Business Office

Cash Handling Procedures

A. Receipts

1. Fill in a receipt when each transaction is made. Use your receipts in numeric sequence. Only pre-numbered receipts should be used.
2. Include date, name of payor, amount, and initials of the person issuing the recipt. For transactions under $1.00 only the amount is needed.
3. Checks may be accepted as payment but funds may not be used to cash checks. Do not accept IOU's. Deposit all checks regularly.
4. Stamp the University endorsement on checks immediately upon receipt.
5. Retain completed receipts in your cash box. These receipts will be used to prepare the Accountability Form and Deposit Slip(s) at the end of the business peroid.

B. Accountability form and deposit slip(s)

• Accountability Forms and Deposit Slip(s) must be completed after each period's transactions. Retain the Accountability Form for department records. All supporting documents including receipts, must be retained at least five year. These records are subject to audit by the Controller's Office.

C. Deposits

1. Deposit funds regularly. Funds collected must be deposited at least weekly. Do not hold amounts in excess of $100 overnight unless you have a safe. Do not make purchases from your change fund or from receipts.
2. If receipts exceed $100 deposit daily.
3. Prepare the deposit slip in triplicate.
4. Place the deposit money and two of the Deposit Slips in a locked money bag.
5. Retain the third copy of the deposit slip until the receipted copy is received from the cashier.
6. Deposit the locked money bag at the Business Office. Do not wait for a receipt.
7. The cashier will receipt your copy of the deposit slip and return it to you via Campus Mail.
8. File receipted deposit slips with the Accountability Forms/Receipts.

D. All Departments Handling Cash Should

1. Have a combination lock cash box or a safe.
2. Change the combination when there is a change in responsible person.
3. Transport deposits by messenger in a locked money bag.
4. Transact money exchanges in such a manner as the cash box is not accessible to the public.
5. Funds missing for any reason must be reported to the Controller immediately.
6. Keep funds properly secured overnight. For example, funds should be in a locked cash box which is also locked in a file cabinet or desk. Of course, the office door should also be locked.

Note: A written "Sample Cash Handling System" provides details on setting up procedures which will have adequate internal controls. Contact the Controller's Office for information or assistance.