Receipts for cash3/31/2023 ![]() ![]() are to be kept for a period of seven years by the department. Documentation such as cash register tapes, deposit slips, credit card receipts, copies of manual cash receipts, etc.All funds received must be balanced daily by comparing the total of the cash, checks and credit card collections to department records of what was received.Never mail cash or checks through inter-office mail.A request for a police escort to the Student Accounts Office may be made by contacting the University Police Department at x5222. Any person delivering a deposit to the Office of Student Accounts should take adequate precautions for their personal security and safety.All cash or other receipts must be deposited at the Office of Student Accounts in total. Under no circumstances will employees or students make disbursements from the department or student organization un-deposited receipts.Although this option is available, departments must be aware that these monies must be deposited at the Office of Student Accounts within five business days of receipt, even if the amount does not exceed $100. ![]() In cases where the amounts of cash deposits are small and an adequate safekeeping facility is available, an aggregate un-deposited total may not exceed $100 and may be retained in the department’s safekeeping facility for a period not to exceed five business days. However, it may not be practical or cost effective for those departments or student organizations that receive small amounts of cash on an irregular basis. Generally, the timely deposit of cash receipts requires a department to deposit receipts with the Office of Student Accounts daily.Each department must establish a cut off to allow time to prepare and deliver the deposit to the Office of Student Accounts before 3:00 p.m. The Office of Student Accounts closes its books each day at 3:00 p.m.The Office of Student Accounts is responsible for making the deposit to the appropriate Montclair State University bank account.Post-dated checks should not be accepted and will be returned to the submitting department. In instances where it is not possible to use remote deposit, checks will be restrictively endorsed immediately upon receipt. Checks will be deposited using remote deposit. All endorsements will be made by the Office of Student Accounts. All checks should be made payable to Montclair State University.A secure area for processing and safeguarding funds received must be maintained and access restricted to authorized personnel. All checks, cash and credit card receipts must be protected by using a safe or lockbox until they are deposited.An individual should not have responsibility for more than one of the cash handling components: receipt, deposit or reconciliation. All departments responsible for cash collection must maintain a clear separation of duties.See Procedures below for specific guidance.Īll employees responsible for the receipt, deposit or reconciliation of cash for University related activities must comply with this policy. The Controller’s Office will reconcile all bank account transactions monthly. Reconciliation of the validated Cash Receipt Transmittal Form to the department’s revenue account to ensure proper recording of funds.Deposit of cash in accordance with the guidelines detailed below at the Cashier’s Office in the Office of Student Accounts into an appropriate University revenue account, accompanied by a Cash Receipt Transmittal Form.Adequate separation of duties for cash collection, deposit or reconciliation. ![]() “Cash” may consist of currency, checks, money orders, credit card transactions, fed wires and electronic fund transfers. All departments receiving cash are designated as cash collection points. Controls are required to safeguard against loss and to define responsibilities in the handling of cash. To establish proper controls and cash handling procedures throughout all University departments. Print or view a PDF of this policy Objectives ![]()
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