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Chapter5AccountingforCash

Module5AMoule5B

AccountingforCashBankingProceduresChapter5

Module5A

AccountingforCashObjectivesUnderstandaccountingforcashreceiptsandcashpayments.Settingupachangefund,andusingapettycashfund.

DefinitionofCash

Cashincludescurrency(dollarbills)andcoins,cashitemsonhand,andcashondepositinoneormorebankaccounts.Cashitemsonhandincludeschecks,drafts,creditcardreceipts,andmoneyordersthathavenotyetbeendepositedinthebank.DefinitionofCash

CashincInternalControlofCashInternalcontrolinvolvesthemethodsdesignedtosafeguardassets.Aninternalcontrolpolicyrelatingtocashrequiresthatallcashandcashitemsbedepositeddailyinbank.InternalControlofCashInternAseparationofdutiesinvolvingthehandlingofcashAmailclerkCashierAaccountingclerkOpenscustomerremittancesandpreparesalistofthechecksfordeposit.Preparesadailydepositslipandmakesthedeposit.Makestheappropriateentriestorecordthereceipt.AseparationofdutiesinvolviCashReceipts

Cashandcashitemsreceivedbyabusinessareknownascashreceipts.Acashregisterisausefuldevicetorecordreceiptsofcurrencyandcoins.CashReceiptsCashandcashiRetailers’ReceiptsofCashCashReceiptsCASHIER’SDEPARTMENTACCOUNTINGDEPARTMENTRegisterrecordsMailReceiptsRemittanceadvicesMailReceiptsRetailers’ReceiptsofCashCas1ACCOUNTINGDEPARTMENTDepositticketBankCASHIER’SDEPARTMENTDepositreceiptRetailers’ReceiptsofCash1ACCOUNTINGDEPARTMENTDeposittCashReceiptsReceiptsofcreditsalesPage141Mostcompanies’invoicesaredesignedsothatcustomersreturnaportionoftheinvoice,callaremittanceadvice.Theinitialrecordofcashreceivedshouldbepreparedbysomeoneotherthantheaccountant.Theaccountantusestheinitialrecordsinpreparingjournalentriesforcashreceipts.Received$172fromapatientformedicalserviceprovided15daysago.CashReceiptsReceiptsofcredCashPaymentsCashandcashitemspaidbyabusinessareknownascashpayments.Paymentmaybemadeincashorbycheck.Whenpaymentsaremadeincash,areceiptshouldbeobtained.Whenpaymentsaremadebycheck,thecanceledcheck(orcheckstubs)servessourcedocument.ThebankaccountsometimesiscalledCashinbank.Ifabusinesshasseveralcashaccounts,cashcanbetransferredbetweenbanks.CashPaymentsCashandcashiteCashShortandOver

Cashshortandoverisadifferencebetweenthecashcountandthedailydeposit.MostbusinesseshaveaspecialledgeraccountentitledCashShortandOver.Anyshortagesoroveragesarerecognizedinthejournalentry.Example:

Thecashregistertapeonmarch15indicatescashsalesforthedayare$2450.00.Thecashcountindicates$2447.00.CashShortandOverCashshorCashShortandOverExample:Thecashregistertapeonmarch16indicatescashsalesforthedayare$1983.00.Thecashcountindicates$1992.00.Attheendoftheaccountingperiod,thedebitbalanceofthisaccountisincludedwithMiscellaneousExpenseontheincomestatement.AcreditbalanceisincludedwithMiscellaneousRevenueontheincomestatement.CashShortandOverChangeFundAchangefundisclassifiedasanassetsandappearsinthebalancesheetasacurrentassets.Thejournalentrytoestablishachangefundisasfollows:June1Dr.ChangeFund200Cr.Cash200Alwaysdeducttheamountinthechangefundfromcashbeforemakingthecashdeposit.ChangeFundAchangefundis

PettyCashFund

Suchafundeliminatesthenecessityofwritingbusinesschecksforsmalldollaramounts.Toestablishapettycashfund,acheckiswrittentoPettyCashforthedesiredamount.Example:May1Dr.PettyCash400Cr.Cash400PettycashisanassetthatcanbelistedbelowCashonthebalancesheet.PettyCashFundCreatingaPettyCashFundPettyCashCompany

CashierPetty

CashierAccountantCreatingaPettyCashFundPett39￠Stamps$45Courier$80OperatingaPettyCashFundPetty

CashierApettycashfundisusedonlyforbusinessexpenses.39￠StampsCourierOperatingaPePettyCashFundTomaintaingoodinternalcontrol,oneindividualshouldbeassignedresponsibilityforpettycashfund.Apettycashvoucherisfilledouteachtimethefundisused.Page146Exhibit5.3PettyCashFundTomaintPettyCashPaymentsrecordAspecialmulti–columnform,knownasapettycashpaymentsrecord,isused.Itsprimaryuseistoprovidetheneededinformationtojournalizethereplenishmentofthepettycashfund.Page148Exhibit5.4PettyCashPaymentsrecordAspPettyCashReplenishingthePettyCashFund

Petty

CashierPettyCashReplenishingthePetReplenishingthePettyCashFund

Thepettycashfundshouldbereplenishedwheneverthefundrunslow.Example:Jan.31Dr.Automobileexpense40CharitableContributionsExpense30Cr.Cash70Note:Don’tdebitorcreditPettyCashunlessthefundistobeincreasedordecreased.ReplenishingthePettyCashFu

Module5BBankingProceduresObjectiveUnderstandbankingproceduresrelatingtoacheckingaccount.Reconcileabankstatement.Journalizeentriesfromthebankreconciliation.Module5BObjecCheckingAccountOpeningaCheckingAccountToopenacheckingaccount,properapprovalisneededfromthebank,alongwithaninitialcashdeposit.Asignaturecardmustbecompletedandsignedbyeachpersonauthorizedtosignchecks.Page157Exhibit5.5MakingDeposits

Adepositticketisaformusedbythebank.Itsummarizesthecountofcoins,currencyandchecksbeingdeposited.SeeExhibit5.6CheckingAccountOCheckingAccountEndorsementsBlankendorsementThedepositorsimplysignshisorhernameonthebackofthecheck.Thecheckispayabletoanybearer.2.Restrictiveendorsement

Thedepositoraddswordssuchas”Fordepositonly”.CheckingAccountEndorsementCheckingAccountDepositsbyMailandNightDepositsDepositsbymailshouldconsistonlyofchecks.Anightdepositinvolvesputtingthedepositinasecuredbagandplacingthebaginadesignatedslotatthebank.Abankemployeewilllaterverifythedepositandreturnthereceiptwiththebag.AutomatedTellerMachineElectronicFundsTransfersCheckingAccountDepositsCheckingAccountWritingCheck

Acheckisadocumentthatordersabanktopaycashfromadepositor’saccount.1.Drawer2.Drawee3.PayeeSeepage160Exhibit5.9CheckingAccountWrCheckingAccountTherearetworecordsofabusiness’scash:1.TheCashaccountinthecompany’sgeneralledger.DateItemDebitCreditBalance2007Jan.123BalanceCashreceiptCashpayment3,000

2,0005,0008,0006,000AccountCashCheckingAccountTheCheckingAccount2.Thebankstatement,whichshowsthecashreceiptsandpaymentstransactedthroughthebank.SeeExhibit5.10onpage162Thebooksandthebankstatementusuallyshowdifferentamounts.Differencesarisebecauseofatimelaginrecordingtransactions.CheckingAccount2.CheckingAccountBankStatementOnceamonth,thebankmailsastatementofaccount,calledabankstatement,toeachdepositor.Includedwiththebankstatementarecanceledchecksandanyotheritemsthatincreasedordecreasedtheaccountbalance.CheckingAccountBankBankStatementReconcilingtheBankStatement.Thedepositorshouldcomparetheendingcheckbookbalancewiththeendingbankstatementbalance.Thecommonreasonsfordifferencearethefollowing:1.Outstandingchecks2.Depositsintransit3.Servicecharges4.Collection5.Deductions6.Notsufficientfundschecks7.ErrorsBankStatementReconciPreparingtheBankReconciliationBankReconciliation:

Documentexplainingthereasonsforthedifferencebetweenadepositor’scashrecordsandthebankstatementfigures.(preparedbythedepositor,notbythebank)StepsinPreparingtheBankReconciliation.Step1Identifydepositsintransitandanyrelatederrors.Step2Identifyoutstandingchecksandanyrelatederrors.Step3Identifyadditionalreconcilingitems.PreparingtheBankReconciliaPreparingtheBankReconciliationHowtotreatthevariousreconcilingitems:Bankbalance—alwaysAdd

depositsintransit.Subtractoutstandingchecks.Addorsubtractcorrectionsofbankerrors.Bookbalance–alwaysAddbankcollections,interestrevenue,andEFTreceipts.Subtractservicecharges,NSFchecks,andEFTpayments.AddorsubtractcorrectionsofbookerrorsPreparingtheBankReconciliatFormatofaBankReconciliation

Adjustedcashbalanceperbank$12,204.85Adjustedcashbalanceperbook$12,204.85FormatofaBankReconciliatioJournalEntriesfromBankReconciliationAlladditionsanddeductionstothebookbalancemustbejournalizedandpostedtotheCashaccount.

JournalEntriesfromBankChapter5AccountingforCash

Module5AMoule5B

AccountingforCashBankingProceduresChapter5

Module5A

AccountingforCashObjectivesUnderstandaccountingforcashreceiptsandcashpayments.Settingupachangefund,andusingapettycashfund.

DefinitionofCash

Cashincludescurrency(dollarbills)andcoins,cashitemsonhand,andcashondepositinoneormorebankaccounts.Cashitemsonhandincludeschecks,drafts,creditcardreceipts,andmoneyordersthathavenotyetbeendepositedinthebank.DefinitionofCash

CashincInternalControlofCashInternalcontrolinvolvesthemethodsdesignedtosafeguardassets.Aninternalcontrolpolicyrelatingtocashrequiresthatallcashandcashitemsbedepositeddailyinbank.InternalControlofCashInternAseparationofdutiesinvolvingthehandlingofcashAmailclerkCashierAaccountingclerkOpenscustomerremittancesandpreparesalistofthechecksfordeposit.Preparesadailydepositslipandmakesthedeposit.Makestheappropriateentriestorecordthereceipt.AseparationofdutiesinvolviCashReceipts

Cashandcashitemsreceivedbyabusinessareknownascashreceipts.Acashregisterisausefuldevicetorecordreceiptsofcurrencyandcoins.CashReceiptsCashandcashiRetailers’ReceiptsofCashCashReceiptsCASHIER’SDEPARTMENTACCOUNTINGDEPARTMENTRegisterrecordsMailReceiptsRemittanceadvicesMailReceiptsRetailers’ReceiptsofCashCas1ACCOUNTINGDEPARTMENTDepositticketBankCASHIER’SDEPARTMENTDepositreceiptRetailers’ReceiptsofCash1ACCOUNTINGDEPARTMENTDeposittCashReceiptsReceiptsofcreditsalesPage141Mostcompanies’invoicesaredesignedsothatcustomersreturnaportionoftheinvoice,callaremittanceadvice.Theinitialrecordofcashreceivedshouldbepreparedbysomeoneotherthantheaccountant.Theaccountantusestheinitialrecordsinpreparingjournalentriesforcashreceipts.Received$172fromapatientformedicalserviceprovided15daysago.CashReceiptsReceiptsofcredCashPaymentsCashandcashitemspaidbyabusinessareknownascashpayments.Paymentmaybemadeincashorbycheck.Whenpaymentsaremadeincash,areceiptshouldbeobtained.Whenpaymentsaremadebycheck,thecanceledcheck(orcheckstubs)servessourcedocument.ThebankaccountsometimesiscalledCashinbank.Ifabusinesshasseveralcashaccounts,cashcanbetransferredbetweenbanks.CashPaymentsCashandcashiteCashShortandOver

Cashshortandoverisadifferencebetweenthecashcountandthedailydeposit.MostbusinesseshaveaspecialledgeraccountentitledCashShortandOver.Anyshortagesoroveragesarerecognizedinthejournalentry.Example:

Thecashregistertapeonmarch15indicatescashsalesforthedayare$2450.00.Thecashcountindicates$2447.00.CashShortandOverCashshorCashShortandOverExample:Thecashregistertapeonmarch16indicatescashsalesforthedayare$1983.00.Thecashcountindicates$1992.00.Attheendoftheaccountingperiod,thedebitbalanceofthisaccountisincludedwithMiscellaneousExpenseontheincomestatement.AcreditbalanceisincludedwithMiscellaneousRevenueontheincomestatement.CashShortandOverChangeFundAchangefundisclassifiedasanassetsandappearsinthebalancesheetasacurrentassets.Thejournalentrytoestablishachangefundisasfollows:June1Dr.ChangeFund200Cr.Cash200Alwaysdeducttheamountinthechangefundfromcashbeforemakingthecashdeposit.ChangeFundAchangefundis

PettyCashFund

Suchafundeliminatesthenecessityofwritingbusinesschecksforsmalldollaramounts.Toestablishapettycashfund,acheckiswrittentoPettyCashforthedesiredamount.Example:May1Dr.PettyCash400Cr.Cash400PettycashisanassetthatcanbelistedbelowCashonthebalancesheet.PettyCashFundCreatingaPettyCashFundPettyCashCompany

CashierPetty

CashierAccountantCreatingaPettyCashFundPett39￠Stamps$45Courier$80OperatingaPettyCashFundPetty

CashierApettycashfundisusedonlyforbusinessexpenses.39￠StampsCourierOperatingaPePettyCashFundTomaintaingoodinternalcontrol,oneindividualshouldbeassignedresponsibilityforpettycashfund.Apettycashvoucherisfilledouteachtimethefundisused.Page146Exhibit5.3PettyCashFundTomaintPettyCashPaymentsrecordAspecialmulti–columnform,knownasapettycashpaymentsrecord,isused.Itsprimaryuseistoprovidetheneededinformationtojournalizethereplenishmentofthepettycashfund.Page148Exhibit5.4PettyCashPaymentsrecordAspPettyCashReplenishingthePettyCashFund

Petty

CashierPettyCashReplenishingthePetReplenishingthePettyCashFund

Thepettycashfundshouldbereplenishedwheneverthefundrunslow.Example:Jan.31Dr.Automobileexpense40CharitableContributionsExpense30Cr.Cash70Note:Don’tdebitorcreditPettyCashunlessthefundistobeincreasedordecreased.ReplenishingthePettyCashFu

Module5BBankingProceduresObjectiveUnderstandbankingproceduresrelatingtoacheckingaccount.Reconcileabankstatement.Journalizeentriesfromthebankreconciliation.Module5BObjecCheckingAccountOpeningaCheckingAccountToopenacheckingaccount,properapprovalisneededfromthebank,alongwithaninitialcashdeposit.Asignaturecardmustbecompletedandsignedbyeachpersonauthorizedtosignchecks.Page157Exhibit5.5MakingDeposits

Adepositticketisaformusedbythebank.Itsummarizesthecountofcoins,currencyandchecksbeingdeposited.SeeExhibit5.6CheckingAccountOCheckingAccountEndorsementsBlankendorsementThedepositorsimplysignshisorhernameonthebackofthecheck.Thecheckispayabletoanybearer.2.Restrictiveendorsement

Thedepositoraddswordssuchas”Fordepositonly”.CheckingAccountEndorsementCheckingAccountDepositsbyMailandNightDepositsDepositsbymailshouldconsistonlyofchecks.Anightdepositinvolvesputtingthedepositinasecuredbagandplacingthebaginadesignatedslotatthebank.Abankemployeewilllaterverifythedepositandreturnthereceiptwiththebag.AutomatedTellerMachineElectronicFundsTransfersCheckingAccountDepositsCheckingAccountWritingCheck

Acheckisadocumentthatordersabanktopaycashfromadepositor’saccount.1.Drawer2.Drawee3.PayeeSeepage160Exhibit5.9CheckingAccountWrCheckingAccountTherearetworecordsofabusiness’scash:1.TheCashaccountinthecompany’sgeneralledger.DateItemDebitCreditBalance2007Jan.123BalanceCashreceiptCashpayment3,000

2,0005,0008,0006,000AccountCashCheckingAccountTheCheckingAccount2.Thebankstatement,whichshowsthecashreceiptsandpaymentstransactedthroughthebank.SeeExhibit5.10onpage162Thebooksandthebankstatementusuallyshowdifferentamounts.Differencesarisebecauseofatimelaginrecordingtransactions.CheckingAccount2.CheckingAccountBankStatementOnceamonth,thebankmailsastatementofaccount,calledabankstatement,toeachdepositor.Includedwiththebankstatementarecanceledchecksandanyotheritemsthatincreasedordecreasedtheaccountbalance.CheckingAccountBankBankStatementReconcilingtheBankStatement.Thedepositorshouldcomparetheendingcheckbookbalancewiththeendingbankstatementbalance.Thecommonreasonsfordifferencearethefollowing:1.Outstandingchecks2.Depositsintransit3.Servicecharges4.Collection5.Deductions6.Notsufficientfundschecks7.ErrorsBankStatementReconciPreparingtheBankReconciliationBankReconciliation:

Documentexplainingthereasonsforthedifferencebetweenadepositor’scashrecordsandthebankstatementfigures.(preparedbythedepositor,notbythebank)StepsinPreparingtheBankReconciliation.Step1Identifydepositsintransitandanyrelatederrors.Step2Identifyoutstandingchecksandanyrelatederrors.Step3Identifyadditionalreconcilingitems.PreparingtheBankReconciliaPreparingtheBankReconciliationHowtotreatthevariousreconcilingitems:Bankbalance—alwaysAdd

depositsintransit.Subtractoutstandingchecks.Addorsubtractcorrectionsofbankerrors.Bookbalance–alwaysAddbankcollections,interestrevenue,andEFTreceipts.Subtractservicecharges,NSFchecks,andEFTpayments.AddorsubtractcorrectionsofbookerrorsPreparingtheBankReconciliatFormatofaBankReconciliation

Adjustedcashbalanceperbank$12,204.85

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