The Importance of Making Timely Deposits Essay Example

doctor and office manager never caught her, therefore, he never got in trouble.

If there was a summary of receipts at the end of the day, Mary may have been highly discouraged in stealing any money. It is important that the person making out the summary at the end of the business day is not the same person making the deposit. If one person makes out both, it would be easier to "adjust" the totals and take money out of the box. Having segregating this Job duty will help prevent internal theft. Providing a receipt for payments made by patients, along with the method of moment, on the summary is a great way to control cash.

It is also important that all checks be stamped someone could write "PAY TO THE ORDER OF" and cash it. Unfortunately, there are people out there that will write a check when they know that there is no money in their account or the person is not very good at handling their money and may overdraw their account. By making regular deposits, the checks have a higher chance of clearing the person's account. One will need to make sure that the cash and checks are secure and in a locked rear so that other employees and patients do not have access to them.

Paper clipping or using rubber bands around the cash and checks help keep them from getting lost. If they would get lost, that would make the summaries and deposit totals come up Deterrent. Medical Practices do not run on air. They need to pay their bills too. By making regular deposits ensures that there is money

available to pay the bills so that the electric is not shut off or that the supplies can be ordered so that the practice does not run out of them. Keeping duplicated bank deposit slips of all deposits is a great way of controlling cash in the office.

The total of the deposit should match the days income. If there is a discrepancy of the totals, it is important for the office manager to make a note so that they can further investigate. As one can see, making regular deposits is a great way of controlling the cash in the office. It will discourage internal theft, have a better chance of a check clearing if someone does not manage their money properly, make that the same person doing he summary does not do the deposit, checks and cash is locked and clipped together and it makes sure there is money in the account for the office to pay their own bills.