Date Created: April 30, 2024 Last Updated: May 20June 28, 2024
Overview:
Cornell Retail Services accepts cash at the Main Store, Statler Hotel, and the Weill Cornell Medicine locations. The opening cash balance and sales are tracked in NetSuite Point of Sale and are updated as sales are rung through the registers. Deposits are processed weekly. Additional processes processes and controls for vault security accessand opening and closing registersare in place to protect cash and to prevent opportunities for fraud or theft.
Criticality: High | Frequency: Other | Turnaround: Same Day |
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Cashiers: Verify and record opening till counts in NetSuite, inspect counterfeit bills, run End of Day register process for NSPOS, and count cash drawer at closing. Cash Manager: |
Responsible for processing deposits, verify reserve safe count, and assists in resolution and reconciliation of discrepancies. Theft Control Officer: Reviews security protocols and researches cash discrepancies in the main store location through surveillance camera footage. Store Managers: Responsible for ensuring vault security, distributing, and collecting deposit bags from workstations for each business day, runs Sales Audit Reports, and assists in resolution and reconciliation of discrepancies. |
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Opening and Closing Process:
Cash Deposit Process:
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Cornell Finance Staff
FTC
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CRS Cash Handling Process Flow Chart (3 pages)
Process Testing |
Date: 6.26.24 | |
Name of process being tested: | Retail Cash Handling Process |
Staff observed for process: | |
Staff Name/Title | Bre-Anna Murphy, Retail Sales Specialist |
Staff Name/Title | Ryan Walker, Retail Manager, Sales & Services |
Staff Name/Title | Helen Jessop, Acct Rep IV |
Control Points: | |
Confirm all key control points are being followed | Yes, (note - did not observe closing process, but evidence existed that the process was adhered to as expected) |
Are there workarounds being used in lieu of documented process? | n/a |
Observations: | |
Identify/list any deviations to established process in narratives: | Safe double counting |
Recommendations: | |
Recommendation for improvements to process: | Double counting of safe was not in place. Recommended this change with a signed count for both Helen and the verifier. |
Recommended daily count be signed in Adobe by Helen | |
*Modify process narrative to note that vault dial codes are changed in Jan and July | |
Action Plan: | |
Assign responsibilities and deadlines for implementing recommendations. | Helen Jessop and Jodie |
Plan for addressing any issues or deficiencies identified during the audit. | Will perform June count today |
Wrap-up | |
Schedule follow-up audit to monitor implementation of recommendations and track progress. | Will send proof of June monthend safe double count and signatures |
Provide a pass/fail assessment of process compliance | PASS |
Note all source documents used for testing here: | Retail Cash Handling Process Narrative |
Cornell Retail Services Cash Handling Flow Diagram - Main Store |
062624 ICP Testing Response CRS Cash Handling Month's End Verification