Cash Management
WV State Treasurer’s Office
Cash Management and
Cash Handling
• Spending Unit
– State Cash Collection Site
• Cash
– Not just
•
•
•
•
Coins
Currency
Money Orders
Checks
and
Background
• Oversees more than $13 billion on
an annual basis
• Collects, disburses and manages
state and local government funds
WVSTO
Cash Management
Treasury
Operations
Accounting
EFT
Participant
Accounting
Treasury Operations
• Receipts Processing
– Lockbox
– Check & Cash Deposits
• Check Processing
– Sealing
– Distribution
Cash Accounting
• Reconciliations
• Manage Banking and Agency
Relationships
• Imprest Funds
• Outside Bank Accounts
• Cash Receipts Handbook
Checks
(Cash Accounting Continued)
•
•
•
•
•
Returned
Undeliverable
Stale
Stop Payments
Hotline: 1-866-243-9010
or
(304) 558-3599
Electronic Funds Transfer
(EFT)
• Automated Clearing House (ACH)
• e-Gov
– Allowing state agencies and local
governments the ability to accept credit cards
and use our ACH network
Participant Accounting
• Determination of Daily Cash
Position
• Wire Transfers
• Investment Activity
• Additional Information:
(304) 340-1577
Policies & Procedures
• Establish Cash
Management
practices and
safeguards
• Develop &
implement written
procedures
– Keep them
updated
Why is this important?
Risks
• Cash is lost
• Cash is stolen
• Bank Statement doesn’t agree with
Spending Unit’s records
• No audit trail
• Finger pointing/Accusations
Cash Receipts Handbook
• WV Legislative
Auditor’s Office Cash Receipts Study
• WV Code §12-2-2
• http://www.wvsto.com
Cash Receipts Handbook
Collect
Cash
Reconcile
Make
Deposit
Secure
Cash
Prepare
Deposit
• Purpose: “to provide
guidelines for the proper
receiving, handling, and
safeguarding of Cash by
Spending Units and
employees.”
• Goal: “to guide and control
the process for accurate
and secure receiving,
receipting and processing
of moneys received at
various locations
throughout the State.”
Internal Controls
• Internal Controls
– Effectiveness & Efficiency of Operations
– Reliability of Financial Reporting
– Compliance with Applicable Laws and
Regulations
Internal Controls
Collecting
Depositing
Segregation
of Duties
Disbursement
Reconciliation
Internal Controls
•
•
•
•
•
•
Physical Safeguarding of Cash
Employee Screening
Handling Receipts
Using Dual Controls
One Business Day Rule
Cash Receipts Survey
WVSTO Services
• Lockbox
• e-Gov
• Additional Assistance
Additional Services
• Smart Safes
• Remote Deposit
Capture Device
• Point of Sale
(POS) Device
Challenges
Do you have a ham problem??
“We can’t solve problems by using the same kind
of thinking we used when we created them”
-Albert Einstein
Questions??
Drew Hendricks
Cash Receipt Accountant
drew.hendricks@wvsto.com
304-340-2709
Julie Hefner-Ferrell
Misty Price
Cash Accounting Supervisor
julie.hefner-ferrell@wvsto.com
304-340-2718
Deputy Treasurer of Cash
Management
misty.price@wvsto.com
304-340-1570