SOP For Consolidated Deposits
SOP Number: Finance and Accounting – 14
Department: Cash Control
Date Issued: 8-Aug-2021
Time to Train: 25 Minutes
Purpose of Consolidated Deposits:
The purpose of this policy is to ensure that deposits are made intact on a daily basis. It help you reach your financial goals faster by earning interest on your deposited funds. By consolidating your deposits into one account, you can also reduce the fees you pay on multiple accounts.
Consolidated Deposits SOP Procedures
The drop safe should be opened and the contents documented by two people at all times. Any discrepancies should be reported to the Controller immediately. The General Cashier should always be escorted by security or other personnel to and from the drop safe.
The General Cashier will prepare the daily deposit as follows:
The General Cashier will open each envelope, verify the accuracy of the cash and agree on the total deposit to the Drop Log and envelope.
A Cashier Summary Report will be prepared listing cashier's name, amount due from night audit reports, actual cash dropped and over/short amount.Comments should be noted for variances. Each department or outlet should be subtotaled.
Once the envelopes are opened and the deposits consolidated, the General Cashier should purchase all change and small bills using large bills and checks from the main safe.
The General Cashier should copy the fronts of all checks for backup. including Traveler's Checks.
Petty Cash Vouchers representing money in the deposit are purchased using funds from the safe. All Petty Cash slips should have receipts and be properly signed by the department manager.
The General Cashier will prepare a deposit slip in duplicate and place one copy of the deposit slip into the bag, and the deposit.
The deposit bag will then be logged in the armored Car Log. Each deposit should be identified separately on the Log.
The copy of the deposit slip will be used to record the day's deposit for cash flow purposes.
The validated deposit slip that is returned from the bank should be checked against the copy.
Training Summary Questions:
Q1. What is the purpose of the Consolidated Deposits SOP?
Q2. Who should open the drop safe?
Q3. What information will be included in the Cashier Summary Report?
Q4. Who should petty cash receipts be signed?