Satellite Cashiering
Depositing Payments
Satellite designees are required to deposit funds in a timely manner.
The following deposit rules apply to all satellite cashiers.
- Deposits must be verified with the collection sheet activity.
- Deposits must be sealed in a tamper-free bag or in a locked deposit bag.
- Deposits must be accompanied with the original and satellite office copy of the collection sheet - preferably a two-part form. (Departments are strongly encouraged to maintain a photocopy of the collection sheet until they receive their receipted office copy from Central Cashiering).
- Deposits exceeding $250.00, or any dollar amount held for 10 days, must be deposited immediately to Central Cashiering. However, Accounting Services may require daily deposits regardless of the dollar amount if satellite cashiers fail to comply with university policy. (In all cases, a security escort is highly encouraged when deposits are made).
- Deposits must be delivered to the Cashiering windows and signed by the tranferor as well as the cashier. Students are not permitted to deliver deposits.
- Deposits made at the Central Cashiering windows will be date stamped and processed within 48 hours. The satellite office copy will be returned to the department with receipt information and verification.
- Deposits containing discrepancies will not be receipted. The satellite cashier will be immediately notified to correct the deposit and/or collection sheet.
- Deposits must be kept in a secure location throughout the day, such as a safe or vault.
- Discrepancies and failure to comply with the rules and regulations will result in the loss of satellite cashiering privileges.
Go to Cash Receipt Policy Context
Deposit Errors to Avoid
To prevent closure of satellite cashiering privileges, errors should be avoided at all costs.
Satellite cashiers have the responsibility of ensuring that departmental deposits are balanced accurately and that collection sheets do not contain errors nor lack information. If designees are not cautious and errors occur periodically, satellite cashiering privileges will be revoked.
Common errors and problems that should be avoided include the following:
- Deposits are not in balance with the collection sheets.
- Rolled coins are not counted accurately.
- Check amounts are not written legibly.
- Account numbers and student names are not identified on the collection sheets.
- Department Names are recorded on the collection sheets in place of the Account Names.
- The currency totals do not balance with the total amount deposited.
Departments can help to eliminate these errors by closely reviewing the information they record on the collection sheets and by running duplicate tape totals on their deposits and corresponding paperwork.
Go to Cash Receipt Policy Context
Internal Control Regulations
Requirements in order to comply with state audit regulations.
Internal control rules should be maintained on a daily basis. Six key regulations that are required are:
- The designee responsible for the collection sheet is the only person who can have access to the money collected.
- The individual who authorizes departmental refunds can not be the same individual who collects the money.
- The designee who is responsible for collection sheets and money must assure funds are properly safeguarded in a safe or vault. (Department heads should aid in this process).
- If the cashier is someone "other than" the designee the designee must verify the money with the collection sheets. Signatures of both parties are required.
- Any individual collecting money should be identified as a designee on the "Authorization Form".
- Satellite cashiers must deposit funds as specified in the "Depositing Payments" section. Deposits should not be held for accumulation.
