The cash held at the checkout represents the necessary resources for the current needs of the enterprise, as well as funds that come from various sources for different purposes. The shelf life of these resources, as well as their allowable amount at the cash desk (limit), is determined in accordance with the agreement with the bank serving the enterprise.
Cash in transit refers to resources that have been handed over to the bank through collectors, communication agencies, or at evening bank cash desks. These resources at the end of the month (reporting period) are not credited to the company account and are not confirmed by bank statement. At the same time, accounting for cash transactions provides for their exclusion from resources in transit after they are credited to the account.
In addition to the main account, an enterprise may have various deposit accounts of serving banks. A company may have a foreign currency main account and a number of foreign currency accounts. They can be used, for example, for conversion.
Cash accounting (including at the cash desk) solves several problems. These include, in particular:
- Systematic control over the movement, condition, timely delivery of money.
- Prevention of the presence of a balance over the limit at the checkout.
- Providing control over the targeted use of funds.
- Timely and competent execution of the movement of money.
- Formation of liability (for funds) and systematic control over the activities of individuals vested with liability.
- Providing oversight of the completeness of the money supply and preventing the appropriation of resources.
To accomplish the task on the last point, cash accounting (including at the cash desk) provides for an inventory (usually once a month). The specified measure is used within the time and limits established by law.
Cash in general is called deposits, cash, funds in foreign currency, settlement and other bank accounts.
The implementation of certain operations with these resources is possible subject to certain conditions. So, business entities are required to have a cash register. To carry out the relevant operations at the enterprise, an isolated and specially equipped room should be allocated. It accepts, issues, and also temporarily stores cash. Managers of business entities are responsible for the equipment of the cash register, ensuring the safety of money. The administration of the enterprise is also responsible for the safety of cash upon delivery and delivery to the bank.
All operations that are associated with the expenditure and receipt of cash cash are called, respectively, cash transactions. The order of their implementation is approved by the Central Bank. In accordance with the adopted provisions, rules are established for the storage of cash, transactions, control, cash accounting at the checkout. In addition, the safety of cash and its correct application is ensured. Responsibility for compliance with the rules lies with the administration of the business entity and the heads of certain departments (financial department, accounting).
According to these rules, cash is recorded at the cash desk of the company. In this case, certain limits are set for the amount of financial resources. The cash desk of the enterprise should not contain more cash than is established by the norms. Limits on balances and use of revenue are fixed by agreement of the bank with the management.
Cash accounting at the checkout is carried out in accordance with the established procedure. The enterprises have a special position related to the implementation of relevant financial transactions. The cashier is materially responsible; his duties include ensuring the safety of the values transferred to him.