A cash short and over account is an account of income statements in which cash overages or shortages are reported. The account may be used by a company to document unexplained discrepancies arising from the replenishment of limited cash funds.
A firm will note cash variation instances easily in a single accessible account. A cash short and over account should be known as an income tax account, not just an expense account even though the errors reported can decrease or increase the earnings of a company on its tax of income.
A business can use a cash short and over account data to decide why cash rates are not aligned and attempt to minimize the number of cash short and over occurrences by using better policies, controls and training for employees.
Uses of a Cash Short and Over Account
A cash short and over account is used when there is no evidence of an impressed account, such as small cash. The account is usually left active until around the end of such a company’s fiscal period or year. It is then shut and listed on the income statement as a miscellaneous cost.
The cash short and over account may be used by:
A bank to report daily discrepancies (if any) between the actual cash of the teller at the end of the day and the estimated cash sum based on cashed checks and deposits collected.
A corporation to report unexpected discrepancies resulting from the replenishment of a small company’s cash fund.
A cash short and over account offers a way to track the cash management skills of employees. The sums in the account are usually so low that the balance of the account will be combined with other trivial sums listed as other expenses on the income statement.
Cash Over and Short Account Policy
Employees who manage cash are supposed to be cautious and reliable, with no shortages or overages, to settle their funds every day. There is a likelihood that variations can occur occasionally. As such, the following suggested procedures are established:
Verbal counseling will be given if, in one payment per month, an employee whose main duties include collecting and depositing assets or funds has accumulated cash in excess of $25 or more. The employee must provide the immediate supervisor with a written response no more than 24 hours after the incident. The department’s archives will record the incidents and responses.
Written warning will be issued if an employee whose main duties include obtaining and depositing assets or funds has obtained three verbal counsels for over or short instances.
Detention without pay for three working days is required for over or short on the third written notice. Human resources the supervisor shall answer each incident in writing.
Termination shall be required for any shortage of $250 or more and/or ongoing over short instances by any employee. Under the guidance of human resources, the department director will answer each such incident in writing.
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