Cash Management WV State Treasurer’s Office

Cash Management and Cash Handling Spending Unit –State Cash Collection Site Cash –Not just and Coins Currency Money Orders Checks

Background Oversees more than $13 billion on an annual basis Collects, disburses and manages state and local government funds

WVSTO Cash Management Accounting Participant Accounting EFT 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: or (304)

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)

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 §

Cash Receipts Handbook 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.” Collect Cash Secure Cash Prepare Deposit Make Deposit Reconcile

Internal Controls –Effectiveness & Efficiency of Operations –Reliability of Financial Reporting –Compliance with Applicable Laws and Regulations

Internal Controls CollectingDepositing DisbursementReconciliation Segregation of Duties

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?? Julie Hefner-Ferrell Cash Accounting Supervisor Misty Price Deputy Treasurer of Cash Management Drew Hendricks Cash Receipt Accountant