Accounting - Control and Monitoring of Cash

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Accounting - Control and Monitoring of Cash

For any business or organization, the need to control and monitor cash transactions to ensure the efficient operation of the business is vital. In ALISON's free online accounting course, procedures and structures for establishing internal control such as control of cash receipts and cash disbursements, proper use of the bank checking account, preparation of the bank reconciliation, and protection of petty cash funds are all explored in detail. Examples of recommended documentation and the postings used in the ledgers are given. An overview of the five components for internal control is described and this provides a structure for developing the necessary procedures needed to ensure the safe handling of cash within an organization. You will also see how companies can protect both their assets and employees by following steps such as segregating employee duties, assigning specific duties to each employee, rotating employee job assignments, and using mechanical devices. <br /><br />ALISON's free online accounting course will be of great interest to entrepreneurs and business professionals who would like to better understand how to control and monitor daily cash transactions within an enterprise, and to any learner who is interested in accounting as a future career.<br />

Categories: Business

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