Horsell International - Basketball Australia

Make sure that any cash / cheques received are deposited each day, and not left overnight.
Ensure receipts are made for all cash received.
Where possible cash should be checked by a 2nd person.
Monthly statements (where applicable) to be sent to customers.
Ordering of cheque books, storage of unused checks, and authorization of cheques should be someone other than the person issuing the cheque.
Cheques should require 2 signatories.
When requesting a cheque, the requisition should have supporting documentation with the requisition.
Bank statements, receipts, and supporting documentation should be checked monthly against the cash book entries by a person other than making the entry.

Remuneration
A screening process should be in place when paying salaries and wages, a second person should check the figures and sign off that the original payments are correct. Electronic systems should be checked regularly for unauthorized entries.

Payments to authorities such as tax, superannuation, and other levies should be checked by a person other that the person issuing the payments.

Stock and Warehousing
A procedure should be in place to check stock arriving on the premises to ensure it is accurate and complete. When stock leaves the premises, a process is required to ensure that the amounts are correct.

These can then be balanced off against inventory.

Stocktakes should be conducted bi annually at a minimum.

An action plan should be established to deal with discrepancies in inventory and stocktake.
   a) Inform manager
   b) Record discrepancy and amount
   c) Verification that the discrepancy is real.
   d) Establish nature of discrepancy, is it repeated or one off.
   e) Advise authorities / insurers

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