Policy: II.E.4x (inactive)
Issued: July 17, 1989
Owner: University Comptroller
CONTROLLING CASH ITEMS
This policy describes the general guidelines for controlling cash items at the University.
2.0 Policy [Top]
It is University policy to minimize the number of departments collecting cash items. Each collection point may have different requirements for cash item collection, may use different numbers of employees, and may deposit at different locations. However, there are several basic rules of control that must be followed. All University employees involved with cash item collection should both be aware of and comply with these rules.
ALL NEW CASH COLLECTION LOCATIONS MUST BE APPROVED BY THE ASSOCIATE COMPTROLLER FOR REVENUE COLLECTION.
The basic rules governing receipt of cash items are:
- All cash items received must be recorded immediately and deposited as follows:
- Deposit within 24 hours is required for total receipts exceeding $200.
- Weekly deposit is required for total receipts of $200 or less. Items must be properly secured--preferably in a departmental safe or in a locked file cabinet, desk, or cash box.
- Cash items on hand and in the departmental account must be accurately stated and controlled by appropriate safeguards.
- Departmental systems and procedures must provide adequate and appropriate controls over the receipt, storage, and deposit of cash items.
These basic rules are the basis for the following categories of controls.
- Basic Controls for the Receipt of Cash Items,
- Cash Register Controls,
- Credit Controls.
Procedure 5-7,"Cash Item Controls," for the specific lists of controls.
ALL CASH OPERATIONS ARE SUBJECT TO REVIEW BY THE UNIVERSITY'S INTERNAL AND EXTERNAL AUDITORS. THEREFORE, ENSURE THAT ALL RECEIPTS CAN BE RELATED TO A DEPOSIT, AND THAT ALL DEPOSITS CAN BE DIRECTLY TRACED TO AN ENTRY ON THE UNIVERSITY'S MONTHLY ACCOUNTING STATEMENTS.
3.0 Definitions [Top]
Cash items include currency, coins, and checks.
4.0 References [Top]
5.0 Approvals and Revisions [Top]