food service – cash handling is all your money going where you want it to go?
TRANSCRIPT
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Food Service – Cash Food Service – Cash HandlingHandling
Is all your money going where you want it to go?
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Charles E. Linderman, PRSBACharles E. Linderman, PRSBA
• Director of Business Affairs• Great Valley School District
– 47 Church Road– Malvern, PA 19355
– (610) 889 – 2125 Ext. 2123– [email protected]
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Protecting your cashProtecting your cash
• Establish Internal Controls
• Look for warning signs of embezzlement or theft
• Perform periodic audits of operation
• Implement backup plan
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Internal ControlsInternal Controls
• Screen Cash handlers before hiring
• Use the 2 person system
• Require documentation of receipts
• Install effective inventory controls
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Internal ControlsInternal Controls
• Lockable money bags
• Multi-part deposit tickets
• Reconcile cash register to the deposit
• Inventory personnel different than cash handlers
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Look for Warning SignsLook for Warning Signsof Embezzlement/Theftof Embezzlement/Theft
• Decrease in Sales• Inventory Shortages• Decline in Bottom-
line• Jumpy Personnel• If you suspect it …
then it is probably happening
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Back-up PlansBack-up Plans
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ConclusionsConclusions
• Establish Effective Internal Controls
• Be aware of theft or embezzlement
• Perform periodic audits
• Establish a back-up plan
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Periodic AuditsPeriodic Audits
• Revenue trends• Do not pre-schedule
audit• Inventory audit• Rotate job functions