CASH HANDLING REQUIREMENTS
Bank Deposits
All funds received by Central Cashiering must be directly deposited to the University's depository bank. Departments who receive funds on behalf of the University must deposit funds immediately to Central Cashiering in order to complete the bank deposit process.
Credit Cards
All credit card sales, which are processed electronically, are automatically deposited to the bank. The information captured by the credit card feed updates the cashiering and University accounting system in the process. Manual credit card sales (which occur in departments that do not have credit card terminals) must forward transmittal slips or credit card authorization forms, to the Central Cashiering Office for processing. Credit card sales must be pre-arranged with the Central Cashiering Office at which time guidelines will be provided by the cashiering staff.
Daily Deposit Requirement
Central Cashiering must prepare deposits at least once a day. However, during registration or other high volume periods, additional deposits may be arranged if funds accumulate rapidly. Proper security must be provided while funds are in transit.
If departments are granted exceptions to preparing daily deposits, funds must be deposited when accumulated receipts are greater than $50.00. However, accumulated receipts of any amount will not remain undeposited for more than 10 working days. Accounting Services will issue cash-handling guidelines with the written approval of the request for less frequent deposits.
Depositing Funds to Central Cashiering
- Cash Receipt Reports
Departmental deposit forms must be prepared in advance of depositing funds to Central Cashiering and should include the following information whenever applicable:- Total Amount Deposited
- Currency
- Coins
- Checks
- Brief description of reason for payments, Overages/Shortages, invoice numbers or other source documents.
- Name of individual or department making the payment being deposited.
- Account(s) to be credited and the amount credited to each account.
- Indication of whether the item(s) are taxable or nontaxable sales.
- Sorting Currency, Checks and Credit Card Transmittal Slips
Deposits should be organized using the following method:- Currency should be sorted by denomination.
- Checks, money orders, traveler's checks, registered checks, and bank notes should be sorted by type.
- Credit card transmittal slips and batch printouts from Point Of Sale (POS) terminals should be bundled separately and RETAINED for seven (7) years by the credit card location.
Depositing Funds to the University's Depository Bank
- Cash Receipt Reports - Deposit locations should prepare departmental deposit forms on the same business day as the bank deposit or when the armored car service pick-ups the deposit. These forms should include the same information as defined above in "Depositing Funds to Central Cashiering" illustrated above. In all cases, the bank deposit date (the date the deposit is expected to be credited by the bank), should be verified.
- Approved Deposit Slip Requirement - A bank deposit slip, approved and furnished by the bank, must be used when depositing funds to the University's depository bank. The deposit slip should contain the following information:
- Name of University and address of the location making the deposit (imprinted on the deposit slip).
- Bank account number to which the deposit is made and deposit location identifier (MICR encoded on the deposit slip).
- Total amount of deposit must identify specific amounts for currency, coins and checks.
- Some banking institutions require coins and currency to be recorded on one deposit slip and checks to be recorded on another - other banks do not. Separate deposit bags may also be required for the checks, coin and currency. (Each campus is encouraged to verify these requirements with their depository bank).
- Individuals who prepare and verify deposits must both initial the deposit slip.
