w88 casino practices and internal control

If you don't have time to do it right, when are you going to have time to do it over?

Consistent performance increases the reliability of operating transactions. Accounting operations are considered effective when they get the job done. Efficient procedures accomplish the objectives in an accurate and timely fashion using minimal resources. w88 casino practices eliminate duplicated efforts, streamline processes, increase productivity and employ a variety of means to achieve consistent, efficient and effective processes.

Written departmental procedures document business processes, personnel responsibilities, and departmental operations. They promote uniformity in executing and recording transactions and serve as training tools for employees. When used effectively, they help to reduce processing errors, inconsistent w88 casino among employees, inaccuracies and unreliable financial information.

While accuracy is important, timeliness is another key requirement to achieve efficiency. Employees w88 casino analyze their work flows and identify ways to work smarter and save time. Timely processing in the department helps the accounts payable and accounting services departments to work more efficiently.

The system of checks and balances that assists the complete and accurate recording of transactions is known as the system of w88 casino control. This system provides assurance that recorded information is correct and complete.

Segregation of duties is a primary concept in a system of w88 casino control. Duties within a department should be segregated so that one person does not perform processing from the beginning to the end of a process. One person should not be in the position to authorize a transaction, execute the transaction, record the transaction and provide the sole review of the transaction. Reconciliations should be performed by a person independent of the basic process. For example, one person should not be able to accept cash, record deposits, make the bank deposits and reconcile the account.

Segregation of duties helps to reduce the risks of inaccurate financial reporting and improper use of funds.

In order to accomplish accurate posting of transactions, employees w88 casino properly trained and authorized to perform accounting and cash handling functions. Only authorized personnel should have access to automated accounting systems, cash storage, original accounting documentation and sensitive information. Proper training should include an understanding of the essential need for timeliness in processing transactions. Errors and omissions w88 casino identified and corrected on a timely basis.

When a process is performed outside of Workday, there should always be another level of review and approval performed by a knowledgeable individual independent of the process. The reviewer w88 casino able to identify errors and omissions. The approval w88 casino documented to verify that a review has been done. Review and approval help to reduce uncorrected errors, irregularities and inaccurate or incomplete information in accounts and reports.

University assets are economic resources that are expected to be of benefit in the future. Assets include cash, office supplies and equipment. Physical protection of assets is a primary goal. Cash drawers w88 casino locked and stored in a fire-proof safe. Office supplies w88 casino kept at reasonable quantities. Equipment w88 casino stored in secure locked areas. Keeping accurate lists of computers and equipment helps to reduce the risk of misplacing the equipment or of someone converting the equipment to personal use.

• Reconcile Workday financial reports to transaction documents at least monthly
• Have an appropriate person w88 casino the monthly financial report and reconciliation.
• Prepare your budget with your w88 casino estimate of how the department's funds will be earned and expended during the year.
• Compare actual results to the budget and follow up significant variances.

• Endorse checks immediately when received.
• Safeguard w88 casino and checks against loss. Maintain accountability for w88 casino with appropriate documentation of w88 casino transfers.
• Deposit receipts within 24 hours in accordance with UAM 1,061. Do not retain funds for any purpose.
• Keep a w88 casino receipts journal, or a duplicate receipt copy, or another suitable record when accepting payments.
• Retain w88 casino receipts documentation in accordance with the records retention rules in the administrative manual.

• Follow the policies and procedures described in w88 casino Manual.
• w88 casino and edit purchasing card statements promptly.
• Be rigorous in following the w88 casino and approval requirements on purchasing card statements and other accounting documents.
• Do not sign contracts on behalf of the w88 casino unless you are specifically authorized in writing by the President to do so. Policy is located in the University w88 online sports betting.