Cash Receipt Guidelines
The objective of cash receipt controls is to ensure that all monies (checks, currency, coin, and credit cards) are properly accounted for and timely deposited.
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
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.
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):