Person verifying the cash and person handling cash should ofcourse be different.
Person verifying should consider following points
- Cash verification should be done at regular intervals.
- There should not be any fixed date for cash verification. It should be checked randomly.
- While verifying cash it should be observed that cashier is withdrawing money from the company’s safe, and not from his pocket.
- “i owe you” forms should be kept in safe custody.
Balance of cash a/c as per Tally Less: I owe you form =Actual cash balance