Financial Policy Handbook 2017

those receipting the money, should be responsible for opening the mail and to create a log of cash and checks received to compare with the receipt of the day to ensure complete and accurate receipt processing. This duty should be rotated among staff so that no one person performs this duty for more than one week at a time. 10. In-Person Cash Payments - This procedure required the immediate receipting of the payment into the cash collection system, as the payer is standing at the counter. It is important that all information is available to quickly and accurately credit the customer in an efficient and friendly manner. A receipt should be given to the payer as proof of payment. 11. Reconciling the Cash Drawer - To insure accuracy in receiving cash, staff should alternate reconciling the cash drawer. The activity report displays the amount of cash, checks and credit cards taken in during the business day. The person who enters the daily posting of cash and checks should not “close the drawer.” A second office person should run the cash register summary report and verify that they match. All discrepancies should be reported to the Finance Director. SECTION 4 - ACCOUNT RECEIVABLES The City invoices citizens and customers who have not paid when the transaction occurred. All attempts should be made at the time of the transaction to secure payment. Payments shall be allowed by cash, check , credit card or ACH. 1. Payment in Full - Payment in full is expected by the twenty-fifth (25th) of each month. 2. Payment Plans - Many debtors are willing to pay their accounts, however, they may not be able to pay their accounts in full. In such cases, the City may allow partial payments with a written payment plan approved by the Finance Director. Arrangements for partial payments allow debtors to pay what they can, when they can, until the balance is paid in full, or they may pay a set amount until the balance is paid in full. 3. Charge Accounts - The City may extend the privilege to those commercial customers the ability to charge activity as it occurs. In order to be eligible to be invoiced activity, the customer must complete a City credit application. The application will be reviewed and approved by the Finance Director. Non-commercial customers may not charge their respective fees. Payment for residential services must be prepaid at all times. 4. Account Adjustments - From time to time there may be instances where a customer’s account will have to be adjusted once activity has been posted. Where adjustments must be made, the A/R Adjustment report, etc. will be retained in the monthly activity file.

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