We have used Scholastic in the past, also, and as a small school the volume of money was never very high. We always set up the cash out area right next to the only exit, and just write down each purchase total in a notebook. The amount collected is usually pretty close to what the total written down was. Altho when it's busy, I'm sure some sales were not recorded. We almost always ended up with more money than what we had written down. Also, when we fill out the form and send it in at the end of the sale I can't recall ever being audited by Scholastic. I guess they just took our word. I suppose if their inventory of what came back was grossly off they would inform us. We always have at least two people working the checkout area, so we can pretty much keep an eye on things.
We use Scholastic also and I was wondering the same thing. Does anyone know if Scholasic takes inventory so that you would be notified if you did have a problem. Or at least a verification from Scholastic of the value of the books sold?
This (cash receipts) is probably the easiest area for cash to go missing, so your question is quite valid. At our school, the school coordinates the Book Fair and the PTO staffs it, so I'm not sure what all the coordinator gets in the way of inventory lists. However, the basic control is to assure that cash + value of remaining inventory = value of original inventory. It's never going to match EXACTLY, but it should tell you if you have a problem - either missing cash or theft of merchandise.
Our process was to set up a check out station (or two) at the only entrance/exit to the library, where the Fair was set up. This year the coordinator wanted to use actual cash registers, which I initially thought was overkill (when we looked at the purchase cost). However, we got one donated and it worked out GREAT. Every person got a receipt. We used ink stamps to mark the items that had been sold. We normally had two volunteers at the checkout station at all times. Those controls seemed to be sufficient.
We have used Scholastic for our book fairs and are fairly happy with them. How do you account for the money (mostly cash!) that is taken in at the book fair. Do you provide receipts or write down what is sold? How do you know someone is not pocketing some of the profit? We don't believe we have a problem, but when we handle so much money in a day, we wouldn't be surprised if this has happened without us knowing it.
