Daily Cash-Up Procedure

The Finance Director or bookkeeper usually determines a time in the late afternoon to cash-up for the day, for example 4:00 P.M.  The cash-up procedure takes approximately 10 - 15 minutes.  Follow the steps below to complete the cash-up procedure.

 

Group Mortgage Payments:

Note:  Depending on the schedule, some municipalities complete the Group Mortgage cash-up earlier in the day.

  1. Suspend processing for Group Mortgage Payment Entry.

  2. Print the Group Mortgage Payment Journal.
    Tip    :  If each clerk reconciles his or her own cash drawer, sort the journal by clerk and page break on clerk.

  3. Reconcile the journal.

  4. Run the Group Mortgage Payment Post.
    Note    :  The Group Mortgage Payment Post process moves records into the Cash Receipts file (CASHFILE) for tax bill payments.  Then the Post Receipts program (for cash receipts) processes the distributed payments along with other tax receipts.

 

Cash Receipts:

  1. Suspend processing for Tax Receipt Entry and Treasurer's Receipt Entry.

  2. Until this procedure is complete, you can receive payments using Next Day Tax Receipts and Next Day Treasurer's Receipts.
    Note    :  If you want corrections for today's receipts to appear in the journals for today, do not start using the Next Day programs, yet.

  3. Print the Tax Receipt Journal and Treasurer's Receipt Journal.
    Tip    :  If each clerk reconciles his or her own cash drawer, sort the journals by clerk and page break on clerk.

  4. Reconcile the journals with the cash drawers.
    Note    :  If you want the corrections to appear in today's journals, make the appropriate reversals and entries in Tax Receipt Entry and Treasurer's Receipt Entry, now.  Then reprint the journals before posting receipts.  However, most municipalities save time by bundling the corrections in with the next day's business.

  5. Suspend all receipt entry processing and exit the programs, including Next Day receipt processing.

  6. Run Post Receipts.

  7. Resume Tax Receipt Entry and Treasurer's Receipt Entry.
    Note    :  After the receipts have been posted, all transactions that were entered using the Next Day programs become available to the regular Tax Receipt and Treasurer's Receipt Entry programs.