Counting and reconciliation cash
Consider adjusting your labor hours assumptions based on the below activities.
| Activity | Lower hours | Average Hours | Higher hours |
|---|---|---|---|
|
Counting and reconciliation cash |
Couple days per week |
Daily |
Multiple times per day |
|
Prepping and filling cash register |
Couple days per week |
Daily |
Multiple times per day |
|
Bank deposit cash – Prepare & Travel |
Once per week |
Couple times per week |
Daily |
|
Deposit checks |
Mobile deposit |
Bank visit weekly |
Bank visit daily |
|
Monitoring the cash box for fraud & theft |
Limited monitoring by one staff member |
Moderate monitoring by multiple staff |
Key responsibility for multiple staff |
|
Identifying counterfeit cash |
Limited time spent by employees |
Passive monitoring by management |
Active monitoring by staff |
|
Investigate why cash is missing |
Monthly |
Weekly |
Daily |
|
Check reconciliation |
Automated accounting system |
Manual reconciliation - Weekly |
Manual reconciliation – Daily |
|
Check fraud & insufficient funds: Contact customer and bank to resolve |
Monthly |
Weekly |
Daily |
|
Other tasks such as staff training, maintain systems |
A couple hours over the month |
A couple hours per week |
A couple hours per day |