The processing of checks and cash is one of the most inefficient processes in a business, since it is blanketed by the controls needed to minimize theft. Optimal Accounting for Cash shows how to sidestep these inefficient processes by taking a different approach to the handling of checks and cash. The course also covers the most essential controls needed to minimize the theft of cash, and notes how these changes impact the annual audit, closing the books, and instances of fraud.
Upon successful completion of this course, participants will be able to:
- Recognize the instances in which wait times can delay the cash receipts process.
- Cite the controls that can be applied to check receipts, cash receipts, and petty cash.
- State the advantages and disadvantages of using a bank lockbox.
- Recognize the implementation requirements of an automated cash application system.
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