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Policy: II.E.4

Issued: July 17, 1989

Owner: University Comptroller

Latest Revision: June 30, 2001

CONTROLLING CASH ITEMS

1.0 Purpose

This policy describes the general guidelines for controlling cash items (checks, cuurency, and coin) at the University.

2.0 Policy [Top]

2.1 General

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.

The basic rules governing receipt of cash items are:

Note: 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 in the Integrated System General Ledger.

The University Financial Administration surveys University departments every year to identify all cash collection points. If the controls are inadequate for the volume of cash collected, corrective action is requested and monitored.

2.2 Basic Controls for the Receipt of Cash Items

Amount Stored Preferred Acceptable Unacceptable
Less than $100 Locked desk or locked file cabinet Locked box Not secured
$100 to $200 Night depository or safe Locked desk or locked file cabinet Locked box or not secured
More than $200 Night depository or safe Night depository or safe Locked desk, locked file cabinet, locked box or not secured

2.3 Cash Register Controls

2.4 Credit Controls

3.0 Definitions [Top]

Cash items include currency, coins, and checks.

4.0 References [Top]

Policy I.A.1, "Internal Control"
Policy II.C.1, "Records Retention and Disposition"
Policy V.A.2, "Rate Determination"
Policy V.A.3, "Responsibility for the Collection, Reporting and Remittance of Virginia Sales Tax"
Policy V.B.1, "Cashiering Activities"
Policy V.B.2, "Credit and Collection"
Procedure 5-5, "Preparation of Bank Deposits"
Procedure 5-6, "Preparation of Central Cashier Deposits"
Procedure 5-10, "Completing Sales Tax Worksheet"

5.0 Approvals and Revisions [Top]

Previous version in effect from 7/17/89 to 6/29/01 available in policy archive.


Maintained by University Comptroller
© 2001 by the Rector and Visitors of the University of Virginia