Cash Handling Policies and Procedures Overview

This document outlines the policies and procedures for handling cash, including the types of accepted payments, responsibilities of departments, safeguarding cash, depositing procedures, access restrictions, and bank account establishment guidelines within a university setting. It emphasizes proper documentation, training, and compliance to ensure financial security and accountability.

• Cash Handling
• Policies
• Procedures
• University
• Financial Security

lwill Follow

Uploaded on Oct 11, 2024 | 0 Views

Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

Presentation Transcript

1. Cash Handling Cash Handling Policies and Procedures

2. Cash Currency, coin, checks, money orders, travelers checks, credit cards, or debit cards.

3. Cash Collection Centers Notify Controller if your department begins handling cash. Departments should not accept payments by currency without prior approval of the Controller s Office. Cash Collection Centers listing. Emailed to centers in the spring of each year to make changes. Responsible persons listed. Required cash handling training. Notify Controller of any changes in personnel responsible for handling cash.

4. Cash Handling Policy Cash must be properly safeguarded and deposited timely next business day. Only University employees (full, part-time, or student) are permitted to handle cash.

5. Cash Handling Policy, Contd The full amount of cash collected must be deposited with LaCap. May request petty cash from the Controller

6. Cash Handling Policy, Contd Access to cash should be restricted. Stored in a locked safe, cabinet or drawer and safeguarded from fire and theft. Encourage the use of check payments instead of currency. All checks should be made payable to The University of Louisiana at Monroe or ULM

7. Cash Handling Policy, Contd All bank accounts must be set up by the Controller s Office. No employee may establish a University bank account or deposit University funds into an unauthorized bank account. Only the President, Chief Business Officer, Controller, and the Budget and Investment Officer are allowed to establish a university bank account. If any one else establishes a bank account using the University s name or federal ID#, this will be considered an unauthorized bank account.

8. Departmental Procedures Immediately upon receipt, all checks and money orders must be restrictively endorsed. For Deposit Only ULM (first line) Department Name (second line)

9. Departmental Procedures, Contd Cash/checks received should be immediately receipted in triplicate. One copy for the customer, one copy for the department, and one copy sent to LaCap. Receipts should be numerical.

10. Departmental Procedures, Contd Must complete a departmental deposit ticket. Department must maintain a record of all deposit tickets. Deposit ticket should include: Department name Name of person preparing deposit Department telephone number Correct University Banner fund, organization, and account (Index and account) Brief description of transaction.

14. Departmental Procedures, Contd Must be deposited with LaCapitol within 24 hours. Must stored in a safe or secure place until deposited. All cash received by departments must be supported by appropriate documentation: Departmental deposit ticket. Credit cards individual credit card sales receipts. Any other document which will help to ensure proper documentation and coding of funds which may include: Copy of check Computer printout Supporting spreadsheet or itemized list Reconciliation Internal memorandum Letter from the payer

15. Departmental Procedures, Contd Funds deposited should be reconciled to the receipt by the employee depositing the funds. Another employee, typically the supervisor, should verify the funds. Once the deposit is made with LaCap, the receipt should be matched with the department s copy of the deposit slip.

16. Departmental Procedures, Contd The deposit should be verified/reconciled to the Banner System account (to be sure the funds were properly recorded). If for some reason the deposit does not agree with the Banner System, contact the Controller s Office so that a correction can be made.

17. Departmental Procedures, Contd In the case of monies found to be missing, or if there is a suspicion of theft or diversion of funds, contact the following: Controller University Police Dean or Division Head Office of Internal Audit

18. Cash Handling Segregation of Duties Departments handling cash should separate, to the extent possible, all duties relating to cash handling. Should have a system of checks and balances. One employee preparing deposits, while a different employee verifies the deposit in the department s Banner account.

19. Segregation of Duties, Contd Roles in the cash handling process Handling cash - Individual who accepts cash payments, endorses checks and issues a receipt; this individual has access to cash. Preparing deposit - Individual counting the cash and preparing the Departmental deposit form or the bank deposit form; this individual has access to cash. Reconciling receipts to deposit - Individual comparing amount of cash collected based on register tape totals, manual receipt book total, or listing of cash receipts.

20. Segregation of Duties, Contd Roles in the cash handling process, continued Reviewing departmental deposit form - Individual approving the departmental deposit form to ensure the individual preparing the deposit is different than the individual handling cash; this individual may not handle or have access to cash. Making cash deposit - Individual making cash deposit at LaCap; this person has access to cash. Verifying deposit in Banner - Individual comparing the departmental deposit form to the amount recorded in Banner.

21. Segregation of Duties with Three Employees Reconciling Receipts to Deposit Reviewing Departmental Deposit Form Handling Cash X Preparing Deposit Making Cash Deposit X Verifying Deposit in Banner Individual #1 Individual #2 Individual #3 X X X X

22. Segregation of Duties with Two Employees Reconciling Receipts to Deposit Reviewing Departmental Making Cash Verifying Deposit Deposit Form Deposit X X Handling Cash X Preparing Deposit X in Banner Individual #1 Individual #2 X X

23. Cash Handling Segregation of Duties, Contd The Department Head/Budget Unit Head is responsible for ensuring that money deposited at LaCap includes all money received. The Department Head or his designee should review the department s account on a regular basis, but not less than monthly.

24. Returned Checks Checks returned by the bank for non-sufficient funds, stop payments, or closed accounts result in additional service fees to the University. Students or staff whose checks are returned to the Controller s Office for any of these reasons will be assessed a returned check fee. Students or staff who have several returned checks may permanently lose their check writing privileges at the University. Each department is responsible for collecting funds owed when checks they accepted are returned by the depository bank.

25. Nicole Walker nwalker@ulm.edu, Controller, #1040 Amy Estes rowton@ulm.edu, Associate Controller, #5104