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Shop Finances - who handles what

  • 28 Oct 2011 4:15 PM
    Message # 736350
    Anonymous

    If you have a paid shop manager or DVS with managerial oversight in your gift shop, please share how your shop finances are handled. What person (title) or department pays invoices, bills customers, works up deposits, makes deposits, pays taxes, etc?  If handled by multiple people, please list who is responsible for what.  Many thanks!

  • 28 Feb 2012 10:06 AM
    Reply # 838208 on 736350
    Anonymous

    The paid staff closes the registers at night.  The deposit is made and placed in our vault by the paid staff.  Two volunteers verify the deposit and enter them in the computer.(Retired accountants)  The deposit is taken to our accounting department.  The bank takes our deposit with the hospital's.

    The Director of Volunteer Services buys for the gift shop.  A copy of the orders are given to the stockroom volunteers.  If there is a shortage of merchandise shipped, the accounting volunteer calls the vendor.  When the merchandise has been verified, the order and the packing slip is given to the accounting volunteers.  When the invoice arrives the volunteers verify the invoices against th order and the bill is paid.  The Director of Volunteer Services approves the invoices for payment and the checks are written on the computer.  At the end of the year, our records are audited and given to the hospital for the 1099.

     

    The checks require two signatures.  The Director of Volunteers Services and the volunteer acccounting representative.  The system works very well for us. 

  • 29 Feb 2012 10:58 AM
    Reply # 839482 on 736350
    I have a gift shop manager. She places all the orders, verifies the invoices and writes the checks. She then gives me the checks with a copy of the invoice and packing slip to sign off on the checks. She is also resposible for balancing the drawer and taking the deposit to our cashier who sends them to the bank. At the end of each month all the paperwork goes to an outside accountant for review and report.
  • 01 Mar 2012 8:15 AM
    Reply # 840730 on 736350
    Anonymous

    The WakeMed Health & Hospitals gift shops are hospital department cost centers, managed by paid staff employed by WakeMed.  Raleigh Campus gift shop is 100% paid staff.  Cary Hospital has volunteer cashiers M-F 9am - 4pm as available. 

    The paid staff verifies and closes the registers at night.  They complete a daily reconciliation sheet to verify the day's activity. They take the funds to Campus Police and check in for placement in vaoult (Raleigh)/ take to Business Office and check in to place in vault.  Paid staff complete all deposit processes next day. Staff at each hospital maintain a spreadsheet of data associated with the deposits.  Funds are delivered to respective vaults for pick up by the bank.  Deposit verification spreadsheets and media backup (Batch Settlement reports, etc.) are delivered to Patient Financial Services - staff there key into the hospital system general ledger. 

    The paid managers of each gift shop buys for the gift shop.  A receiving clerk (Raleigh) or paid staff and manager (Cary) verify all orders as they are delivered, post the items to the POS inventory system and place packing slips with posting forms on Director/Community Services's (Raleigh) / manager's (Cary) desk.  When the invoice arrives the Director (Raleigh) verify the invoices with the order, signs off on the invoice,  and the bill is paid.  In Cary, the Director is second signature to the manager signature on all invoices.  All invoices are delivered to Accounts Payable and are processed by that team.   Every month the GL and procurement reports are audited by Retail/Vol Admin specialist and respective managers to ensure accuracy of posting for all deposits and AP.  Audits are performed with the hospital system audits annually.

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