POLICY - CASH COLLECTION AND DEPOSIT 4
Purpose .......................................................................................................................... 4
Introduction ..................................................................................................................... 4
Required Authorization to Collect Money ....................................................................... 4
Segregation of Duties in Campus Departments ............................................................. 4
Responsibilities of Individual Departments ..................................................................... 5
Compliance with University Policy & Procedures ...................................................... 5
Counterfeit Currency .................................................................................................. 5
Safekeeping of Funds ................................................................................................ 5
Control Concepts for Cash Receipts, Revenue and Petty Cash .................................... 6
Segregation of Duties ................................................................................................ 6
Safeguarding of Cash Items ...................................................................................... 6
Cash Receipt Processing .......................................................................................... 6
Nature and Source of Revenue ................................................................................. 6
Petty Cash Fund ........................................................................................................ 6
Departmental Bank Accounts ......................................................................................... 7
Fidelity Bond ................................................................................................................... 7
Requirements for Deposits ............................................................................................. 7
Frequency of Deposits ............................................................................................... 7
Deposit Forms & Supporting Paper Trail ................................................................... 8
Money Deposited Intact ............................................................................................. 8
How to Transport Deposits .................................................................................... 8
What the Office of Student Accounts Does With the Departmental Deposits ....... 8
Guidelines in the Event of a Robbery ............................................................................. 9
Be Alert, Be Observant………………………………………………………………..10
RECEIPT AND COLLECTION OF CASH 11
Purpose ........................................................................................................................ 11
Methods to Record Cash Receipts ............................................................................... 11
Manual Processing .................................................................................................. 11
Check Acceptance .............................................................................................. 11
Payment by Check in Person .................................................................................. 11
Endorsement of Checks........................................................................................... 12
Limitations on Acceptance of Payments by Check ................................................. 12
Returned Check Procedures .............................................................................................. 12
INCOMING WIRE TRANSFERS 13
Purpose ........................................................................................................................ 13
Wire Transfer Requirements ........................................................................................ 13
VISA/MASTERCARD/AMERICAN EXPRESS/DISCOVER 13
Purpose ........................................................................................................................ 13
Introduction ................................................................................................................... 13
Departmental Responsibility ......................................................................................... 14
Procedures to Deposit and Report Credit and Debit Sales .......................................... 14
Credit and Debit Card Deposit Requirements .................................................................. 14
FOREIGN CHECKS 15
Purpose ........................................................................................................................ 15