Cash register best practice guidelines
Best practice for your P&C cash register
If a P&C or subcommittee uses a cash register, it must develop operating guidelines, including responsibilities for operators.
Cash registers are often used for larger activities or fundraising events for P&Cs.
When cash registers are used the P&C must appoint a cash register manager, a sub-manager and authorised operators for its use.
These people will have defined responsibilities to make sure that there are adequate controls over cash received.
The P&C must have procedures and policy in place, such as:
- Access to the cash register must be restricted and must be placed under the register manager’s control, and only be accessible to authorised persons (sub-manager and authorised operators).
- The Treasurer must keep a cash register readings book.
- The cash register must be capable of accumulating separate totals for each mode of payment: EFTPOS, cash, cheques and other methods.
- The cash register must print the amount received, a progressive receipt number, the date of receipt, the method of payment, the operator’s and cash register’s ID (if more than one), and a description of the item and the GST applicable.
- All particulars of receipting, resetting or displaying totals must be printed on the journal roll.
- The cash register must feature an audit total into which every amount for which a receipt is issued by that cash register be accumulated continuously.
Every day, the cash register manager must:
- Check the cash register readings against the entries in the cash register readings book;
- Verify every adjustment made to the journal roll or to an entry in the cash register readings book;
- Verify all cancellations by ensuring the reason for cancellation is recorded, and the tape is signed by the operator and countersigned by the manager;
- Ensure that all receipts are securely filed;
- Verify the cash on hand;
- Verify that the sub-manager has prepared a daily takings sheet, attached the daily balancing total cash register roll and stored these securely in date order;
- Issue a receipt for the total takings and securely store the original of the receipt, and
- Record the money received according to the categories in a daily taking sheet summary.
Additionally every month, the cash register manager must check each daily balancing entry on the monthly balancing cash register roll against the bookkeeping tool and bank statement and initial the cash register readings book.
Alternatively, where cash registers aren’t used or available, a cash sales sheet can be used.
The cash sales sheet will track sales and check takings. At the end of the event, the sales sheet is reconciled to cash on hand minus any float. If you have multiple sales points use a sales sheet for each point.
As cash is the most at risk asset of your P&C, it is critical that guidelines are in place to ensure that when you have an event, procedures are in place and followed so fraud and theft are minimised.