Business Office

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. Obtain copies of cash handling procedures, deposit slips, cash accountability forms and pre-numbered UWEC receipts from the Controller's Office in Schofield 106.
2. Record the sequence numbers of the receipts in your deposit file. For example, "receipt numbers 34801 to 34900 were received 4/19/82". If different work stations in your department issue receipts, you should consider assigning a block of numbers to each.
   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 UWEC 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 post to the Accountability Form. If the two column totals are not equal, report the variance to your supervisor and send a copy of the Accountability Form with an explanatory memorandum to the Controller's Office. If equal, staple the receipt copies (in numeric sequence) and the adding machine tape to the Accountability Form.
   • Prepare a UWEC Deposit Slip. Be certain to provide a description of the revenue category(s) in the memo portion of the form. If you have questions about revenue categories, contact the Controller's Office. Take funds and the Deposit Slip to the Cashier (S108). Fasten the receipt from the Cashier and the green copy of the Deposit Slip to the Accountability Form. File in "date of deposit" sequence. Retain at least five years

   • Monthly reconciliation of deposits should be done upon receipt of your accounting report. Compare Deposit Slips/Accountability Forms to revenue entries on your accounting report. These should match. If there are variances which cannot be explained, contact the University Accounting Office at 836-2520.