17. Receipts

Last updated: Tue, Sep 20th, 2016 2:00:36 pm

17.1          The Board must establish an appropriate system of internal controls over receipts. These requirements also apply where monies are being collected on behalf of a third party such as the Department.  

Features of such a system for receipts are:

• segregation of duties – see Section 9 above

• assigning responsibility for receiving cash and making bank lodgements

• procedures to ensure that cash and cheques received are adequately protected and accounted for

• signed receipts from prenumbered duplicate receipt books are issued for any monies received

• a complete record of receipts analysed by category - a balanced cashbook or other comparable system held on computer will suffice

• arrangements are in place for the prompt banking of funds received

• all receipts should be lodged intact to the bank

• The Board should ensure that any monies in cash retained on the premises overnight are maintained in a safe or secure location and that amounts should not exceed the insurance limits for that safe.