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Accounting: Internal Cash Control
Finance & Accounting
Pages 4 (1004 words)
After a thorough study of our cash disbursement mechanism, I have come up with the following recommendations. These modifications in our company’s policy with regard to internal cash control shall help us keep track of our most liquid asset.
These modifications in our company’s policy with regard to internal cash control shall help us keep track of our most liquid asset. Firstly, it is recommended that checks should only be signed by the treasurer. Duties should be segregated so that the purchasing agent should only be given the responsibility to approve arrival of goods. Payment and record keeping should be done by the treasurer. Secondly, the company should purchase a new check writer which will enable them to use only prenumbered checks. This will help the company to shift from manual processes to automated processing. Lastly, a safe should be provided where all blank checks are stored and access should only be provided to the treasurer or whoever, is entitled to sign checks. If you have any queries or comments, please let me know or setup a meeting to discuss the issues in detail. P4-1A Guard Dog Company has brought stringent changes to their system which will help them use their cash well and avoid any mistakes in cash disbursements. Guard Dog has applied the following principles in their attempt to strengthen their internal cash control for cash disbursements. ...
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