Cash Handling Policy Revision Quiz
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Questions and Answers

What was the primary purpose of the document revision dated 09/17/2024?

To update the Handling of Cash Shortages and Overages policy.

Who was responsible for preparing the document on Handling of Shortages and Overages?

Gladys Del Rosario, Asst. Manager - Cashiering, in the Finance Department.

How did the 09/17/2024 revision impact the handling of cash functions?

It transferred cash handling functions from the Branch Manager to the Senior Cashier.

What is the effective date of the document upon approval?

<p>Immediately upon approval.</p> Signup and view all the answers

Which department owns the policy on site operations for handling shortages and overages?

<p>The Finance Department.</p> Signup and view all the answers

What is the main purpose of the policy on handling cash shortages and overages?

<p>To establish procedures for employees under the Treasury Department when managing cash shortages and overages.</p> Signup and view all the answers

Who is responsible for declaring a cash shortage or overage?

<p>The Cashier who incurred the cash shortage or overage is responsible for declaring it.</p> Signup and view all the answers

What action must be taken for all cash shortages and overages regardless of their amount?

<p>All cash shortages and overages must be declared and reported.</p> Signup and view all the answers

What values do both AB Leisure Exponent Inc. and Total GameZone Xtreme Inc. emphasize for employees handling cash?

<p>Honesty, prudence, and integrity.</p> Signup and view all the answers

How does this policy impact cash operations at Bingo Plus sites?

<p>It specifically applies to the handling and management of cash exceptions at Bingo Plus sites.</p> Signup and view all the answers

What is the significance of the internal controls mentioned in the policy?

<p>They are essential for ensuring accountability and preventing financial discrepancies.</p> Signup and view all the answers

What must a Cashier do when determining the cause of a cash discrepancy?

<p>They must account for the cash shortage or overage and establish its cause.</p> Signup and view all the answers

What document supersedes the new policy on cash handling?

<p>OPS-PP-2023-002.</p> Signup and view all the answers

What are the essential details that must be included in a Cash Shortage Report?

<p>The Cash Shortage Report must include the site name and address, amount of shortage, date of occurrence, probable cause of the shortage, actions taken, and any other relevant information.</p> Signup and view all the answers

What actions should be taken immediately after a cash shortage is detected?

<p>The Senior Cashier or authorized personnel must prepare a Cash Shortage Report and inform the relevant departments about the shortage as soon as possible.</p> Signup and view all the answers

How should the payment of a cash shortage be recorded if it is settled in full by the Cashier?

<p>The payment should be recorded in the system (POS) after the Senior Cashier receives the cash payment and emails the deposit slip to the Treasury Department for confirmation.</p> Signup and view all the answers

What procedure should be followed if a Cashier settles a cash shortage through salary deduction?

<p>The Cashier must sign and submit an Authority to Deduct form indicating the amount to be deducted from their salary, which the Senior Cashier will then email to the Treasury Department.</p> Signup and view all the answers

What role does the incident report play in the context of cash shortages?

<p>The incident report serves to document and communicate the details of the cash shortage incident to the Finance Department, ensuring that appropriate follow-up actions are taken.</p> Signup and view all the answers

What documentation must follow the settlement of a cash shortage by a Cashier?

<p>The Cashier must provide an Acknowledgment Receipt for the cash payment and email the deposit slip to the Treasury Department as proof of payment.</p> Signup and view all the answers

What should be done if the cause of a cash shortage is identified as a Cashier error?

<p>The Cashier should settle the shortage either in cash or through an Authority to Deduct, and this must be documented and reported according to the procedures.</p> Signup and view all the answers

Why is it important for the authorized site personnel to email the Cash Shortage Report?

<p>Emailing the report ensures that the concerned departments receive timely information regarding the cash shortage for immediate action and record-keeping.</p> Signup and view all the answers

What is the first step the Cashiering Assistant Manager must take to approve the payment through salary deduction?

<p>The Cashiering Assistant Manager must email the Treasury Department and HR department for approval.</p> Signup and view all the answers

How does HR Benefits and Compensation handle the approved amount for the Cashier's payroll?

<p>HR Benefits and Compensation will deduct the approved amount from the Cashier's payroll credit every cut-off until fully settled.</p> Signup and view all the answers

What should the supplier do if they verify that a cash shortage is due to machine error?

<p>The supplier should issue a service report acknowledging the machine error.</p> Signup and view all the answers

What is required from the Senior Cashier or authorized site personnel after receiving the service report from the supplier?

<p>They must submit or email the service report to the Finance Department.</p> Signup and view all the answers

What action should the Senior Cashier take to record a cash shortage that has been settled through cash?

<p>The Senior Cashier must email the deposit slip to the Treasury Department as proof of payment.</p> Signup and view all the answers

What must the Senior Cashier do if there was a wrong input of the sales total amount in the POS?

<p>They must prepare an incident report and request POS unlocking to input the correct data.</p> Signup and view all the answers

What is the purpose of the email sent by the Senior Cashier after settling the machine shortage?

<p>The email is sent to the Treasury Department for monitoring purposes.</p> Signup and view all the answers

Why is it important to avoid shortages or overages in the other collections and advances folder?

<p>It is essential to maintain accurate records and ensure transparency.</p> Signup and view all the answers

What steps should be taken if a cash overage is declared?

<p>The Senior Cashier must prepare a Cash Overage Report, deposit the overage immediately, and document it in the system.</p> Signup and view all the answers

What is the minimum amount for which an incident report must be prepared in case of a cash overage?

<p>An incident report must be prepared for cash overages that meet or exceed P20.00.</p> Signup and view all the answers

What actions can be taken against a cashier found guilty of fraud or negligence?

<p>The cashier can be charged with non-compliance, face disciplinary action, and be liable for any losses.</p> Signup and view all the answers

What is the allowed settlement period for a cash shortage between Php1 to Php3000?

<p>The allowed settlement period is 48 hours.</p> Signup and view all the answers

When should cash shortages be deposited if identified after the incident date?

<p>They must be deposited immediately or by the next banking day.</p> Signup and view all the answers

What is the mode of settlement for cash shortages above Php3000?

<p>The mode of settlement can be cash or salary deduction, depending on the approved amount.</p> Signup and view all the answers

What must be included in the Cash Collection Summary document?

<p>It must include columns for 'SESSION NO', 'NATURE', and 'AMOUNT'.</p> Signup and view all the answers

Who needs to be notified in case of cash overages?

<p>Relevant departments, including the Treasury Department, must be promptly notified.</p> Signup and view all the answers

What information should be included in a cash shortage report?

<p>The report should include the site, site address, amount, date, probable cause, actions taken, status, supporting documents, and other relevant information.</p> Signup and view all the answers

Who are the primary recipients of cash shortage or overage notifications?

<p>The primary recipients are the HR and Finance departments.</p> Signup and view all the answers

What is the purpose of the 'SHORTAGES ACKNOWLEDGEMENT' form?

<p>The form documents a cashier's agreement to deduct the shortage amount from their paychecks until it is fully settled.</p> Signup and view all the answers

What are the three key groups depicted in the cash shortage process flowchart?

<p>The three key groups are the Cashier, Senior Cashier or Authorized Site Personnel, and the Treasury Department.</p> Signup and view all the answers

What actions should a cashier take upon discovering a cash shortage?

<p>The cashier should determine the cause of the shortage and report it as per the established procedures.</p> Signup and view all the answers

What additional information may be required on the Authority to Deduct Form?

<p>The form requires the employee's PAGCOR GEL ID number along with their name, date, total amount, signature, and position.</p> Signup and view all the answers

What is the role of the Treasury Department in the cash shortage reporting process?

<p>The Treasury Department confirms receipt of the deposit slip for the cash shortage payment.</p> Signup and view all the answers

What types of events or transactions are tracked in the table provided?

<p>The table captures events and transactions like Morning Rush, Special Events, Check Deposits, and various types of gaming activities.</p> Signup and view all the answers

Flashcards

Policy on Handling Shortages and Overages

The policy defines the procedures for addressing cash shortages and overages encountered in Bingo Plus operations.

What does the policy cover?

This policy outlines the procedures for handling cash shortages and overages.

Who owns the policy?

The Finance Department is responsible for overseeing this policy and ensuring its implementation.

Who manages cashiering functions?

The Senior Cashier is now responsible for handling cashiering functions, instead of the Branch Manager.

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What changes were made to the policy?

The policy has undergone updates to reflect changes in cashiering responsibilities and other relevant aspects.

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Handling Cash Discrepancies

When the cash counted is different from the expected amount, this policy ensures that the discrepancy is properly declared, reported, and resolved.

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Cashier's Responsibility

The cashier who discovers a cash shortage or overage must investigate the cause of the discrepancy.

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Reporting All Discrepancies

All cash shortages and overages, regardless of the amount, must be documented and reported.

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Exception Handling Procedures

The policy defines the steps to take, from initial declaration to reporting and settling the shortage or overage.

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Honesty and Integrity in Cash Management

The policy emphasizes the importance of honesty and integrity when handling cash, reflecting the company's core values.

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Policy Coverage

This policy specifically addresses the issue of cash shortages and overages at Bingo Plus sites.

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Recording Cash Discrepancies in POS

The policy requires employees to record cash shortages and overages in the Point of Sale (POS) system, ensuring accurate documentation and traceability.

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Approval for Salary Deductions

The policy outlines a clear process for approving the deduction of a cash shortage from an employee's salary, with a defined threshold and specific approval procedures.

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Cash Turnover Form

A form used to record the amount of cash in the till at the end of a shift, highlighting any shortage or overage.

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Cash Shortage Report

A report documenting a cash shortage, including details of the site, amount, probable cause, actions taken, and relevant information.

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Emailing the Cash Shortage Report

An email sent to the Finance Department to notify them about a cash shortage, including the details of the report.

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Cashier Settling Cash Shortage (Cash Payment)

Receiving the cash payment from the cashier responsible for the shortage, signing an acknowledgment receipt, and emailing the deposit slip to the Treasury Department.

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Cashier Settling Cash Shortage (Salary Deduction)

The cashier agrees to a deduction from their salary to cover the cash shortage and signs an authorization form.

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Authority to Deduct Form

A deduction from the cashier's salary, authorized by the cashier, used to cover the cash shortage.

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Actions taken to address the shortage

The actions taken to find the cause of the cash shortage and the steps to address it.

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Relevant Details of the Cash Shortage

Details about the incident, such as the amount, date, and cause of the shortage, recorded on the Cash Shortage Report.

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Machine Error Cash Shortage Resolution

When a machine error causes a cash shortage, the supplier investigates the issue, generates a service report, and resolves the shortage through cash or a credit memo.

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Resolving Shortage with Credit Memo

If the supplier resolves a machine error shortage through a credit memo, Finance will receive the memo and adjust the affected accounts.

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Resolving Shortage with Cash

If the supplier resolves a machine error shortage with cash, the Senior Cashier or authorized personnel submits the deposit slip to Treasury for confirmation and subsequent POS logging.

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Incorrect POS Input Error

When a cashier mistakenly inputs the wrong sales total or cash deposit in the POS, generating a shortage or overage, the Senior Cashier prepares an incident report and corrects the data.

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Salary Deduction Approval

The Cashiering Assistant Manager requests approval from the Treasury Department and HR for salary deductions to cover employee cash shortages.

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Payroll Deduction for Shortages

HR deducts the approved amount from the employee's payroll until the shortage is fully settled.

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Employee Location Information for Finance

HR provides a list of employees and their locations to Finance for accounting adjustments related to shortages.

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Finance Account Adjustments

Finance reverses or adjusts the affected accounts after receiving the employee location information and confirmed deductions.

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What is a cash discrepancy?

Any difference between the actual cash counted and the expected amount - either more or less cash than what should be there.

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What happens when there's a cash discrepancy?

The Senior Cashier or authorized personnel must prepare an incident report and notify the Treasury Department if there's a cash overage or shortage.

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What happens to cash overages?

All cash overages, even small ones, need to be deposited immediately.

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What is a Cash Overage Report?

A report documenting a cash overage, including the amount and details.

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What is the Bingo Plus Cash Discrepancy Policy?

A detailed document outlining the procedures for handling cash shortages and overages at Bingo Plus.

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Who needs to be notified about cash discrepancies?

The Senior Cashier or authorized personnel must notify the relevant departments, such as Finance or Treasury, about any cash discrepancies.

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What happens if a cashier commits fraud?

Employees who commit fraud or negligence related to cash discrepancies may face disciplinary action, including potential salary deductions.

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How are cash shortages settled?

The policy outlines different settlement periods and approval processes for cash shortages based on the amount.

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Cash Shortage Settlement Process

The process for resolving a cash shortage involving reporting, investigation, and reimbursement by the responsible individual.

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Primary Recipients of Cash Shortage Report

The primary recipients (TO) of a cash shortage report, who are responsible for oversight and managing the situation.

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Finance Department's Role in Cash Shortages

The department responsible for handling cash shortage reports, overseeing the investigation and settlement of the problem.

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Role of Senior Cashier in Cash Shortages

The individual who is responsible for investigating and resolving a cash shortage at the site level.

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Treasury Department's Role in Cash Shortage Settlement

The final stage of the cash shortage settlement process, involving confirmation by the Treasury Department that a deposit slip for the shortage payment has been received.

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Process Flowchart for Cash Shortage Resolution

The flowchart that outlines the step-by-step process of resolving a cash shortage, including the roles of the cashier, senior cashier, and Treasury Department.

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Study Notes

Policy on Site Operations for Handling Shortages and Overages

  • This document outlines the policy for handling cash shortages and overages at digiplus sites.
  • Internal document, not for external disclosure without authorization.
  • Document number: FD-PP-2024-008
  • Effective date: Immediately upon approval
  • Date Prepared: 09/17/2024

Document Information

  • Owner: Finance Department
  • Classification: Internal Document
  • Revision: 002

Document Preparer

  • Gladys Del Rosario, Assistant Manager, Cashiering, Finance Department
  • Prepared Date: 09/17/2024

Document Reviewer

  • Diana Beleno, Business Process Manager
  • Roy F. Faderogao, Operations Management Manager
  • Princess Celestial, Treasury Head - Finance Department
  • Mirave Ragasa, Revenue Reporting Supervisor, Finance Department

Document Approver

  • John David Oiga, Financial Controller
  • Neil Kevin Lau, HR Manager
  • Pippen Hui, Corporate Manager
  • Wilfredo Pielago, Chief Financial Officer
  • Jasper Vicencio, ABLE President
  • Andy Tsui, President

Revision History

  • Revision 001: 05/02/2023: Creation of the document
  • Revision 002: 09/17/2024: Updated policy, updated handling of cash shortages and overages, transferred cashiering functions from Branch Manager to Senior Cashier, and updated policy name.

Table of Contents

  • Overview
  • Purpose
  • Coverage
  • Handling of Cash Shortages and Overages
  • Declaration of the Cash Shortage or Overage
  • Reporting of Cash Shortage
  • Payment or Settlement of the Cash Shortage
  • Reporting of Cash Overage
  • Fraud or Negligence
  • Amount of cash shortage threshold and approval
  • Annexes
  • Cash Collection Summary
  • Cash Shortage and Overage Sample
  • Cash Shortage and Overage Report Email Recipients
  • Recording of cash shortages and overages in POS
  • Authority to deduct form
  • Process Flowchart

Handling of Cash Shortages and Overages

  • Cash discrepancies must be properly declared and reported
  • Cashier responsible for determining the cause of discrepancy
  • Prepare a Cash Turnover form/Cash Collection Summary
  • Log discrepancy in the system
  • Prepare an incident report for the Finance Department
  • Reporting of Cash Shortage: proper reporting procedures by Senior Cashier or authorized personnel.
  • Prepare a Cash Shortage Report with clear details.
  • Email the report to the concerned persons.

Payment or Settlement of Cash Shortage

  • Cashier settles shortage in full and in cash: receive payment and sign acknowledgement receipt.
  • Cashier settles shortage through salary deduction: authorization to deduct, HR and Finance approval, deduct amount from payroll.

Machine Error & Supplier Settlement

  • Supplier verifies machine error & cause, creates a service report.
  • Report submitted to Finance.
  • Payment is via credit memo or cash, recording in the system.

Reporting of Cash Overage

  • Relevant departments notified.
  • Overage deposited immediately.
  • Recorded in the system

Fraud or Negligence

  • If shortage/overage due to fraud or negligence, proper disciplinary procedures apply.

Amount of Cash Shortage Threshold and Approval

  • Specified thresholds for cash shortages requiring different approval levels.

Annex A: Cash Collection Summary

  • Detailed form for recording cash transactions.

Annex B: Cash Shortage and Overage Reporting Sample

  • Form for reporting cash shortage or overage incidents.

Annex C: Email Recipients

  • List of recipients for communications regarding cash shortages or overages.

Annex D: Recording and Reversal of Cash Shortages/Overages

  • Detailed steps for recording discrepancies in POS.

Annex E: Authority to Deduct Form

  • Form for salary deductions for cash shortage.

Annex F: Process Flowchart

  • Visual representation of procedures for handling cash shortages and overages – two versions, one for cash, and one for salary deduction.

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Related Documents

Digiplus Finance Department Policy on Site Operations for Handling of Shortages and Overages 2024 PDF

Description

Test your knowledge on the recent revisions made to the cash handling policy dated 09/17/2024. This quiz covers important aspects such as responsibilities, effective dates, and internal control measures related to cash shortages and overages. Understand how these changes impact cash operations at Bingo Plus sites.

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