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Sample Cash Handling System

I. Background

UW-Eau Claire Cash Handling Procedures are designed to assist departments in establishing satisfactory internal controls. It is important to note that good internal controls protect not only the University, but also individual employees involved in cash handling. Following is an example of steps departments should take to implement UWEC's Cash Handling Procedures.

II. Procedures

  1. Review the Cash Handling Procedures. Obtain 3-part Deposit Slips from the Cashier's office. Purchase pre-numbered receipts from an office supply store or from the Cashier's Office. Create a Cash Accountability form to use in the weekly reconciliation process below.
  2. Record the sequence numbers of the receipts in your deposit file, for example, "receipt numbers 34801 to 34900 were received 4/19/12." If multiple work stations in your department issue receipts, you should consider assigning a block of numbers to each work station.
    Write receipts for each transaction. Give the original to the customer. Retain the copy in numeric sequence. If a receipt is voided, staple the original to the copy and place in the numeric file.
  3. At least once each week:
    • Count and reconcile your cash. Prepare a Cash Accountability form. Record the beginning and ending receipt numbers and be certain all receipts are accounted for. Run an adding machine tape of all the receipts and record on the Cash Accountability form. If the two column totals are not equal, report the variance to your supervisor and send a copy of the Cash Accountability form with an explanatory memorandum to the University Accounting office. If equal, staple the receipt copies (in numeric sequence) and the adding machine tape to the Cash Accountability form.
    • Prepare a UWEC Deposit Slip. Be certain to record the source of the cash funds in the memo portion of the form. Take the cash funds and the Deposit Slip to the Cashier's Office,Schofield 108. Fasten the receipt from the Cashier and the green copy of the Deposit Slip to the Cash Accountability form. File in "date of deposit" sequence. Retain at least five years.
    • Monthly reconciliation of deposits should be done by comparing your Deposit Slips/Cash Accountability forms to the revenue entries on WISDM. These should match. If there are variances that cannot be explained, contact University Accounting (836-4554 UNDERWAT@UWEC.EDU).

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