Navigation

Upcoming events

Submitted by Rasputin Paracelsus on Wed, 15/08/2007 - 17:02. N/A | Exchequery

Cash Receipts should always be deposited at the earliest opportunity. This avoids the risk of potentially substantial loss and is also a good accounting practice, since the bank balance will more accurately reflect the actual state of the State's financial affairs. In principle, no more than one (1) week should elapse between any cash receipt and its deposit.
Cash Receipts should under no circumstances be treated as Petty Cash—in other words, they are not to be used to pay expenses of any kind under any circumstances. Violation of this principle leads to unsound accounting and makes it extremely difficult to assess the State's cashflow.
1. For this reason, it is recommended that Cash Receipts be kept strictly separately from Petty Cash funds.
A proper Receipt in duplicate should always be issued immediately upon accepting a Cash Receipt, one copy to be retained by the Exchequer, one to be given to the giver of the Cash.
1. In an emergency, a makeshift pair of Receipts can be issued, so long as a proper Receipt is issued for the transaction within a reasonable period of time.
2. When the issuance of a makeshift pair of Receipts is not possible, no Cash receipt should be accepted under any circumstances, since this would lead to traceability problems and could lead to undecideable disagreements as to whether Cash was indeed handed over or received.