Cash Receipt Guidelines

Policies and procedures addressing cash handling should be in writing. The policy describes what is to be done. The procedure describes how it is to be done.

All departmental deposits of University monies should be made at the UND Treasury department.  They should be delivered to the secured drop box located in the Twamley Hall mail room (room 107).

Cash receipts should be deposited intact and without delay. Monies should not be withheld from the deposit to make purchases or to establish a change fund.

For those departments that frequently receive monies, deposits should be made daily.

For those departments that infrequently receive monies, deposits should be made at least weekly or when receipts exceed $500, whichever comes first.

Checks should be restrictively endorsed immediately upon receipt. The endorsement should read as follows:

For Deposit Only
Bank of North Dakota
University of North Dakota
"Your Department Name"

All checks received by University departments should be made payable to the University of North Dakota. They should not be made payable to the department.

Cash receipt records should be maintained and prepared immediately for all monies received.

• For over-the-counter receipts, either prenumbered receipts or cash registers should be used.
• For mail receipts either prenumbered receipts, or cash registers, or mail logs, or retaining of the remittance advices should be done. The frequency and size of a department's mail receipts should determine what method to use.

Prenumbered receipts:

• Two-part prenumbered receipts should be used. For over-the-counter receipts, the remitter should receive the original receipt and the copy should remain in the receipt book.
• The receipts should not be numbered by hand. They should be purchased already numbered.
• If a receipt needs to be voided, then both parts of the receipt should remain in the receipt book. Both parts should be marked "void."

Cash registers:

• To ensure the accurate recording of the sale, the customer should either receive the cash register receipt tape or be able to see the display.
• If a sale is voided, a void slip should be prepared immediately. Either the original sales transaction number should be recorded or the original cash register receipt tape should be attached to the void slip. The void slip should be signed by the employee and reviewed by a supervisor and should be retained.
• If a sale is to be refunded, a refund slip should be prepared immediately. Either the original sales transaction number should be recorded or the original cash register receipt tape should be attached. The refund slip should contain the individual's name (printed and signed), address, and telephone number. The refund slip should be signed by the employee and reviewed by a supervisor and should be retained.
• If the cash register has a training mode, only the supervisor should have access to the training mode key. After a training transaction is performed, the cash register receipt should be initialed by a supervisor and should be attached to that day's deposit report.
• The key ("z" key) or the access code to clear the till should be restricted to an essential number of individuals. 

All deposits sent to the UND Treasury department should be recorded on an electronic departmental  deposit form. The department should retain a copy of the form. The electronic form can be accessed on the Finance web site.

Cash shorts and longs should be recorded on the University general ledger. The difference between recorded sales and the amount of cash counted should be recorded as a cash short or long. Any large cash shortages should be immediately reported to Internal Auditing. 

Ideally, the duties of recording the receipt of monies, preparing the deposit, and reconciling the deposit receipt to the deposit records should be performed by separate individuals. However, when that is not practical due to limited staff resources, for some separation of duties, an individual other than the one who prepared the deposit should reconcile the deposit receipt to the department's copy of the deposit form and the source cash receipt records. The reconciler should sign and date either the deposit form or the deposit receipt. 

Deposits should be prepared and reconciled by permanent employees.

There should be adequate physical facilities (i.e., safe, locked file cabinet, or locked drawer) provided for the safeguarding of monies prior to deposit.

Monies to be deposited should not be sent to the UND Treasury department through intra-campus mail.

Safe combinations and keys to cash boxes or files should be restricted to an essential number of individuals.

Safe combinations should be changed at least every two years or whenever anyone who knows the combination terminates employment.

If petty cash or change funds are needed, a voucher should be prepared. It should be coded to either account 101001 (petty cash) or account 102001 (cash on hand). It should be sent to Internal Auditing for initial approval.

Departments' till funds, petty cash funds, or sales receipts should not be used to cash employees' personal or payroll checks.

Credit cards (per Division of Finance & Operations policy):

• Cardholder data includes the Primary Account Number (PAN) for the credit card. Only retaining the first six and/or the last four digits of the cardholder number does not qualify as a PAN. Retaining any additional digits does qualify as retaining the PAN/cardholder data. All documents containing cardholder data are required to be in a locked cabinet with limited access. If documents containing cardholder data are added or removed from the locked cabinet, a log must be maintained documenting the activity. It is recommended that if cardholder data is retained, that it be retained for only 90 days.
• All cardholder data should be disposed of by crosscut shredding. It is not acceptable to write over, redact, or black out cardholder information.
• Cardholder data is not allowed to be retained in electronic files, such as spreadsheets, word documents, scanned images, PDF files, or other electronic files.
• If the card verification (CVV) code is obtained, it may never be retained for any length of time and must be destroyed by crosscut shredding immediately after the transaction is processed. No storage of magnetic stripe data, CVV, PIN, or other similar information is allowed.