Cash Equivalents & Cash Handling Guide. Cashier s Office, UCSB

Transcription

1 Cash Equivalents & Cash Handling Guide Cashier s Office, UCSB

2 Cashiering Responsibilities University employees who receive and handle cash and securities must follow and maintain the appropriate safeguarding, reporting, and audit controls as stated in the endorsement standards released by the Federal Reserve Board. Collections at Sub-cashiering Stations and Departments shall be deposited at the designated Main Cashiering Station at least weekly or whenever collections exceed $500. BUS49 Policy for Handling Cash and Cash Equivalents

3 Cash Equivalents Cash Equivalents are Checks, Money Orders, Travelers Checks, Cashiers Checks and Certified Checks.

4 Checks received by campus departments must: be made payable to The Regents of the University of California, or UC Regents have a complete address show a current date (not be back dated for more than five days or post dated) display the payer s bank branch information and personal account number imprinted on the check by the bank. Endorsed immediately upon receipt with departmental endorsement stamp. Information available at:

5 Checks should not be accepted if: More than 180 days have passed since the check date or if the expiration date provided on the face of the check has occurred. The payment amount is not readable, or the numerical amount does not match the written-out amount. The check is not signed. The check is stamped or otherwise identified as Payable/Paid in Full (if so, the check must be returned to the presenter, and must not be deposited).

6 Foreign Checks Checks received and drawn on foreign bank accounts are not acceptable at face value by the University s depository bank, it must be sent to the depository bank for collection. Contact the Cashiers Office for more information.

7 Official Campus Receipts When accepting money a receipt must always be given, whether it is from a cashiering system set up to print receipts or manually written receipts. The receipt should contain the following information: Total Amount, Amount Received, Change Given and Method of Payment (e.g., cash or check). If your cashiering equipment does not supply receipts, the customer must be given a pre-numbered University of California, Santa Barbara Official Receipt, available from Central Stores. ( )

8 Physical Security Each campus should establish procedures to ensure physical security of cash at all times: Excess cash must be removed from the cash register drawer during the business day and transferred to a secure cash handling area/vault. At the close of business all cash must be secured. Deposits must be adequately protected from loss while in transit. Cash and cash equivalents must be locked in a secure receptacle or safe at all times except when signed out by a cashier for working cash.

9 Cash Currency Currency is to be submitted with the portrait face up and the bills facing the same direction. It should be banded by denomination with the appropriate currency straps in increments of 100. Any remaining currency should be rubber-banded together. A tape or list with the cash breakdown and total should accompany the bundled currency. No University unit may accept non-u.s. currency as payment.

10 Cash Cont. Coin Loose coin is to be counted and placed in an envelope with the amount indicated on the outside. We accept rolled coin, please make sure your department extension is on each roll. Cashiers Office provides the wrappers free of charge. If you have over $100 in loose coin, please call the Cashiers Office at X2177 and we can give you plastic bags for the coin. The bank will accept the coin this way.

11 Depositing Checks Checks are to be endorsed and bundled in batches of 250 or less, with a tape or list of each check and batch total.

12 Subcashier Deposits Deposit Forms A multi-part Deposit Recording Advice form with the department name, 4-digit department code, and name and extension of preparer must accompany each deposit. Form is available from Central Stores. ( ) Departments can create their own deposit form subject to approval from the Accounting Office. Please call Cashiers Office for assistance.

13 Background Checks Campus administrators who have management responsibility for cash handling must assure that each individual who has or will have access to cash resources (including temporary, casual and student employees) has been appropriately vetted before access is granted.

14 Background Checks continued Background checks, demonstrated reliability in previous settings and evidence of cashhandling training are important factors in establishing an individual s qualifications. Each employee who handles and processes cash and cash equivalents must be bonded under the University self-insurance program upon assumption of cash-handling responsibilities.

15 Background checks continued The campus must perform background checks prior to employing cashiers, cash handlers and individuals in other critical positions. The hiring unit must seek and explanation for any reported felonies, misdemeanors, or judgments that were due to fraud related to cash, stocks, bonds or any other financial transactions before hiring or upon learning such information.

16 Background Checks continued Any individual with cash handling responsibilities must continuously maintain bondable status. If an employee with cash handling responsibilities is convicted of a crime, that conviction must be reported to the campus police department. If a cash handling employee loses the ability to be bonded, his or her cash handling responsibilities must be terminated.

17 Sale of Admission or Event Tickets Procedures for sales of admission or event tickets must meet the same standards and security requirements as those stated in the Cash/Cash Equivalent Receiving and Recording sections of this Bulletin (see Sections X and XI of the BUS49 Guidelines).

18 Sale of Admission or Tickets Cont. Tickets must be consecutively pre-numbered or produced by electronic means when the numbering system is not accessible to ticket sellers. Each ticket is considered both the product and the receipt. All ticket sales must be balanced to their generated revenue on a daily basis.

19 Roles and Responsibilities The campus must perform background checks prior to employing cashiers, cash handlers and individuals in other critical positions. Each Business Officer is responsible for arranging the appropriate background and employment checks to include: -Verification of employment history -Completion of criminal background check including fingerprinting -Other procedures as necessary given the circumstances.

20 Roles and Responsibilities cont. If an employee with cash handling responsibilities is convicted of a crime, that conviction must be reported to the campus police department. If a cash handling employee loses the ability to be bonded, his or her cash handling responsibilities must be terminated.

21 Physical Security Cont. Each campus shall use lockable receptacles or burglarproof/fire resistant safes to store cash based on the following cash limits: 1. Up to $1,000 in a lockable receptacle 2. From $1,001 to $2,500 in a safe 3. From $2,501 to $25,000 in a steel-door safe, with a door thickness of not less than 1 inch and wall thickness of not less than ½ inch. 4. From $25,001 to $250,000 in a class TL-15 composite safe or better 5. Over $250,000 in a class TL-30 steel or better safe.

22 Anti-Fraud Tips Currency Security Thread- Hold the bill up to the light and look for the security thread, or plastic strip, that is embedded in the paper and runs vertically. Watermark- Hold the bill up to the light and look for the watermark, or faint image, similar to the portrait on the bill Checks Watch checks that do not have a MICR line at the bottom. Watermarks are made by applying different degrees of pressure during the paper manufacturing process. Most watermarks make subtle designs on the front and back of he checks. These marks are not easily visible and can be seen only when they are held up to light at a 45-degree angle. This offers protection from counterfeiting, because copiers and scanners generally cannot copy watermarks accurately.

23 Other information Information taken from the University of California Business and Finance Bulletin BUS49 Policy for Handling Cash and Cash Equivalents If you have any questions or comments regarding this Powerpoint presentation, please contact: Cashier's Office at (805)