Mind your cash

Cash is easily concealed.  It is untraceable and once lost, is not recoverable.  Carrying large amounts of cash make you a target for theft, but could also suspect you of money-laundering.  Therefore, always take extreme caution when handling cash.
Here’s the basic rule: always deposit cash in the bank as soon as possible.   The general rule of making deposits quickly and frequently is just like for checks, only more so.
If you have several errands to do in a day, depositing your cash should come first.  If you collect several large cash payments during the day, then you should make several deposits during the day.
Until you deposit the cash,
  • do not leave it unattended,
  • do not leave it unlocked,
  • do not tell people about it, and
  • hide it, preferably on your person in a “difficult to reach” place (use your imagination)
One more tip – in your business, don’t pay cash for anything that you don’t have to.  Use checks or banking cards.  When paying cash, make sure that you receive and keep a receipt for your records.

About Mark P. Holtzman

Chair of Accounting Department at Seton Hall University. PhD from The University of Texas at Austin. Worked at Deloitte's New York Office. BSBA from Hofstra University.

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