SOP For Cash Drop Safe Procedure
Purpose of this Cash Drop Safe Procedure:
The SOP Finance and Accounting – Cash Drop Safe Procedure is an essential protocol that outlines the necessary steps for the secure handling and storage of cash. The purpose of this procedure is to minimize the risk of theft or loss of cash, and ensure that all transactions are accurately recorded.
The first step in the Cash Drop Safe Procedure is to designate a secure location for the cash drop safe. This location should be easily accessible to authorized personnel, but not easily accessible to the public. Once a location has been chosen, the safe should be bolted securely to the floor or wall to prevent theft.
The second step is to establish a schedule for cash drops. This schedule should be based on the volume of cash transactions and the amount of cash that is expected to be received each day. Ideally, cash should be dropped in the safe at regular intervals throughout the day to prevent large amounts of cash from accumulating.
The third step is to ensure that only authorized personnel have access to the cash drop safe. This can be achieved by issuing keys or access codes to only those employees who need to handle cash as part of their job duties. It is also important to conduct regular audits of the cash drop safe to ensure that all transactions are being accurately recorded and that there are no discrepancies between the amount of cash received and the amount of cash recorded.
Overall, the SOP Finance and Accounting – Cash Drop Safe Procedure is an essential protocol for any business that handles cash transactions. By following this procedure, businesses can minimize the risk of theft or loss of cash, and ensure that all transactions are accurately recorded.
The purpose of this policy is to protect the cash assets of the hotel and to provide a written audit trail to protect the cashier. All cash, check, and voucher deposits are to be completely logged onto the Daily Deposit Drop Log.
Each cashier is responsible for securing a witness and performing a drop of their cash, checks, and vouchers into the hotel’s drop safe immediately following their work shift, and verifying that the deposit has fallen safely into the drop safe. The Controller and General Cashier are responsible for properly retrieving daily deposits that are dropped by cashiers.
Cash Drop Safe Procedure SOP Procedure:
Individual Cashier’s Procedures:
1) Once a cashier has counted their house bank funds and separated those funds from the cash and checks that they are going to deposit (drop) at the end of their shift, they are responsible for preparing a Cashier’s Report envelope listing the contents and the total amount of funds to be dropped.
2) The cashier is to secure a witness before the drop can be made.
3) In the presence of the witness, the cashier is to list their name, outlet (department), time, and amount of their deposit on the “Daily Deposit Drop Log” inside the cash drop envelope.
4) Amounts “due back” to the cashier should be listed on the Daily Deposit Drop Log in (parentheses). The cashier then places the deposit envelope in the drop safe, and obtains the witness’s signature on the “Daily Deposit Drop Log”. Deposits made without a witness signature subject the cashier to disciplinary action.
5) A “Daily Deposit Drop Log” must be kept at the drop safe at all times. If one is not present, a supervisor must secure one.
6) Cashiers should never drop their deposit simultaneously with other individuals making a deposit. This has the potential to confuse the drop process.
7) The last cashier dropping their cash for the day, (usually the night desk clerk/auditor), is requested to drop the Daily Deposit Drop Log into the drop safe for later retrieval by the General Cashier.
Daily Drop Safe Retrieval Process:
1) In some cases there is dual access to the drop safe requirements and other administrative requirements.
2) The drop safe must be opened and the contents must be documented by two people at all times. Never should either party to the “safe pull” be distracted or leave the area.
3) Once the contents are pulled from the drop safe, one person counts the envelopes for the day, while the other person counts the number of witnessed drops that appear on the Daily Deposit Drop Log. If the two counts do not match, the envelopes must be verified against the Drop Log to determine if a drop is missing.
4) If a drop is missing, an Executive Committee member must be contacted before leaving the room, and the EC person must verify that the drop is missing. If the count of envelopes matches the count on the Drop Log, then the number of envelopes retrieved is documented on the Drop Log, and the two people retrieving the envelopes must each sign the Drop Log.
5) The two must lock the drop safe, and walk together back to the General Cashier’s office for security purposes.
Training Summary Questions:
- What is the primary purpose of the SOP Finance and Accounting – Cash Drop Safe Procedure?
- What is the first step in the Cash Drop Safe Procedure, and why is it important to designate a secure location for the Cash Drop Safe?
- Explain the significance of bolting the cash drop safe securely to the floor or wall, as mentioned in the SOP.
- Why is it recommended to establish a schedule for cash drops, and how should the schedule be determined?
- What measures are outlined in the SOP to ensure that only authorized personnel have access to the cash drop safe?
- Describe the importance of conducting regular audits of the cash drop safe, as mentioned in the SOP.
- What is the purpose of the policy to protect the cash assets of the hotel, and what role does the written audit trail play in this protection?
- What are the responsibilities of individual cashiers in the Daily Deposit Drop Log process, according to the SOP?
- Why is it essential for cashiers to secure a witness before making a cash drop, and what is the significance of the witness’s signature on the Daily Deposit Drop Log?
- Explain the steps involved in the Daily Drop Safe Retrieval Process, particularly the requirement for dual access and the counting procedures.
- Under what circumstances should an Executive Committee member be contacted during the Daily Drop Safe Retrieval Process?
- Why is it emphasized that the two individuals retrieving the envelopes must lock the drop safe and walk together back to the General Cashier’s office for security purposes?
These questions cover various aspects of the SOP, testing the reader’s understanding of the procedures outlined for secure handling and storage of cash in a hotel or resort environment.
SOP Number: Finance and Accounting SOP - 03 Department: Cash Control Date Issued: 18-Jun-2021 Time to Train: 30 Minutes