50.P.03: HANDLING CASH, CHECK, CREDIT CARD, AND ACH PAYMENTS

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1 SOP OP: 50.P.03: HANDLING CASH, CHECK, CREDIT CARD, AND ACH PAYMENTS PURPOSE: The purpose of this School of Pharmacy Operating Policy and Procedure (SOP OP) is to establish procedures for handling all payments received by Student Services, Departments of Pharmacy Practice and Pharmaceutical Sciences, Research Office, Continuing Education and at its Regional Campuses. Refer to SOP OP 69.P.01 for cash management policies for the SOP s retail pharmacies. REVIEW: This SOP OP will be reviewed on July 1 of each even year by the Assistant Dean for Finance & Administration and approved by the Dean. OVERVIEW: The School of Pharmacy (SOP, or School) routinely receives checks from students and other customers for various services which must be safeguarded from theft and loss. Except for the retail pharmacy operations, cash payments are discouraged. The School also accepts payments by credit card through its Continuing Education office, and through Paypal primarily for education services. The procedures established in this SOP policy will ensure full compliance with the requirements set forth in HSC OP Proper Handling of TTUHSC Receipts, TTUHSC Secondary Depository Procedures for Other Than Gift Funds, Deposit of Private Gifts, Grants, and Agreements, The Endorsement of Checks to Texas Tech Health Sciences Center, Alteration of Checks, OP Petty Cash or Change Funds, and Unidentified Receipts and Holding Account Maintenance. Funds collected by SOP departments include, but are not limited to: Application fees, job fair registration fees, lab coat fees, and print service fees collected by the Student Services Departments Sponsorship, grant, research, or contract funds received by the Pharmaceutical Sciences Department, Pharmacy Practice Department, or Office of Research Services. Pharmacy Income Plan, facility use, or building lease payments received by the Dean s office. Registration fees collected by the Continuing Education department. Gift, rebate checks, or refund checks received by any SOP department. This policy applies to ALL funds collected or received at the School of Pharmacy except revenue from Pharmacy Operations. Cash Change Funds The Pharmaceutical Sciences, Pharmacy Practice, Student Services, and Continuing Education departments are not authorized to establish, hold, or maintain cash funds or checking accounts. Page 1 of 8

2 SOP Pharmacy Operations are authorized to maintain cash change funds at each pharmacy. These funds are governed by SOP Policy 69.P.01 and HSP OP Page 2 of 8

3 Receipt Checks at SOP Facilities As a general policy, SOP representatives shall not accept cash payments. Customers should be requested to write a check or if necessary, obtain a cashier s check or money order. Customers should be directed not to send cash in the mail (campus, US Postal, or Express Delivery). Checks received by hand When accepting checks, the department representative must record the check in a check log immediately (see appendix A). Mark on the log that the check was received in person. Record the date check was received, not the issuance date listed on check. A customer receipt is not required. The check shall be endorsed immediately by the department. Endorsement stamps are available from the Finance and Administration office. Checks received by mail The department representative must log the check in a check log immediately after receiving and opening the mail. Mark on the log that the check was received by mail. Record the date check was received, not the issuance date listed on check. A customer receipt is not required. The check shall be endorsed immediately by the department. Receipt of Cash and Checks offsite The SOP may accept cash or checks off-site to facilitate business or education functions performed off-site. If the option is provided, preference will always be for payment by check Checks collected off-site shall be recorded in a check log, or on other application material if appropriate, and placed in a cash box, money bag, or other concealed location. Checks should be kept separately from check records until the Departmental Representative returns to their home office. Cash accepted by Departmental Representatives who will be returning to their home office within 12 hours shall place the cash in a cash box, money bag, or other conceal location until their return. When accepting cash, the Department representatives shall 1. independently count and verify cash paid by customers. 2. immediately placed the cash in a cash box or cash bag for safekeeping. 3. Provide a receipt to the customer, indicanting the customers name, date, amount received, and purpose. 4. Retain a carbon copy of the receipt. Page 3 of 8

4 Departmental Representatives who accept cash while traveling out of town or do not plan to return to the home office within 12 hours shall make every effort to safeguard TTUHSC funds. Departmental Representatives may: 1. Retain the cash until their return to the home office if less than $ If convenient, deposit cash at a local Bank of America. 3. If time, location, and personal safety allows, purchase a money order payable to TTUHSC, paying the money order fee with the same cash funds. 4. Last or least preferred option, safeguard the funds until arrival at the home office. Credit Card Payments The Continuing Education Office can accept credit, debit, or ATM card transactions thought its electronic transaction terminal. Customer payments by credit, debit, or ATM cards result in a Automated Clearing House (ACH) deposit to the School bank. The Continuing Education Office is responsible for: 1. Providing supporting documents to the Finance and Administration office for every ACH deposit recieved. 2. Reconciling all payments to ensure that funds are received and properly deposited into the Continuing Education office accounts. PayPal Payments The Office of Finance and Administration maintains an online Paypal account whereas customers can pay for any service on-line. The Paypal account is maintained primarily to facilitate on-line payments for on-line Continuing Education courses. The PayPal account is administered in the following manner: 1. The Assistant Dean for Finance and Administration has exclusive access to the Paypal account, and is responsible for its administration. 2. The PayPal account will be configured so that credit balances are transferred to the bank account. Transfers will be made anytime the balance exceeds $100; or as soon as reasonably possible. 3. To ensure separation of duties, deposit reconciliation and DDIS forms will be completed by another individual within the Finance and Administration office. 4. The services billed will always be for a separate SOP office, and the director of that office will be responsible for ensuring final receipt of funds in their departmental accounts. Page 4 of 8

5 Safekeeping of Cash and Checks Departments receiving cash and checks must temporarily store and safeguard the funds from loss and theft. Departments are authorized to keep cash and checks in a locked desk or cabinet drawer during working hours. During this time, a departmental representative must be in the area to monitor or control access to the area. No cash or checks are to be stored by SOP Departments during non-working hours or overnight. Funds received for different purposes shall not be commingled. They may be stored in the same location provided they are kept in separate envelopes or cash bags. Preparing Cash and Checks for Deposit The Office of Finance & Administration shall prepare all bank deposits for the School of Pharmacy. Cash and checks must be transferred to the Office of Finance & Administration for depositing. The Office of Finance & Administration will: 1. Accept checks in the office between 7:00am and 3:00pm (preferred) 2. Pick up checks and cash at a designated time each day 3. Pick up checks when requested by phone call. Deposits will be delivered to the bank between 1:00 and 3:00 each day. Funds received after the daily bank deposit will be retained overnight by the Office of Finance & Administration. The transfer of checks and cash will be documented with a receipt book maintained by the Office of Finance & Administration. Receipts shall indicate total funds in cash, the total funds in checks, and the total number of checks. Both the department representative and a representative of the Finance and Administration office will sign the receipt. Department shall retain a carbon copy of the receipt for departmental records. Carbon copies of receipts for customers who paid in cash are to be retained at the department. Recordkeeping Receipt books will be provided to SOP departments by the Office of Finance & Administration as requested. Departments are responsible for reconciliation of cash with customer receipts, reconciliation of checks with the check log, and reconciliation of transfer receipts provided by the Office of Finance and Administration. These records shall be maintained by the department for three years. The Office of Finance and Administration is responsible for reconciliation of fund received from SOP departments with deposits documented by bank receipts. Page 5 of 8

6 Overages and Shortages in Accounts Any significant shortages ($10.00 or greater), should be reported immediately to the Assistant Dean for Finance and Administration. Shortages greater than $100 or any losses occurring from theft should be reported to the Dean, School of Pharmacy, Office of Internal Audit and the Texas Tech Police immediately upon discovery. Page 6 of 8

7 CHECK LOG Date Payer Purpose Amount of Check Received by Mail/Person Transferred to F&A M/P Indicate whether check receive by Mail or In Person Page 7 of 8

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