Strengthening Internal Controls in a Cash Environment

California dealerships should prepare to see an uptick in cash transactions. Beginning Jan. 1, 2018, the state will begin issuing licenses for businesses to sell recreational marijuana. Because marijuana providers cannot use the banking system, their sales transactions are made in cash. As a result, markets where marijuana dispensaries are legal are seeing more cash, which people are using to purchase goods, including cars. To prepare for an influx of cash-paying customers, California dealerships should review their controls over cash now. This article will review four main areas on which dealers can focus to make sure the cash that crosses their counters makes it into their accounting records and bank accounts.
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