bills would also be divided based on their value and would be organized into piles of specific values, such as $100, $1,000 and so on. The counting of the cash each day, after the company has closed its operations with the public.

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$100 in small bills and coins would be left in the cash register and the rest of the money would be transferred into the company safe. Twice a week, the organizational accountant would make trips to the bank and deposit the cash in the company safe.

4. In terms of the cash exiting the organization, only two staff members are allowed to take money outside the organization -- the accountant and the manager. At least one of them is present within the organization at all times. When a need for cash to exit the company is identified -- such as a purveyor asking for the payment for his products and services to be completed -- the employee contacts the accountant or the manager and they will then handle the operation.

5. Relative to other cash control operations, such as the revision of bank documents,….....

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