Managing Cash
Cash Best Practices
- DO NOT mail cash to Kesef.
- Go to the bank and deposit the cash into the synagogue’s operating account.
If the cash payment(s)/donation(s) should be entered into an account in ShulCloud, please submit via Deposits: ShulCloud/Other on the Kesef 2.0 Communications Form. Please do not enter the cash payments/donations into your database yourself. Send the information to Kesef.
- Copy of the deposit slip
- Indicate who made the payment/donation
- Cash application instructions - what Charge Type(s) should the payment be applied to (Dues, Tuition, General Donation, etc.)
- Any IMO or IHO dedication information, if applicable
Example: Peter & Melissa Goldberg, cash payment of $36 to the Rabbi’s Discretionary Fund, IHO Bennie Balik’s 90th birthday.
Click Here for Kesef 2.0 Communications Form
Petty Cash Guidelines
If you feel the need to keep the cash on hand at the synagogue, this cash would be considered Petty Cash, and will need to be recorded. Kesef does not recommend keeping cash at the synagogue, but if you do, please let us know in a timely manner.
Please submit the following information to via Deposits: ShulCloud/Other on the Kesef 2.0 Communicaitons Form:
- The amount of cash you have received that will remain at the synagogue as Petty Cash
- Date of cash payment
- Cash application instructions - what Charge Type(s) should the payment be applied to (Dues, Tuition, General Donation, etc.)
- Any IMO or IHO dedication information, if applicable
- If the cash payment does not require posting to an account in Shulcloud, please indicate the QB account # it should be posted to. Kesef will post directly to Quickbooks
Petty cash disbursements should be sent to your Kesef Account Manager to record in QuickBooks.
If you accumulate cash held at the synagogue, then at a later date, physically deposit the cash into your operating account, when you forward the deposit slip, to Kesef, please indicate that the money came from Petty Cash and has already been recorded (if it has already been posted in Shulcloud). Kesef will make an entry in Quickbooks moving it from Petty Cash to the Operating Account.
Click Here for Kesef 2.0 Communications Form
What is Petty Cash?
Petty cash is a system for keeping track of small, random business cash receipts and disbursements that can easily be forgotten and left unrecorded in your bookkeeping system. Having Petty cash on hand can be useful when paying for items, when checks or credit cards, which leave more of a paper trail, are not appropriate.
These transactions include purchases from local vendors or tips for delivery workers. A functioning petty cash system includes internal controls to ensure all transactions are recorded and cash receipts and disbursement amounts reconcile with the sum left in the fund.
PETTY CASH LOG
It is suggested that a petty cash log is maintained at the synagogue. A petty cash log is a notebook that keeps its petty cash fund to record sums of money entering and leaving the fund. Use a petty cash log to list every purchase using petty cash funds and every cash receipt given to the synagogue. Include the date of the transaction and the vendor/ member and what the payment was for (RDR donation, membership dues etc.), and recalculate the petty cash total by adding or subtracting the relevant amount. Each petty cash receipt or disbursement should include a vendor/member signature and employee signature to serve as verification of amount received or disbursed. See Exhibit A for sample petty cash log. In addition, the synagogue office should maintain a file of any petty cash related paperwork.
PETTY CASH RECONCILIATION
Monthly, send Kesef a copy of the petty cash log to reconcile to the petty cash account in QuickBooks.
It is also suggested that an appointed Board member of the synagogue reconcile your petty cash fund by counting the amount in the box/safe and verifying that the total listed in the log matches the sum on hand. Perform this reconciliation periodically, such as monthly or quarterly. If petty cash amounts do not match the sum recorded, report the discrepancy to the Board.
Keep petty cash in a secure location. A locked safe or locked drawer is suggested. In addition, a limited number of individuals should have access to this secure location.
EXHIBIT A
