- February 17, 2012
- Finance and Administration
- President and Vice Presidents: February 17, 2012
- Director of Business Services
- Past Version(s)
- Cash Handling (archived February 2012)
To prevent mishandling of state funds and to safeguard and protect employees from inappropriate charges of mishandling funds.
To clearly define employee responsibilities in the cash handling process.
All officials or administrators responsible for managing college cash receipts; all employees who are entrusted with the receipt, deposit and reconciliation of cash for college-related activities.
1. The Business Office approves and designates areas which regularly receive cash as “cash collection points”.Before collection begins, department managers requesting status as a cash collection point must submit a request to the Business Office that includes:
- Reason(s) why cash collection point is needed.
- A list of those positions involved with the cash collection point, a description of their duties, and how separation of duties will be maintained.
- Whether there is a need for a change advance.
- A description of the reconciliation process, including frequency of reconciliation.
- A description of the process for safeguarding cash until it is deposited.
- A schedule of how often cash deposits will be made.
2. All departments and other entities which collect cash, whether on a casual basis or as a cash collection point must follow the cash handling procedures set forth below.
Departments not complying with approved procedures may lose the privilege to serve as a cash collection point.
3. The Business Office will conduct periodic reviews of cash handling procedures and must approve any changes procedures.
4. College personnel may not use checking or other bank accounts for depositing college cash unless approved by the Director of Business Services.
Procedures for Cash Collection Points
1. Cash collection point managers (“managers”) must maintain a clear separation of duties.
An individual should not have responsibility for more that one of the cash handling components: collecting, depositing and reconciling.
2. Only one cashier may access to a cash register or cash drawer during a single shift unless approved by the Director of Business Services.
3. Cashiers must record the receipt of all cash through a cash register when one is available.
If no cash register is available, cashiers must give the customer a pre-numbered receipt form and retain a duplicate record for the receiving department.
Cashiers must include the date, mode of payment (cash, check or credit card), identification of the department and the person issuing the receipt on all receipts whether manual or machine-generated.
Cashiers must account for all numbered receipts, including voided receipts.
The area supervisor must approve and initial any voided cash receipts or transactions.
The Cashier’s Office issues pre-numbered receipts and a log to be maintained by the cash collection point.
Cashiers will log the number(s) of the receipts, and the date and name of the person receiving the receipts.
Cashiers should retain one copy of all voided receipts and send one copy to the Cashier’s Office.
4. Managers of cash collection points must protect all checks, cash, and credit card receipts by using a cash register, safe, or other secure place until they are deposited.
Managers must provide a secure area restricted to authorized personnel for processing and safeguarding funds.
5. In accordance with RCW 28B.10.031, cashiers may not accept checks or credit card transactions for more than the amount of purchase without the approval of the Board of Trustees .
Cashiers must immediately endorse checks made payable to The Evergreen State College (TESC) with a restrictive endorsement stamp.
The endorsement stamps should be ordered through the Cashier’s Office.
6. Two staff members must be present when opening mail containing cash.
- Staff must immediately endorsed all checks with a restrictive endorsement stamp.
- Staff must list all receipts of coin or currency in a log.
- If the cash is not credited directly into the appropriate college account or receipted through a cash register, staff must prepare a list in duplicate of the checks, credit card transactions and/or cash. The list should include the customer’s name, amount received, and check number. Staff should keep one copy in the area and send the other to the Cashier’s Office with the deposit.
7. Managers of cash collection points must deposit collections totaling $500.00 or more into an authorized college account with the Cashier’s Office within 24 hours, and amounts less than $500.00 no less than weekly.
Managers making deposits after office hours can use the night drop box located in the lobby on the first floor of the Library building. The Cashier’s Office will receipt those deposits the following business day. Locking deposit bags are available at the Cashier’s Office for use when depositing in the night drop box.
a. deposit all funds intact, and not intermingled or substituted with other funds.
b. include a calculator tape of the checks bundled together with the checks.
c. record cash on the deposit slip in the appropriate space.
d. attach a copy of the Transmittal Batch showing transaction totals for credit card receipts and record the total on the deposit slip.
e. include the appropriate Org number(s) and account code(s) on the deposit slip. (See "Deposit Instructions" available at the Cashier’s Office)
The Cashier’s Office will issue a receipt of deposit to be used for reconciliation of the supporting documentation to the deposit and to the monthly statements of account
8. Managers/Cashiers must deposit unidentified receipts into account #082003.
Managers/Cashiers should make all reasonable attempts to identify the correct account and transfer the funds accordingly.
9. Managers must submit requests for refunds or expenditures through the appropriate budget to the Business Office which will generate a check. Cash receipts must not be used for refunds or purchases.
10. Managers must daily balance all funds received:
- by mode of payment
- by comparing the total of the cash, checks, and credit cards to the cash register totals (“Z” tapes)
- by comparing the pre-numbered receipts totals
- by comparing the totals of the money received by mail.
Managers must separately record over/short amounts, and investigated and resolved if possible.
11. Managers must reconcile validated deposit forms with supporting documentation and the account statement.
Compare the receipt issued by the Cashier’s Office to the supporting documentation (copy of deposit slip, cash register "Z" tapes) and resolve any discrepancies.
Compare the receipts to the monthly account statements.
12. The Business Office must approve exceptions to these procedures.
For example, in cases where there is not enough staff available to maintain complete separation of duties, an alternate process to safeguard college funds must be established and approved by the Business Office. Requests for exceptions to these procedures must be submitted to the Business Office in writing.
13. Managers must maintain all cash receipts and related documents in accordance with record retention schedules.
Cash register tapes, deposit slips, credit card receipts, copies of manual cash receipts, etc. should be kept for six years.
Cash : coin, currency, checks, and credit card transactions.
Cash collection point: a department or other entity that handles cash on a regular basis.