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The Cash & Stock Management Policy March 2012

The Cash & Stock Management Policy March 2012. New Policy to be rolled out to site by Monday 30 th April 2012. Key Points of the Cash Policy. Variances over £50 to be reported to Area Manager and Regional Auditor.

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The Cash & Stock Management Policy March 2012

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  1. The Cash & Stock Management PolicyMarch 2012 New Policy to be rolled out to site by Monday 30th April 2012.

  2. Key Points of the Cash Policy • Variances over £50 to be reported to Area Manager and Regional Auditor. • Till surplus/deficits must be declared as till surplus/deficits to Caterwide. Actual cash must be declared; not the Z Read totals. • Safe variances must be under/overbanked to ensure that Caterwide reports the correct cash on site figure. • Counterfeit Money and Walk outs must be underbanked on Caterwide. • Site and Safe keys must not to be given until satisfactory references have been obtained. This includes all contractors, for example Cleaners and Builders.

  3. Key Points to the Cash Policy • IOU’s/Subs/Cash payments are classified as Gross Misconduct. • All food and drinks consumed must be purchased immediately upon a receipt being obtained. This includes all Head Office employees. • Wage Payments into 3rd party accounts are classified as Gross Misconduct. • Cashing employee cheques is considered as Gross Misconduct. • The company tills do not allow cash back transactions to be processed. • Any float increases or reductions must be agreed by your Regional Auditor.

  4. Safe Checks • Safe checks must be completed a minimum of twice per day and on every Management handover. All copies must be printed, signed and kept on site for a minimum of three months. • All copies of safe checks must include the following details • Date • Time Completed • Name and Signature • Record of Caterwide Taking Sheet Balance • All cash on site must be recorded • Variance • Handover safe checks must be agreed and signed by both the ingoing and outgoing Manager. • The Audit Department recommends that the relevant copy of the Taking Sheet is attached to the safe check.

  5. Banking • Sites must bank a minimum of three times per week. • The Final Banking must be completed on a Monday morning. • £0.01 - £3,000 1 Person. (minimum requirements) • £3,001 - £6,000 2 People. • £6,001 - £10,000 3 People. • Any amount greater than £10,000 should be collected by a security company or multiple trips must be used.

  6. Banking • Only one paying in book to be in use. Ensure all old M&B Bank Books are posted in the weekly business done envelope. • Banking declarations to Caterwide must match the total on the paying in slips. • PDQ Banking declarations to Caterwide must match the PDQ banking totals, not the Z Reads. • 21 day lead time for ordering new bank books. • It is recommended that new books are ordered when you start your last but one book.

  7. Deposits • All deposits must be declared via the till deposit system. • Accurate records for Deposits must be kept on site. • It is the Manager’s responsibility, to ensure the deposit balance on Caterwide, reflects the actual outstanding deposits. • Over redemptions will be coded to Cash Loss. • Ensure the customer is given a receipt.

  8. Site Expenditure • Agreed with AM in advance. • Must be put on the correct line on Caterwide (do not use “other” expenses; if in doubt ask!). • Invoices must contain all required information – Correct date, Invoice no., details of expenditure etc. • Event UK to be used for all entertainment, security and cleaners. If Event are not used these costs will be moved to cash loss.

  9. AWP’s • When entering machine income, add together the net take for each machine type. AWP, SWP, Pool and Other Machine Income needs to be declared separately to Caterwide. • Daily AWP Refills must be declared accurately to Caterwide. • The total cash refill, returned by the collector must be declared to the Hopper Returned Float line on Caterwide, on the day of the collection. • All daily refills completed within the collection week, should match the total received Hopper Returned Float. Any discrepancies must be investigated immediately and highlighted to the Regional Auditor. • It is the GM’s responsibility to ensure that accurate daily Hopper Refill sheets are retained along with a copy of the collection slip. These must be kept on site for a minimum of three months. • Ensure all monies are check and confirmed, any anomalies or monies owing must be recorded before the dockets are signed

  10. End of Week Process • EOW must be run by Monday 9.30am. • A finalised Weekly Trading Record must be signed and included in the weekly envelope, along with a copy of the Weekly Taking Sheet. • The envelope must include a receipt or bank slip for all declarations on the Taking Sheet. • Any petty cash receipts not received by Business Done will be moved to cash loss. • Any discount promotions that require a voucher to be processed via the till must have a till receipt attached and sent in your Weekly Envelope. Customer details must be accurately recorded on the voucher where necessary.

  11. End of Week Process • Customer PDQ transaction receipts must be retained in the safe and sent in the Weekly Envelope for disposal. • Manual PDQ Transaction receipts (i.e. non chip & pin), need to be put in a separate envelope within the Business Done envelope and clearly marked with the site name and number. • The envelope must include all site and Area Manager details. • A call must be logged with Torex, if any issues on Caterwide are preventing you to run EOW by 9.30am. Failure to do this will result in your site appearing as non compliant.

  12. Cash Security Processes • Regular Cash uplifts from tills when safe to do so. • Random till checks to be completed, and till cash off’s at the end of each shift are recommended. • Manager site access, door and safe codes should be changed regularly. • The safe key must be removed from premises at the end of each day. • Where only one key is available, you need area manager confirmation to have additional keys cut. (Pro-nett) • All safes must be bolted down and secure.

  13. Cash Security Processes • Electronic Journal should be used as a monitoring tool. • Race Reports should be used as a monitoring tool. • Deposits Detail Report available in Views and Reports should be used as a monitoring tool. • Tab limits have been agreed at £50 single and £100 Group. • Tabs should be paid when this limit is reached, before further service is provided.

  14. Anti Hold up Safe • The use of Anti Hold up safe devices/ coffers must be agreed by your Regional Auditor • Unauthorised use may result in a charge to your P&L to allow for a locksmith to gain access for auditing purposes.

  15. Burglaries / Thefts • Reported to Area Manager, Rob Hawkesworth (Business Support) and to your Regional Auditor. • All AWP machine break-ins must be reported to the Electronic Leisure Manager. • The Police should be called. • A crime ref number must be obtained in all cases. • A comprehensive in house investigation should be completed with statements available where appropriate.

  16. Record Keeping • EFTPOS slips 12 months at site. • EFTPOS reads 12 months at site. • Bank Books 12 months at site. • Safe Checks 3 months at site. • Hotel Records 12 months. • AWP Hopper Reconciliation Sheets 3 months at site. • Bookings Diaries 12 months at site. • Wet and Dry delivery invoices 12 months. • Copies of Brakes Fresh Ideas, M&J, Independent Breweries, SIBA and Breweries Wholesale must be kept on site. The original must be sent into Head Office.

  17. Security • Alarm codes should be changed on each Manager change. • Each user must have their own code. • Codes must be removed from system when an employee leaves. • Safe codes should be changed on each Manager change. • CCTV must be recording at all times. • Till cards must be individually allocated and not shared. • Passwords must be kept securely and not available to non authorised members of staff.

  18. Security • Keys must be recovered from employees leaving employment. • Locks must be changed if any keys are lost. • In the event of theft, the first £2000 of any loss is always charged to site. Failure to follow the Cash and Stock Policy means the full amount of the loss will be charged to the sites P&L.

  19. Non Compliance Any breach of the Cash Management Policy will be considered a disciplinary matter.  The disciplinary procedure will be applied, following an investigation, which may result in suspension and/or dismissal in serious cases.  Where it is believed that a criminal act may have been committed, e.g. theft, malicious damage, the matter will be referred to the Police. Where it is believed that an employee of the company is responsible for cash loss as a result of theft or neglect the company may pursue Civil Recovery.

  20. Sign Off Sheet It is the responsibility of the General Manager to ensure that all policies and procedures are fully implemented and that the appropriate members of their team have signed this policy. A copy of the policy signed by the relevant team members must be retained in the safe.

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