1 POLICY & PROCEDURE DOCUMENT NUMBER: DIVISION: Finance & Administration TITLE: Cash Operations Policy and Procedures DATE: July 15, 2011 Authorized by: K. Ann Mead, VP for Finance & Administration Issued by: Office of the Bursar I. Purpose and Scope The purpose of this cash operations document is to consolidate the cash handling/cash operations policies and procedures of Western Kentucky University into one centralized, easy to use reference document. For the purposes of this document, Western Kentucky University includes all University departments or organizational units, administrative offices, and affiliated organizations. The term cash as used in this document, refers to coin, currency, checks, money orders, ACH and credit card sales. This document provides a summary of the overall cash handling/cash operations procedures of the University. This document is for the benefit of all University employees who are involved in cash operations, regardless of their location or organizational relationships. Employees with cash handling functions are encouraged to become familiar with the contents of this document. This document provides a summary of the overall cash handling and cash operation procedures of the University. Individual departments may have additional, more detailed policies which must also be considered by persons working in those areas.
2 II. Policy A. Introduction The overall cash policy of Western Kentucky University is to institute controls and procedures to: 1. Ensure the physical security of cash. 2. Maximize the use of cash funds. 3. Accurately record the receipt of cash to ensure the reliability of financial data. B. Internal Controls 1. Access to cash should be limited and all funds should be kept secure at all times. Daily, all funds collected should be deposited intact with the Cashier s Office, Room 208, Potter Hall. 2. Cash receipts/handling operations should be subject to supervisory review. In all instances, one person will check the work performed by another. 3. All cash receipts must be completely and accurately recorded in the financial records of the University. To ensure this, a cash transmittal of receipts form should be prepared for each cash receipt indicating the account to which funds should be applied. C. Responsibilities for Cash Operations 1. The authority and responsibility for establishing policies and procedures and defining appropriate internal controls for cash handling activities are assigned to the Office of the Chief Financial Officer and/or the Office of Internal Audit. 2. The Office of the Chief Financial Officer has overall responsibility for all cash handling operations, including the collection, control, and custodianship of all funds of Western Kentucky University. 3. Any employee who handles cash is absolutely responsible for that cash. A supervisor of any employee who handles cash is responsible for ensuring that proper and reasonable safeguards are followed. 4. Each employee involved in cash handling operations assumes the responsibility for full and true reporting of all funds received. D. Cash Receipts 1. Written cash receipts forms are to be issued for all cash received.
3 2. Cash handling duties are to be appropriately separated among employees. 3. Checks are accepted only for amounts owed to Western Kentucky University. 4. Cash is not to be sent by campus or U.S. mail. E. Change Funds 1. Change funds are established for specific purposes to enable organizational units of Western Kentucky University to achieve their assigned objectives. 2. The approval of the Office of the Chief Financial Officer is required to establish a change fund. 3. No disbursements are to be made except to satisfy an obligation of Western Kentucky University that was incurred for authorized purposes. 4. Cash disbursements are authorized only for specific purposes from change funds. 5. The fund custodian is responsible for accounting for the fund and for making whatever provisions are necessary to properly safeguard it. 6. Change funds are not to be commingled with other cash funds or with personal funds. 7. Change funds are not to be used for any purposes other than those for which they were established. F. Security 1. Each cash handling location should establish those security procedures deemed necessary in light of the perceived risk at that location. 2. Cash should be kept in a locked, fire-resistant storage container. 3. The department head has overall responsibility for ensuring that adequate security is maintained over cash and other assets. 4. Cash should never be left unattended. This applies to cash registers and desk tops. If an employee leaves his or work station for any reason, regardless of how briefly, cash must be appropriately secured in a locked place. 5. Unauthorized persons are not permitted in areas where cash is handled. 6. Checks should be restrictively endorsed immediately.
4 G. Establishing Outside Banking Relationships 1. No individual, department, organizational unit, administrative office, or affiliated organization of the University may establish a bank account or deal directly with a bank. 2. All University banking business must be conducted with the Cashier s Office. H. Personnel Related Issues 1. Before an individual is employed in a regular full-time cash handling position, his or her employment record must be verified by the employing supervisor. The Department of Human Resources should be requested to run a check on the individual to determine if a criminal record exists. 2. Employees in a supervisory cash handling position are expected to be above reproach in the conduct of their personal financial affairs. 3. Employees who are responsible for receiving or handling cash or recording transactions involving cash must be instructed precisely as to their duties and responsibilities. Each new employee should be given a period of orientation and training. All employees should be provided with a periodic review of University policies and procedures relating to cash handling operations. 4. Violations of cash handling rules and regulations are considered a serious failure on the part of any employee and the responsible supervisor. Appropriate action, which may include separation from employment, will be taken in the case of violations. I. Required Reporting 1. All losses of University money must be reported, regardless of the amount. 2. Attempted theft, burglary, or robbery must be reported even though no actual loss occurred. 3. Persons making deposits with the Cashier s Office are responsible for verifying that they receive credit for all deposits made and that the proper accounts are credited. 4. Persons responsible for any account receivable of the University must reconcile the balance of the detail accounts to the balance shown on the financial records system monthly. 5. Persons responsible for change funds must reconcile such funds daily. J. Internal Controls 1. Definition of Internal Control
5 a. Internal control encompasses the policies and procedures that an organization establishes to ensure that it operates in accordance with management s intentions and that accountability is maintained for all transactions. This includes the methods adopted by the organization to safeguard its assets, to check the accuracy and reliability of its accounting data, to promote operational efficiency, and to encourage adherence to prescribed managerial policies. b. This broad definition of internal control includes two different aspects of control: administrative control and accounting control. Administrative (or operational) controls are generally aimed at improving operating efficiencies or otherwise controlling the activities of the organization. These controls are in contrast to internal accounting controls, which are primarily directed at reliable financial reporting (i.e., ensuring the accuracy and reliability of the financial data and safeguarding assets). c. Internal controls are usually developed and put into place to either prevent mistakes or detect them on a timely basis if they occur. For example, University departments use transmittal of receipts forms to deposit cash with the Cashier s Office. Personnel in the Cashier s Office verify cash transmittal forms to make sure the deposit equals the amount shown on the form and that accurate account numbers are used. These persons are performing controls designed to prevent mistakes from entering the University accounting system. To detect any mistakes that get through this process, the computer system has been designed so that it will detect (and not accept) out-of-balance transactions and invalid account numbers. 2. Purpose of Internal Control a. Internal controls are put into place largely to allow management to monitor operations, identify business risks, and generate pertinent financial and nonfinancial information. In short, internal controls are designed and implemented so that management can run the organization. b. Internal controls also ensure that responsibilities are met. c. Generally speaking, internal controls are established to provide reasonable assurance that: 1) Transactions are executed in accordance with management s authorization. 2) Transactions are recorded as necessary to permit accurate preparation of financial statements and to maintain accountability for the organization s assets. 3) Access to assets is restricted to instances authorized by management.
6 4) Assets are periodically compared with the accounting records, both to determine the accuracy of the records and to account for the assets. 3. Internal Controls over Cash Receipts/Handling a. Because cash in negotiable, readily spendable, and easily transported, it is important for proper internal controls to be in place to protect this asset of Western Kentucky University. b. Accordingly, it is the policy of the University that the following internal controls over cash receipts/handling be established and placed in operation: 1) Access to cash must be limited. All funds should be kept secure at all times. While in the possession of University departments or organizational units, administrative offices, and affiliated organizations, funds should be kept in locked boxes or drawers or in closed cash register drawers. Daily, all funds collected should be deposited with the Cashier s Office, Potter Hall. 2) Cash receipts/handling operations should be subject to supervisory review. To minimize the potential for mistakes in cash handling operations and/or misappropriation of cash, cash handling duties should be separated between employees so that in all instances one person (preferably a supervisor) will check the work performed by another. 3) All cash receipts must be completely and accurately recorded in the financial records of the University. To ensure this, a cash transmittal of receipts form should be prepared for the cash receipt(s), indicating the account(s) to which the funds are to be applied. 4. Separation of Duties a. One of the most important internal accounting controls, especially with regard to cash handling operations, is that of separation of duties. Stated more simply this means separating the performance of one activity from the performance of another. For example, the same person should not receive cash, deposit cash in the bank, and reconcile the bank statement. Having different parts of a single transaction handled by different people allows each person to serve as a control over the others. When duties are appropriately separated, a mistake made by one person in processing a transaction is likely to be detected by another person. b. For these reasons, it is the policy of Western Kentucky University that appropriate separation of duties is employed in all cash operations/handling functions.
7 5. Safeguarding of Assets a. Cash receipts are prone to theft or misplacement. Accordingly, it is important to have internal controls in place to safeguard these assets so that access to them is limited to authorized personnel. b. For this reason, the University requires the daily deposit of all cash receipts so that safeguarding control can be exercised and access limited. K. Responsibilities for Cash Operations 1. Authority and Responsibility a. The authority and responsibility for establishing policies and procedures and defining appropriate internal controls (accounting and administrative) for cash handling activities at Western Kentucky University are assigned to the Office of the Chief Financial Officer. In turn, the Office of the Chief Financial Officer has delegated cash receipts responsibilities to all University departments or organizational units, administrative offices, and affiliated organizations, with the Cashier s Office serving as a central control and collections point. b. The Office of the Chief Financial Officer has overall responsibility for all cash handling operations. c. Accordingly, the Office of the Chief Financial Officer has ultimate responsibility for the collection, control, and custodianship of all funds of Western Kentucky University. In this regard the Office of the Chief Financial Officer has specific responsibility to: 1) Establish and enforce policies and procedures governing the receipt, handling, custody, and disbursement of funds. 2) Require the establishment and maintenance of records giving full account of monies received and paid by the University. 3) Request audits of any aspect of the cash receiving and handling functions of the University. 4) Establish and terminate petty cash funds and set limits on the amount and use of such funds. 5) Establish and enforce minimum security standards applicable to all University cash handling operations. d. The Office of the Chief Financial Officer defines administrative policies and procedures and prescribes internal controls relating to cash handling operations. These policies, procedures, and controls are required to be observed by every
8 University department or organizational unit, administrative office, and affiliated organization involved in cash handling. It is the responsibility of each Department Head and/or Office Manager to ensure that cash handling operations over which he or she has control are operating in accordance with the policies set forth in this document. 2. Delegated Responsibility a. All departments and organizational units, administrative offices, and affiliated organizations of the University that handle cash receipts accept responsibility to: 1) Receive funds and deposit them with the Cashier s Office daily. 2) Supervise all cash handling activities so that all funds received are properly recorded and deposited in accordance with University policy and procedures. 3) Ensure that proper records are maintained and that entries are made promptly and properly. 4) Ensure that all funds are adequately safeguarded. 5) Conduct periodic reviews of their cash handling activities to determine that all systems are functioning as intended and that all applicable University policies and procedures are being followed. b. The Cashier s Office has been designated as the central collection and control point for cash receipts. All cash collected by University departments should be forwarded to the Cashier s Office. The Cashier s Office has the responsibility to collect, control, and maintain records for all campus funds. 3. Individual Responsibility a. Responsibility for handling cash is assigned to individual employees who participate in any cash handling function and to their supervisors. Any employee who handles cash is absolutely responsible for that cash. A supervisor of any employee who handles cash is responsible for ensuring that proper and reasonable safeguards are followed. b. Each employee involved in cash handling operations assumes the responsibility for full and true reporting of all funds received. III. Procedure A. Definition of Cash The term cash as used in this document, refers to coin, currency, checks, money orders and credit card sales.
9 B. General Policies Cash Receipts 1. All cash receipts (including credit card deposits) shall be deposited intact daily with the Cashier s Office. This procedure is applicable to all departments or organizational units, administrative offices, and affiliated organizations that receive cash on behalf of Western Kentucky University. Intact means that no disbursements, either cashing of checks or payments for purchases, are to be made from any cash receipts. Note: University policy indicates that rules of reasonableness apply in interpreting of the above daily deposit requirement. Specifically, a. a deposit is to be made when cash receipts accumulate to $25 although more than one deposit a day is not required, plus b. a deposit is to be made on the last working day of the week if no deposits were made during the week, plus c. a deposit is to be made by noon on the last working day of the month. 2. Written cash receipts forms are to be issued for all cash received. The form of receipt may be either a written cash receipt, a cash register tape, or a paid stamp. 3. All checks received must be restrictively endorsed immediately with the name (or number) of the department and Western Kentucky University. 4. Cash handling duties are to be appropriately separated by employees. a. In units having a number of employees, different persons should be designated to receive cash, deposit cash, and record transactions so that no single person has control over the entire process. b. In all units, cash handling operations (cash receipts and recording) should be reviewed and approved by someone (preferably a supervisor) in addition to the person receiving the funds. 5. Checks are accepted only for amounts owed to Western Kentucky University. 6. Cash is not to be sent by campus or U.S. mail. 7. Questions concerning procedures for cash receipts should be directed to: Office of the Chief Financial Officer ATTN: Cashier s Office Potter Hall - Room 208 Bowling Green, Kentucky
10 Phone: (270) Fax: (270) C. Acceptable Forms of Payment The University accepts the following forms of payment: 1. U.S. coin and currency 2. Checks drawn on U.S. banks and written in U.S. dollar values (including travelers, cashiers, and certified checks) 3. Money orders 4. MasterCard, VISA and Discover credit cards D. Authorized Cash Receiving Locations 1. Any department approved by the Office of the Chief Financial Officer may collect cash on behalf of the University. 2. One departmental position should be designated to serve as the central collection point. This designation should be assigned to a position which routinely handles cash receipts and therefore would be completing cash transmittal forms on a regular basis. E. General Cash Receipts The procedures below should be followed in handling all cash receipts at the University. 1. Cash Receipts Forms a. A written acknowledgment should be made for each cash payment received. b. Acceptable cash receipts forms are cash register tapes, receipts written on preprinted forms, and paid stamps. c. Cash register tapes may be used by departments having cash registers that produce a customer receipt copy. d. Preprinted forms are frequently used by departments that do not have a cash register. e. Such forms may be obtained from the Office of the Chief Financial Officer and should include: 1) the amount of the payment
11 2) the mode of payment (cash, check, money order, credit card, etc.) 3) name of person making payment 4) purpose of payment 5) date of payment 6) social security number or student identification number, if applicable 7) account payment applied to, if applicable 8) initials of employee receiving funds f. Manually prepared cash receipts forms should be sequentially prenumbered and should be accounted for and maintained for audit purposes. Computer generated receipts are numbered and meet the requirements set out above. Incorrectly completed cash receipts forms must be voided. g. Some departments may use paid stamps as a means of receipt. In such cases, the employee receiving funds should stamp a copy of the payee s bill and initial it beside the paid stamp. 2. Cash Transmittal of Receipts Forms a. A cash transmittal of receipts form is to be used by all individuals, departments and organizational units, administrative offices, and affiliated organizations of the University to accompany and record the transfer of cash to the Cashier s Office. From this form, the Cashier s Office will generate the accounting entries to record the transaction. This form is located on the website for the Cashier s Office. b. In completing the cash transmittal of receipts form, employees are reminded of the following: 1) Complete all standard information required on each transmittal of receipts form. 2) Credit card batch headers (totals) should accompany the transmittal. 3) Leave the cash receipt number blank; this will be completed by the Cashier s Office and will be on the yellow copy of the cash transmittal of receipts form which is returned to the originating department. Departments should use the copy of the cash transmittal of receipts form to verify the amount received in the Cashier s Office and to reconcile the recording of the transaction on the Banner finance system.
12 4) Use a separate line for each different account number. 5) Overages and shortages must be reported and explained on the cash transmittal of receipts form. Overages and shortages are the responsibility of the department head who should be aware of these items and initial them on the transmittal. 6) The Cashier s Office will review overages and shortages for unusual or continuing differences. The Office of Internal Audit will also receive this information. 7) The details of all checks must accompany each cash transmittal. Space is provided on the form to list the maker, date received, and amount of each check. If additional space is required, a listing may be attached. If numerous checks accompany the cash transmittal of receipts form, an adding machine tape detailing the amounts included may be sufficient. 8) Deposits should be delivered to the Cashier s Office (Potter Hall - room 208) and include the following: a) Completed cash transmittal of receipts form b) Currency 1) facing the same way 2) sorted by denomination 3) banded or clipped ($1 bills in $25 bundles; $5 and $10 bills in $100 bundles; and $20 bills in $500 bundles.) c) Coins in rolls and unrolled coins in an envelope. d) Endorsed checks with adding machine tape showing amount of deposit. e) Checks, money orders, and travelers checks may be combined together. f) They should all be facing the same way and presented in the sequence of the adding machine tape. g) Credit card deposits with batch headers. c. To the extent feasible, cash transmittal of receipts forms should be prepared by an individual other than the cashier or bookkeeper. If this is not practicable, the manager or supervisor should reconcile or review the reconciliation of daily cash receipts transactions to the cash transmittal.
13 3. Deposit Slips In general, the Cashier s Office will prepare deposit slips for all cash receipts and will directly deposit all funds with the authorized banking facility. F. Procedures for Specific Types of Cash Receipts While the above section describes the general procedures for the handling of cash receipts at Western Kentucky University, there are additional procedures that relate to specific types of cash receipts and certain exceptions to the general policies of the University. These specific procedures and exceptions are as follows: 1. Cash Sales a. When cash is received by an employee, either a cash register recording is made or a prenumbered cash receipts form (showing at least the date, amount, payor, and nature of the payment) is prepared. The payor is given a copy of the receipt. b. Employees handling cash receipts must balance cash collected to the cash register totals or to totals of the prenumbered cash receipts forms prepared. Copies of the cash receipts forms should be retained in numbered sequence, including any voided forms. Employees handling cash receipts should not perform any accounts receivable functions. c. Any shortages or overages in daily cash receipts must be reported on the cash transmittal form. d. When a department uses a cash register to record cash receipts, the cash register must be balanced at the end of each employee s shift. Daily cash register tapes must agree with the cash transmittal form. The daily recorded transactions are substantiated by a file of tapes, cash register clearance forms, and copies of the cash transmittal form. 2. Checks This section details only those standards relating to checks presented in payment for goods or services or as gifts to Western Kentucky University. a. Numerous types of checks are received by the University as payment for the sale of goods and services provided. In general, any of the following types of checks are acceptable of payment: 1) Personal checks 2) Company checks 3) Cashier s checks 4) Certified checks 5) Money orders
14 6) Travelers checks 7) University checks 8) Government checks b. Checks written on non-u.s. banks or for amounts other than U.S. dollars are accepted on account only and are subject to the amount of U.S. dollars ultimately collected in exchange. c. To be accepted, each check presented must: 1) Be payable to Western Kentucky University (or appropriate affiliated organization). This includes checks payable to an individual who must restrictively endorse it payable to Western Kentucky University. 2) Be currently dated - not post dated or stale dated (over six months old, or shorter period if so indicated on the face of the check). 3) Be properly signed and/or endorsed by the presenter. 4) Be in agreement as to numeric and written amounts. 5) Be legibly written in ink. 6) Not be altered or grossly mutilated. 7) Not have any unreasonable restrictions placed on the face that limit its application. 8) Contain sufficient information to permit tracing the presenter (e.g., name, address, telephone number, ID number). 9) For checks presented in person in payment for goods and services (not gifts), some form of identification, preferably including a picture, should be checked to verify the identity of the presenter. d. All checks accepted by the University must be restrictively endorsed immediately upon receipt. The endorsement should indicate For Deposit Only. Additionally, Western Kentucky University (or appropriate affiliated organization) and the department should be identified in the endorsement. For example, the following endorsement should be placed on the back of each check: Western Kentucky University. For Deposit Only. This endorsement covers all departments of the University, Department name or Department number. 1) This endorsement may be applied by a stamp or may be individually written on each check. Restrictive endorsement stamps may be obtained from the Cashier s Office and kept for ongoing use.
15 2) On checks jointly payable to the University and another party, the endorsement of the other party is required in addition to the restrictive endorsement above. 3. Credit Cards Acceptance of credit cards (which involves a banking relationship) must be approved by the Office of the Chief Financial Officer. Contact the Office of the Bursar if your department is interested in accepting credit cards. Credit card fees charged by the bank are the responsibility of the department accepting the credit cards. Departments are also responsible for any credit card transactions that are disputed and charged back to the University. a. MasterCard, VISA and Discover are the only credit cards that may be accepted. b. In those locations of the University where authorization has been given to accept credit cards, a machine has been installed that automatically reads credit cards and provides authorization numbers. Where such machines have been installed, all credit card sales should be authorized. c. Any department with a need to accept credit cards through the internet via a web application (e-commerce) must contact the Office of the Bursar to coordinate web-based payment solutions with the payment processor under contract with the University. d. If use of the card is authorized, the credit card company will assign an authorization number. e. Credit cards may be accepted for mail and telephone orders. Charges may also be made to credit cards even though the person requesting the charge does not have his or her credit card available for imprint. This requires that the customer provide sufficient information about the card to request authorization. f. Departments that accept credit cards are responsible for ensuring all credit card information is received and maintained in a secure manner in accordance with the payment card industry standards. g. Under no circumstance shall credit card information be obtained or transmitted via Mail Receipts a. When a department receives payment by mail (other than on accounts receivable), the payment should be listed immediately on the cash transmittal form, showing the amount, date, payor, and nature of payment. A copy of the
16 listing should be maintained by the department, and the payment should be forwarded to the Cashier s Office as part of the cash transmittal. b. When a department receives payments by mail on accounts receivable, an individual receipt should be prepared for each remittance. A remittance advice if enclosed with the payment, may serve as a receipt. The receipt should show the date, amount, and payor, and indicate what the payment was for. Computer generated receipts are sufficient for this purpose. The employee who opens the mail, prepares receipts, and makes deposits should not be involved in recording or adjusting accounts receivable. c. A copy of the receipt or remittance advice should be used to record payments on accounts receivable. 5. Counting Money and Making Change The following standard practices should be observed in counting money received and in making change: a. All money received should be counted and the amount verified before it is placed in the cash drawer. b. Currency for which change will be given should be placed in view of both the cashier and customer until the transaction is complete. c. All change given on a transaction should be counted out to the customer. d. If an interruption occurs during the counting/change making process, the process should be started again from the beginning. 6. Student Financial Aid Residual Checks Student financial aid residual checks are generally only for the excess of the amount of aid over the amount owed the University. These may be cashed by the student in the same manner as any other check with the maximum amount of $300 as described in point I below. G. Corrections of Errors and Adjustments 1. Discrepancies in cash transmittal forms received in the Cashier s Office and the accompanying cash receipts are reported immediately to the person making the deposit, and, if over $100, to the manager of the Cashier s Office and the supervisor of the department making the deposit. 2. Discrepancies are immediately corrected by the Cashier s Office and the difference is adjusted on the related cash transmittal form, indicating an overage or shortage.
17 3. Final resolution of a discrepancy and authority to adjust the appropriate account lie with the manager of the Cashier s Office. The ultimate resolution of a significant discrepancy (over $100) and any adjustment made are documented in a letter from the manager of the Cashier s Office to the supervisor of the department making the deposit. H. Refunds 1. A refund voucher form is to be used by all individuals, departments and organizational units, administrative offices, and affiliated organizations of the University to record the refund of money. From this form, the Cashier s Office will check for outstanding debt. After verifying the payee is not financially obligated to the Bursar s Office, the Cashier s Office will sign off on the refund voucher and forward it to Accounts Payable. After the check has been written, the Accounts Payable section will enter the check number and date of the check on the form and mail the check to the payee. The refund voucher form is located on the website for the Cashier s Office. 2. In completing the refund voucher form, employees are reminded of the following: a. Complete all standard information required on the refund voucher form. b. Use a separate line for each different account number. c. Refund vouchers should be mailed or delivered to the Cashier s Office (Potter Hall - room 208). d. To the extent feasible, refund vouchers should be prepared by an individual other than the cashier or bookkeeper. If this is not practicable, the manager or supervisor should review all refund vouchers. I. Check Cashing Service and Returned Checks Policy 1. Two types of personal checks (maximum $50) may be cashed by the University Cashier s Office in Potter Hall. a. The check may be written by the student and made payable to Western. b. The check may be written by the student s parent and made payable to the student. 2. Western Kentucky University student payroll checks in any amount will be cashed. Student I.D. is required for check cashing services. 3. Checks may be cashed from 8:00 a.m. to 4:00 p.m., Monday through Friday. Summer office hours are subject to change.
18 4. A charge of $20.00 will be made for each check returned to the University because of insufficient funds, closed account, or stop payment. Failure to make prompt payment on returned checks may jeopardize status with the university. Any unpaid, returned checks are subject to being turned over to the County Attorney s Office for collection. The passing of bad checks is a violation of Kentucky statute. 5. The check cashing service will be denied to all students and employees for whom more than one check has been returned for non-payment.
A. DEFINITION OF CASH Cash Operations Manual - Cash Receipts The term "cash" as used in this manual, refers to U.S. currency and coin, checks drawn on U.S. banks and written in U.S. dollar values (including
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Page 1 of 9 I. PURPOSE: The Oakland County Parks and Recreation Cash and Payment Card Industry (PCI) outlines procedures for the safe handling of funds managed on behalf of Oakland County as well as PCI
Title: Cash Handling & Procedure Effective Date 08/01/2015 Section: Financial Operations Supersedes: Cash Handling Procedures, revised 03/05/2013 PURPOSE: The purpose of this policy is to establish strong
ADMINISTRATIVE PRACTICE LETTER SUBJECT: PETTY CASH Section I - E Issue 6 Page 1 of 2 Effective 7/10/07 GENERAL Each petty cash fund is in the sole custody of a business manager who is responsible to the
George Mason University Presents Cash Transactions A Guide to Collecting, Depositing, and Reconciling Departmental Cash, Check and Credit Card Receipts Prepared by The Fiscal Services Training Department
BUSINESS SERVICES DIVISION PROCEDURES MANUAL CASH HANDLING REVISED DATE 08/13 When handling money, internal controls ensure resources are guarded against waste, loss, and misuse. Basic principles of internal
Introduction to Accounting 2 Modul 1 Internal Control and Cash After studying this chapter, you should be able to: 1. Describe the Sarbanes-Oxley Act of 2002 and its impact on internal controls and financial
HAWAI'I RULES GOVERNING TRUST ACCOUNTING (SCRU-13-0004270) Adopted and Promulgated by the Supreme Court of the State of Hawai'i Comments and commentary are provided by the rules committee for interpretive
SUMMARY OF CORRECTIVE ACTION FOR SEGREGATION OF DUTIES AUDIT ISSUES CASH MANAGEMENT I. Checks a. All checks are restrictively endorsed, using the endorsement stamp maintained by the building secretary.
Accounting Principles, 7 th Edition Weygandt Kieso Kimmel Chapter 8 Internal Control and Cash Prepared by Naomi Karolinski Monroe Community College and Marianne Bradford Bryant College John Wiley & Sons,
A. Guarantee that all donations collected by the ushers are delivered intact (as collected) to the count team by supplying pre-numbered tamper resistant bags. The donations are consolidated into one sealed
Management and Set up for Cash and Credit Card Handling Procedures This presentation is designed to give managers a brief outline of key procedures and controls that should be in place to safeguard cash
Cabinet Member or Representative responsible for completing this form: INSTRUCTIONS FOR COMPLETING THIS FORM: Answer each question by placing an X in the either the Yes, No,, or Applicable () column. Provide
Internal Controls and Political Committees Under the Federal Election Campaign Act (FECA) and the Commission s regulations all political committees are required to file accurate and complete disclosure
Chapter 7 Trustee Instructions for the trustee: The purpose of the (ICQ) is to provide the United States Trustee with an understanding of the internal controls and financial record keeping and reporting
TOWN OF CARLYLE POLICY MANUAL POLICY DESCRIPTION: POLICY NUMBER: IAC 0010 Internal Accounting Controls DATE APPROVED: March 26, 2008 DATE REVISED: October 12, 2011 Purpose of Policy: To promote and protect
FINANCIAL INFORMATION SYSTEM Managing Cash Receipts August 2007 Agenda Definition of Cash Receipts Responsibility for Processing Processing Departments Maintaining Cash Security Making Timely Deposit General
1501 BANKING RELATIONSHIPS Effective: December 1986 Revised: May 2013 Responsible Office: Treasurer Approval: Treasurer The Vice President for Finance and Treasurer is responsible for the efficient operations
Oregon State University Cash Handling Training Cover your assets! Why training on Cash Handling? Each year OSU processes over $700 million to help fulfill its teaching, research, and public service mission.
9-1 PRESCRIBED FORMS CHAPTER 9 PRESCRIBED FORMS, TAXES, AND GENERAL INFORMATION The State Board of Accounts is charged by law with the responsibility of prescribing and installing a system of accounting
Unit 2 The Basic Accounting Cycle Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Business Transactions and the Accounting Equation Transactions That Affect Assets, Liabilities, and
FLORIDA HIGHWAY PATROL POLICY MANUAL SUBJECT PUBLIC RECORDS REQUESTS POLICY NUMBER 13.04 ISSUE DATE 11/01/96 REVISION DATE 05/29/15 TOTAL PAGES 8 13.04.01 PURPOSE It is the purpose of this policy to establish
Internal Controls Best Practices This list includes the most common internal controls applied by small to medium sized businesses to their operations. It includes controls that apply to the processes most
By Cindy Cumfer NOTE: These policies and procedures are designed for small nonprofits that do not have an administrator with financial expertise. They are set up to divide the fiscal control roles between
P R E C I S I O N INTERNAL ACCOUNTING CONTROLS CHECKLIST FOR NTMA CHAPTERS Presented at NTMA 2004 Annual Convention Palm Springs, CA February 2004 National Tooling & Machining Association 9300 Livingston
Related Policy Responsible Officer Approved by Approved and commenced March 2015 Review by March, 2017 Responsible Organisational Unit CONTENTS Cashiering and Revenue Collection Procedure Invoicing & Receivables
Cashier s Cash Handling Procedures Revised 7/1/2013 1 Appendix A Cashiers Handbook Sec. 1: Why Your Job Is Important As a cashier your primary responsibility is the proper handling of the money received
EASTERN OKLAHOMA STATE COLLEGE ACCEPTING AND HANDLING CREDIT AND DEBIT CARD PAYMENTS POLICIES AND PROCEDURES This document describes Eastern Oklahoma State College s policy and procedures for the proper
CHAPTER 4 ACCOUNTING FOR REVENUE SCOPE This chapter provides information on the laws, approved forms, reports, and procedures used in the accounting for revenue received by state agencies. Specific instructions
Chapter 7 Fraud, Internal Control, and Cash 高立翰 Study Objectives 1. Define fraud and internal control. 2. Identify the principles of internal control activities. 3. Explain the applications of internal
State of New York Office of the State Comptroller Division of Management Audit and State Financial Services OFFICE OF MENTAL HEALTH KINGSBORO PSYCHIATRIC CENTER CONTROLS OVER PATIENT CASH REPORT 98-S-43
Oklahoma State University Policy and Procedures BILLING AND RECEIVABLE SYSTEM (BRS) 3-0330 ADMINISTRATION & FINANCE Controller September 2005 INTRODUCTION AND GENERAL STATEMENT 1.01 The Billing and Receivable
Merchant Card Processing Procedures In order to process merchant card payments, NU departments must adhere to the NU Merchant Card Processing Policy and its related procedures. This document contains the
SKAGIT COUNTY CASH COLLECTION POLICIES Administered by the Skagit County Treasurer Revised June 8, 2004 TABLE OF CONTENTS Policy Page I. Mandatory training for Cash Handlers 3 II. Temporary Employees as
Procedures For Registering Your Student Organization On Campus An MSU registered student organization is a volunteer group of students organized to obtain certain goals and objectives. The goals and objectives
State of Alaska Index #: 302.12 Page 1 of 7 Department of Corrections Effective: 04/6/2011 Reviewed: Policies and Procedures Due for Distribution: Public Rev: 04/2013 Chapter: Fiscal Management and Prisoner
9-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Cash Receipts, Cash Payments, and Banking Procedures Section 1: Cash Receipts Section Objectives 1. Record cash receipts in a cash
Internal Control Guidelines The four basic functions of management are usually described as planning, organizing, directing, and controlling. Internal control is what we mean when we discuss the fourth
FY2010 SBDC Cash Handling Procedures General 1) The UH SBDC follows the University of Houston MAPP Cash Handling Policy, 05.01.01 (attached) and the Bauer College of Business (BCB) Policies and Procedures
Presbytery of Eastern Virginia Internal Control Manual Policy and Procedures Revision 1, May 19, 2010 Page 1 of 12 List of Changes Date Revision Pages Affected Revision 1, May 19, 2010 Page 2 of 12 Introduction:
Invoicing and Receivables Policy Responsible Officer Chief Operating Officer Approved by Vice-Chancellor Approved and commenced March, 2012 Review by March, 2012 Relevant Legislation, University of Tasmania
Heintz & Parry 0 th Edition Chapter 0 th Edition College Accounting Accounting for Cash CASH INTERNAL CONTROL Includes: Currency, coins, and checking accounts Checks received from customers Money orders
Burleson Independent School District PTO/Booster Club Guidelines 11/1/2014 The following guidelines are to be used for student support activity groups (Parent Teacher Organizations, Booster Clubs, etc.)
Gila County Attorney s Office Bad Check Program Guidebook INSUFFICIENT FUNDS ACCOUNT CLOSED Gila County Attorney s Office Bad Check Program 714 S. Beeline Hwy., Suite 202 Payson, AZ 85541 BAD CHECK PROGRAM