Blugold Central: Handling Cash in Departments

UW-Eau Claire Cash Handling Procedures are designed to assist departments in establishing satisfactory internal controls. It is important to note that good internal controls protect not only the University, but also individual employees involved in cash handling. Following is an example of steps departments should take to implement UWEC's Cash Handling Procedures.

Contents

• Cash Handling Procedures
  • Receipts
  • Cash Accountability Forms and Deposit Slips
  • Deposits
  • All Departments Handling Cash Should
• General Ledger Deposits
  
  

Cash Handling Procedures

• Obtain 3-part Deposit Slips from the Cashier's office. Purchase pre-numbered receipts from an office supply store or from the Cashier's Office. Create a Cash Accountability form to use in the weekly reconciliation process below.
• Record the sequence numbers of the receipts in your deposit file, for example, "receipt numbers 34801 to 34900 were received 4/19/12." If multiple work stations in your department issue receipts, you should consider assigning a block of numbers to each workstation.
• Write receipts for each transaction. Give the original to the customer. Retain the copy in a numeric sequence. If a receipt is voided, staple the original to the copy and place in the numeric file.
• At least once each week:
  • Count and reconcile your cash. Prepare a Cash Accountability form. Record the beginning and ending receipt numbers and be certain all receipts are accounted for. Run an adding machine tape of all the receipts and record on the Cash Accountability form. If the two-column totals are not equal, report the variance to your supervisor and send a copy of the Cash Accountability form with an explanatory memorandum to the University Accounting office. If equal, staple the receipt copies (in numeric sequence) and the adding machine tape to the Cash Accountability form.
  • Prepare a UWEC Deposit Slip. Be certain to record the source of the cash funds in the memo portion of the form. Take the cash funds and the Deposit Slip to Blugold Central located in Vicki Lord Larson Hall 1108. Fasten the receipt from the Cashier and the green copy of the Deposit Slip to the Cash Accountability form. File in "date of deposit" sequence. Retain at least five years.
  • Monthly reconciliation of deposits should be done by comparing your Deposit Slips/Cash Accountability forms to the revenue entries on WISDM. These should match. If there are variances that cannot be explained, contact University Accounting (836-4073 SMITHKIA@UWEC.EDU).
    
    

Receipts

• Fill in a receipt when each transaction is made, using your receipts in numerical sequence.
  NOTE: Only pre-numbered receipts should be used.
• Include the date, the name of the payer, the amount, and the initials of the person issuing the receipt.
  NOTE: For transactions under $1.00, only the amount is needed.
• Checks may be accepted as payment but funds may not be used to cash checks. Deposit all of the checks regularly.
  NOTE: Do not accept IOU's.
• Stamp the University endorsement onto the checks immediately upon receiving them.
• Retain completed receipts in your cash box. These receipts will be used to prepare a Cash Accountability form and Deposit Slip(s) at the end of the business period.
  
  

Cash Accountability Forms and Deposit Slips

• Cash Accountability forms and Deposit Slips must be completed after each period's transactions.
• Retain the Cash Accountability form for department records.
• All supporting documents including receipts must be retained for at least five years.
• These records are subject to an audit by the University Accounting office.
• Sample Deposit Slip
  

  

Deposits

Deposit funds regularly. Funds collected must be deposited on at least a weekly basis. If receipts exceed $100, deposit them daily.
NOTE: Do not hold amounts in excess of $100 overnight unless you have a safe. Do not make purchases from your change fund or from receipts.

1. Run an adding machine tape to total all the checks in the deposit box.  
2. Repeat this a second time to ensure the total is correct.
3. Attach both adding machine tapes to your check bundle.
4. Run an adding machine tape for all of the cash in your deposit, separating the amounts for each denomination (penny, nickel, one dollar bill, etc).  Include the tape with your deposit.
5. Prepare the deposit slip in triplicate.
6. Place the deposit money and two of the deposit slips in a locked money bag.
7. Retain the third copy of the deposit slip until the receipted copy is received from Blugold Central.
8. Deposit the locked money bag at Blugold Central.
   NOTE:  Do not wait for a receipt.
9. Blugold Central will receipt your copy of the deposit slip and return it to you via Campus Mail.
10. File receipted deposit slips with the Cash Accountability forms/Receipts.
    
    

All Departments Handling Cash Should:

• Have a combination lock cash box or a safe.
• Change the combination when there is a change in responsible person.
• Transport deposits by messenger in a locked money bag.
• Transact money exchanges in such a manner that the cash box is not accessible to the public.
• Report any funds missing for any reason to the Controller in the ASK Center immediately.
• Keep funds properly secured overnight; for example, funds should be in a locked cash box that is also locked in a file cabinet or desk. Of course, the office door should also be locked.
  
  

General Ledger Deposits

1. Accounts can be set up for Departments by the University Accounting office located in the ASK Center, Schofield 226.
2. Deposits can be made at Blugold Central, Vicki Lord Larson Hall 1108. Complete a 3-part deposit form before coming to the window. Write your SFS DeptID and account name on the deposit form.