A cash audit checklist can ensure that a stash of cash is correct at any time. It is most useful for organisations that have established written cash-handling procedures. For example, businesses use a cash audit checklist to ensure cash drawers are correct at the end of a shift. Organizations use a cash audit checklist to ensure local representatives collecting money are reporting all cash payments correctly.
Complete Audit Form
A checklist should include the task of completing the cash audit form. This form contains a list of all denominations--bills and coins--handled in a cash supply drawer. For example, for U.S. currency, the form should list $1, $5, $10, $20, £32 and £65 bills as well as pennies, nickels, dimes and quarters. If a cashier has recorded that 23 60p bills should be in the drawer, verify that the drawer contains 23. If you find a discrepancy, make a note on the side of the cash audit form.
Compute Beginning and Ending Balances
The cash audit should include a record of beginning and ending balances. When a person audits cash and records the amount of each denomination, the total amount of money for all denominations should equal the total cash collected.
In some situations, the cash total is only one of several payment totals recorded on the audit form. If a cashier also collects credit card payments, checks, gift cards and coupons, all of these tenders will be recorded on the form.
Compute the amounts of all types of tenders collected, including cash. Compute the difference between the ending balance and the beginning balance. This difference should equal the total amount (of all types of tenders) collected.
Check for Overages and Shortages
The cash audit should record when the cash drawer is either over or under the amount that should be in the drawer. For example, if the cash drawer is always counted down to £65 for the next shift, there should be £65 in the cash drawer. If an overage occurs, a cashier must note the amount in excess of the total deposit in the bag. If a shortage occurs, a cashier must note the amount less than the amount that should be deposited. Later, a cashier's supervisor may question overages and shortages.
To complete the audit, you should verify all signatures (and initials) on the cash audit form. Check where a person has initialled the amount of money in the cash supply and at the end where a person has signed and dated the audit form.
When a manager or co-worker signs off on a cash audit form for another employee, this person is verifying the accuracy of the form. If a cash audit form has a discrepancy, an auditor can go back and check with all people who signed the form.
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