POLICY COOP CASH RECEIPTS
NEGROS OCCIDENTAL ELECTRIC COOPERATIVE
(NOCECO)
Kabankalan City, Negros Occidental
POLICY NO. C3-2015
POLICY ON THE COOP CASH RECIEIPTS
I. RATIONALE:
This policy defines the responsibilities of the Tellers, Collection Officers, Area Managers, Treasury Division Chief, Bookkeeper-Cash Receipts, Finance Manager and Data Administrators who handles specifically the cooperative cash and its report.
Further, this policy represent collections arising from power bills, excess cash advances and other account receivables such as apprehension; constructions job; rental of poles and other related property; interest; grants. These receipts may be in the form of cash (bills or coins), checks which are dated on the same day.
The concerned employees that handle cash must have appropriate internal controls and follow the implementing rules and guidelines. An addition to preventing financial loss, these controls promote security and accurate financial reporting. Appropriate internal controls include the segregation of duties, safekeeping of Cash, prompt deposit of all Cash Receipts and accurate recording of revenue into the cooperative financial systems.
II. OBJECTIVES:
To ensure that all collections of cash and/or checks received by the Cooperative are:
a. adequately controlled against loss or theft;
b. properly recorded and accounted; and
c. reported to management on a regular basis.
III. SCOPE:
It covers all transactions of cash receipts from consumers, employees and other sources. This policy covers brief description of books of accounts and subsidiary records, policy statements and general guidelines and procedures.
IV. DEFINITION OF TERMS:
Cash Receipts Register
This is a record of all cash received representing collection of electric power bills; cash advances to employees, and other sources. The posting medium to this record shall be the Daily Collection Report (or Teller’s Daily Collection Report in case of cash receipts from the Sub-Office) supported by
(NOCECO)
Kabankalan City, Negros Occidental
POLICY NO. C3-2015
POLICY ON THE COOP CASH RECIEIPTS
I. RATIONALE:
This policy defines the responsibilities of the Tellers, Collection Officers, Area Managers, Treasury Division Chief, Bookkeeper-Cash Receipts, Finance Manager and Data Administrators who handles specifically the cooperative cash and its report.
Further, this policy represent collections arising from power bills, excess cash advances and other account receivables such as apprehension; constructions job; rental of poles and other related property; interest; grants. These receipts may be in the form of cash (bills or coins), checks which are dated on the same day.
The concerned employees that handle cash must have appropriate internal controls and follow the implementing rules and guidelines. An addition to preventing financial loss, these controls promote security and accurate financial reporting. Appropriate internal controls include the segregation of duties, safekeeping of Cash, prompt deposit of all Cash Receipts and accurate recording of revenue into the cooperative financial systems.
II. OBJECTIVES:
To ensure that all collections of cash and/or checks received by the Cooperative are:
a. adequately controlled against loss or theft;
b. properly recorded and accounted; and
c. reported to management on a regular basis.
III. SCOPE:
It covers all transactions of cash receipts from consumers, employees and other sources. This policy covers brief description of books of accounts and subsidiary records, policy statements and general guidelines and procedures.
IV. DEFINITION OF TERMS:
Cash Receipts Register
This is a record of all cash received representing collection of electric power bills; cash advances to employees, and other sources. The posting medium to this record shall be the Daily Collection Report (or Teller’s Daily Collection Report in case of cash receipts from the Sub-Office) supported by