Cash Receipt Policies and Procedures
To outline the policy for the handling of funds in order to ensure
accurate recording of University income and mitigate the risk of fraud
This policy defines funds separately as (1) cash (currency
and coins); (2) checks and money orders; (3) credit card payments; and (4) EFT/ACH/wire
In the event a department receives funds of any type, it is
imperative that controls are in place such that the funds are properly
safeguarded, accounted for and documented.
1. All cash, checks and money
orders are to be deposited directly with the Cashier’s Office in Student
2. Under no circumstances are
disbursements to be made from cash receipts (i.e. for purchases, refunds or to
cash personal checks).
1. Funds are to be kept
in a secure location with access by authorized personnel only. Authorized
personnel are to be kept to an absolute minimum.
2. All checks are to be made
payable to Wesleyan University and restrictively endorsed upon receipt. Please
contact the Cashier’s Office at x2827 to order an endorsement stamp. Checks are
not to be made payable to a department or a specific person. Departments should
also ensure that the department name or Smartkey and account code are
indicated somewhere on the check.
Segregation of Duties
Wherever possible, duties
such as collecting funds, maintaining documentation, preparing deposits and
reconciling records are to be separated among different individuals. When
segregation of duties is not possible, individual accountability and thorough
management supervision and review are required.
D. Supporting Records
The collection of funds must be
supported by adequate records detailing their collection and deposit.
1. Examples of supporting records
are cash register tapes, pre-numbered receipts, cash receipt logs, unused
tickets and reconciliations.
2. Supporting documentation
details the nature, source, date and amount of the receipt.
Funds are to be deposited at least weekly, or when amounts exceed $200.
Inter-office mail is acceptable for checks, but under no circumstance are
currency and coins to be forwarded via inter-office mail. Currency must be
hand-delivered during normal business hours and must be enclosed in a sealed
envelope and deposited into the secure drop box located in the Student Accounts
Office on the 1st Floor of North College.
All deposits must be accompanied by the Deposit Transmittal form.
Each fund type (currency, checks, charges, EFT/wires) must be submitted
on a separate form.
A deposit with a check drawn on a foreign bank (including Canadian) must
be submitted on a separate form because the deposit will go to the bank’s
foreign collection department.
Once the Deposit Transmittal is complete, copies are to be made and
distributed as follows:
One copy given to the person responsible for reviewing the account. This
person is responsible for ensuring the deposit is accurately posted in the
financial system. This should not be the same person who collected the funds or
prepared the deposit.
Two copies submitted to the Cashier’s Office with the deposit for cash,
checks and money orders. One copy is sufficient for credit card payments and
Verification of the deposit is to be received from the Cashier’s Office
for deposits of cash, checks and money orders in one of the following ways:
Leave the deposit in the secure drop box during regular business hours
and the verification copy of the Deposit Transmittal will be mailed back to the
preparer via interoffice mail when the funds are deposited to the bank.
If the department wishes a delivery receipt, the deliverer should bring a
separate copy of the Deposit Transmittal which will be stamped “Received Not
Verified”. The verification copy will be mailed back to the preparer via
interoffice mail when the funds are deposited to the bank.
It is the responsibility of the
person who reviews the Smartkey to check the financial system and verify that the
funds were posted to the correct Smartkey(s). This should not be the same person
who collected the funds or prepared the deposit.
In order to ensure the completeness of deposits, it is very important for
the department to perform a reconciliation of activity.
Reconciliation is to be performed on a daily, weekly, or monthly basis,
depending on the level of activity.
An activity report is to be maintained to project revenue, as well as to
verify that fraud has not occurred in the process. The report can be in the
form of registrations received, tickets sold, inventory, etc.
The dollar amount charged per product or activity, multiplied by the
number of sales, supports the deposit and the financial system revenue Smartkey.
The reconciliation is to be prepared by the person responsible for the
Smartkey, which is not the person who collected the funds or prepared the
deposit. The reconciliation is also required to be reviewed and signed by the
Manager of the department.
A. Miscellaneous Deposit Information
All checks must have some indication of the name of the depositing
department listed on the check. This can
Writing your Smartkey and account number on the check (preferred
Department name listed on an endorsement stamp
c. Writing or stamping your department name on the check
Currency and coins are to be wrapped in bank-approved wrappers when
possible, which are available from the Cashier’s Office. These wrappers are
only to be used for the exact pre-written amounts on the wrappers (e.g.,
quarter wrappers should contain exactly $10 of quarters and should not be used
for lesser amounts.) Different denominations should never be mixed together
in one wrapper. For bills, the standard bank protocols are:
$50 wrappers for singles
$100 wrappers for singles or fives
$200 wrappers for fives or tens
$500 wrappers for tens or twenties
$1000 wrappers for twenties, fifties, or hundreds
If currency or coin amounts fall below the standard wrapper amounts, they
are to be separated by denomination and either clipped together or put in
4. Do not staple checks
to deposit transmittal forms.
5. Do not tape coins to pieces of paper.
Overages and Shortages
your deposit is incorrect, the deposit will be denied with a message requesting
that you pick up the deposit in the Cashier’s Office to review, correct and
resubmit it for approval and deposit.