311.1 Cash Receipts, Deposits, and Security

Created by: Stephanie Ferguson on 02/06/1999
Category: 3 - Finance and Administration; 10 - Accounting/Auditing/Budgeting
 
Originator: Controller/Director of Financial Services
Current File: 311.1
Adoption Date: 12/15/1998
Reviewed for Currency: 05/02/2008
 
Replaces File: 311.1
Date of Origin: 02/09/1977
 
Classification:
 
In Archive? 0


311.1 Cash Receipts, Deposits, and Security

 

A. Background

Throughout the University there are many activities which require the receipting and safekeeping of cash by individuals other than members of Financial Services staff. Although the receiving of cash is a very important function of these offices, few offices have adequate facilities for the secure storage of cash.

 

B. Policy

Receipting and depositing procedures must be developed by each department receiving monies, and the receipt of cash must be acknowledged to the individuals making payments.

 

C. Guidelines

1. If no other means of receipt acknowledgment exists, preprinted and prenumbered receipt books are available from office supply companies.

2. The term “cash” means currency, coins, and checks.

3. Checks should be restrictively endorsed immediately.

4. All monies should be kept in a secure environment (e.g. in a safe or locked cabinet) until deposited.

5. All receipts should be deposited with the University Cashier intact daily to assure prompt deposit to the bank and to avoid exposure to theft. The Cashier is located in the Student Business Center.

6. Each deposit should be accompanied by a completed Cash Transmittal Form (found in the Employee’s Forms folder on the e-mail desktop). Cash deposits should be credited to a revenue account in Furman’s general ledger. Revenue object codes begin 4xxxx.

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