Cash Log Information for Premium Audits
LWCC recommends that all employees and contractors or subcontractors are paid by check. If a policyholder chooses to pay in cash, it is very important that proper records are kept. A cash log is required and must be provided to the auditor during the audit each year. The cash log must contain the following information to be accepted:
- Payment Date
- Type of Payment
- Payment Amount
- Payee Name
- Last 4 of SS#
- Description of Service Provided
It is also recommended that all payments in cash are signed for by the payee at the time of payment.
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