Cash Receipts

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					CASH RECEIPTS
Purpose
         The purpose of this policy is to ensure that all monies are collected, receipted, recorded
         and banked promptly. This procedure applies to all College staff involved in the
         receipting and banking of monies collected on behalf of the College.

         These policies and procedures are established to:
                • Provide accurate record keeping and accountability for funds received in
                     accordance with accepted standards of internal accounting controls.
                • Protect both the college and employees handling cash.

Policy

         Definitions

                 Cash. For purposes of this policy, cash includes funds in the form of currency,
                 coins, checks, money orders, credit/debit cards, and electronic funds transfers.

                 Cash Receipts. Cash (as defined above) received by a department or activity
                 from all sources including, but not limited to, payments for fines, fees,
                 merchandise, or services provided.



         General Statement

                 All departments receiving cash in any form are responsible for complying with the
                 cash receipting requirements of this policy. In addition, departments receiving
                 cash as a part of their normal operation are responsible for maintaining a
                 receipting process consistent with college policy, which may include additional
                 policies and procedures with key internal controls tailored to the specific unit.

                 Any variations or exceptions to OC regulations must have written consent from
                 the Cashiers Manager.

Procedures

Approval and Training for Cash Receipting Privileges

         All departments that intend to receive cash receipts as a part of their normal operation
         must request cash receipting privileges from the Cashier Manager and receive advance
         approval for conducting each receipting purpose.

         The Cashier's Office will schedule a meeting with the department to provide the
         mandatory training for all employees authorized to receive cash receipts who have not
         already received the mandatory training. During the training session, the Cashier's Office
         will review the Departmental Record-Keeping Guidelines for Cash Receipting and provide
         instructions for, but not limited to, the following:




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           •    Maintenance of a log, receipt book, or other methods to record transactions
           •    Reconciliation procedures
           •    Use of Deposit Transmittal for deposits
           •    Cash shortages and overages
           •    Receipt of electronic payments

       If appropriate, the Cashier's Office will provide an initial receipt book, endorsement
       stamp, and locked bank bags at no charge to the department.

              When receipting purposes change or when there are receipting personnel
       changes, departments must notify the Cashier Manager by submitting a new request for
       receipting privileges. This will enable the Cashier Manager to conduct appropriate
       training of new personnel as changes in staff occur..

               Cash receipting privileges must be renewed annually.


Recording of Receipts

       All college departments and activities shall record all cash receipts as soon as the funds
       are received.

       Departments and activities that receive cash receipts as a part of their normal day-to-day
       operations must establish an audit record through the use of a receipt book or an
       electronic cash register.

       When the use of receipt books is appropriate, departments must use official OC receipt
       books purchased or approved for purchase through the Cashier's Office. The Cashier's
       Office requires departments to keep unused receipt books in the Cashier's Office for
       safekeeping.

Remittances Received through the Mail

       If practicable, all correspondence received through the mail shall be opened by an
       employee who is not responsible for cashiering and recorded in the Register of Checks
       by Mail. The Register should include the date received, drawer of check, details of
       payment, amount, comments, date given to cashiers, and name of receiving cashier. All
       payments must be recorded in the Register daily and the initialed by the person opening
       the mail.

Safeguarding of Undeposited Funds

       The department head is responsible for the safekeeping of all undeposited cash receipts
       held by the department or activity and must ensure that such items are placed in a locked
       safe or other adequately secured container at all times when the items are unattended.

       College staff shall not permit any private moneys to be housed in a college vault or
       lockbox.




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Loss or Theft of Undeposited Funds

       Failure to adhere to the provisions of this policy in the event of a loss or theft of funds and
       other valuables could result in the department having to cover the loss from department
       funds. Such losses may not be charged to state or federal funds.

       All losses or thefts must be reported immediately to both the College Police Department
       and the Cashier Manager.


Improper Use of Cash Receipting Funds

       Cash receipting funds may never be used for any of the following:

           •   Personal transactions, including but not limited to, loans or "borrowing" (via
               IOU's) and cashing of personal checks.
           •   Making change.
           •   Petty cash.



Depositing Funds with the Cashier's Office

       a. Documentation
       Carbons of manual receipts or cash register sales reports that adequately document the
       total amount deposited must accompany all cash receipts deposited with the Cashier's
       Office. Inadequate documentation will result in delays in processing receipts and making
       funds available for expenditures.

       b. Transporting of Funds
       Once the department has received funds, the funds must not be sent via campus mail or
       U.S. mail, and all deposits shall be hand-carried to the Cashier's Office. Upon request,
       the College Police will assist with escorting of funds when an appropriate safety need
       exists.

       c. Required Frequency of Deposits
       Departments are required to deposit cash receipts from any source with the Cashier's
       Office at least once per week. More frequent deposits are required as noted below:

                            o         Departments and activities with cash receipts of $100.00
                                or more must deposit funds that day.
                            o         Credit Card deposits must be made daily regardless of
                                amount.

       (Note: Not applicable to authorized petty cash and change funds.)

       d. Verification of Deposit
       The department remains responsible for all funds to be deposited until its cash receipts
       are counted and verified by the Cashier's Office. Once the deposit has been verified, an
       official numbered receipt is sent via e-mail or campus mail to the department. If a
       discrepancy is found when the cash receipts are counted, the Cashier's Office will notify
       the department immediately by telephone.



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Cash Gifts, Awards, and Grants

       Departments receiving cash donations, awards, and grants must adhere to the following,
       regardless of whether the department is registered and approved for cash receipting
       privileges:

                   •   Coordination through the Office of Institutional Advancement is
                       required for all cash gifts to the OC Foundation.
                   •   Coordination through the Office of Student Financial Aid is required
                       for funds received for the purpose of scholarships, tuition remission, or
                       monetary awards to students where OC determines the recipient.
                   •   Coordination through the Office of Grants Development is required
                       for all grant and contract activity, with the exception of financial aid
                       grants administered by the Office of Student Financial Aid. Departments
                       must deliver funds from grant and contract activity to the Office of Grants
                       Development. The Office of Grants Development will coordinate the
                       deposit of funds with the Cashiers Manager's Office.
                   •   Coordination through Financial Aid & Veterans Services is required
                       for all funds awarded to a student for loans, scholarships, etc. by an
                       outside entity where the outside entity determines the recipient.
                       Departments must receipt such funds through Financial Aid & Veterans
                       Services to ensure compliance with federal requirements.

G/L Account Numbers
       Departments must not deposit funds to G/L expense account numbers unless
       authorization is received from the Cashiers Manager. (Note: the object portion – the last
       4 digits – of G/L expense account numbers always start with 5 or 6 (example: XX-
       XXXXX-5XXX).

       All unidentifiable and surplus remittances shall be credited to the Business Office clearing
       account and action taken by the person responsible to identify what the remittance
       relates to. Once identified, the remittance should be either transferred by journal entry to
       the correct College account, refunded to the payee or paid to the person entitled.

Opening of Bank Accounts

       No school, department, or activity of the college is to open a bank account without prior
       written approval from the Vice President for Business Affairs.

Subject to Audit

       All funds and receipting procedures are subject to audit by the authorized college
       personnel and the College’s independent accounting firm.




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