Controls Over Cash Receipts

[KayPee]

hello,

will someone be kind enough to explain the term ''post-opening arrangements'' as used in controls over receipts?

Thanks

[Asif]

it means the control procedures that should be in place over receipts after they receiable pay their debt -
1) If payment is made by post then two person should open the post
2) Cash should be kept on a secure place such as locked drawers
3) Cash should be banked regularly
4) Someone shoud perform bank reconcilation regularly and check whether the transaction are properly accounted by both company and bank.
5) Follow up procedures should be done for dishonoured cheques

I think this is the answer...um not sure...could any1 pls confirm it ?