Effective Date: December 8, 2009
Last Reviewed: December 8, 2009


The ultimate collection and deposit of cash is the responsibility of the Controller’s Office through the Cashier, although the actual receipt of cash often takes place in individual departments. Because cash is negotiable and easily transported, it is important that proper controls exist in both the Controller’s Office and at the departmental level to safeguard this asset. Please note that reference to “cash” applies to all forms of cash, including currency, coin, checks, money orders and credit card documents and receipts.

All departments taking in cash must be authorized to do so by the Controller’s Office. Departments collecting cash are required to have detailed written department cash procedures, which must be approved by the Controller’s Office.

The following guidelines should be used by department in the development of their departmental cash procedures.

CASH COLLECTION AREAS OF RESPONSIBILITY

It is the department head’s responsibility to designate employees who are authorized to handle money and see that they are properly instructed in the procedures to be followed.

Cash Collection: Designated person(s) from department who conducts cash transactions with customers. Cash can be received in person and/or the mail. Cash transactions are entered each transaction into a cash register, cash receipts journal log or accounts receivable system. A receipt should be provided to everyone paying in person. All checks must be endorsed immediately upon receipt with a restrictive endorsement.

Preparer of Cash Receipt & Deposit Summary Form: Retrieves and counts the cash receipts for the current or previous business day, prepares the Departmental Cash Receipt and Deposit Summary Form and delivers to the College Cashier.

Supervisor: Monitor cash receipting functions. Has access to the cash drawers and safe. Verifies that the Cash Receipt & Deposit Summary Form has been completed and matches supporting documentation. On a monthly basis, reconciles deposits to the general ledger.

CASH RECEIPT PROCEDURES

All transactions are to be recorded in a cash register or a cash receipts journal at the point of collection.

Procedures for Cash/Checks received through the mail:

• All Checks must be endorsed immediately with a restrictive endorsement as Deposit Only-Payable to Stonehill College. A stamp can be used or endorsement may be handwritten.

• Endorsement stamps may be requested through the Controller’s Office.

• Enter all cash and checks received into an approved cash register, cash receipts journal (a cash receipt template is provided), or accounts receivable system.

Procedures for Cash/Check received in person:

• All Checks must be endorsed immediately with a restrictive endorsement as Deposit Only-Payable to Stonehill College. A stamp can be used or endorsement may be handwritten.

• Endorsement stamps may be requested through the Controller’s Office.

• Enter all cash and checks received into an approved cash register, cash receipts journal (a cash receipt template is provided), or accounts receivable system.

• The customer should be presented with a pre-numbered receipt form with a duplicate record to be retained by the departments. Staff must account for all pre-numbered receipts.

• Receipt forms may be requested through the Controller’s Office.

SECURING CASH/CASH EQUIVALENTS AND RECEIPTS

Ideally, a safe should be used for storage of the cash receipts until delivered to the College Cashier. Alternatively, where the purchase of a safe does not appear feasible, a locking cash box should be used and placed in a locking drawer. Any department collecting more than $500.00 on a regular basis must obtain a safe from the Controller’s Office.

Access to the safe, drawer or cash box must be limited to the individuals designated to handle cash and should remain locked when not in use. Safe combinations should be changed on a regular basis, at least annually and when someone leaves the College who knows the combination. The safe should be locked between deposits and should be opened in a manner that other persons cannot see the combination. Keys to safes and/or cash boxes and safe combinations need to be kept in a secure, secret place.

There are circumstances where large amounts of cash are collected in a single unique event that cannot be immediately delivered to the College Cashier due to timing. If this involves a department that does not have a safe then the funds should be collected, counted and locked in an overnight bag and delivered to the Campus Police safe for safeguarding. The overnight bags can be obtained from the Controller’s Office or Campus Police before the event. As soon as the following workday begins, the funds should then be transported from Campus Police to the College Cashier

CASH DEPOSITING

All cash collected must be deposited through the Stonehill College Cashier. No department is authorized to have an outside bank account for purposes of depositing College funds.

Delivery to the College cashier must be in person. Cash and checks should never be sent through interdepartmental mail.

Procedure for deposit delivery:

• Count money and prepare preprinted three part Stonehill College – Cash Receipt and Deposit Summary (to obtain deposit slips, contact the Stonehill College Cashier).

• Attach copy of cash receipts log to deposit form.

• Hand deliver the deposit to the Stonehill College Cashier.

• All cash deposits should be re-counted by the Cashier at the time of delivery and a receipt received at that time.

• Deposits of checks can be counted by the Cashier at a later date and the receipt forwarded through inter-office mail.

• Cash receipts should be delivered to the Cashier on a daily basis. Deposits may be made less frequently if daily deposit is not feasible, if collection amounts are minimal and not in the form of cash (but at least weekly or when cash on hand is greater than $500)

• Deposit all funds intact. The entire amount of receipts collected must be deposited so that all receipts are posted as receipts to the department. For example, a department can not use $10 of its cash receipts to purchase postage and then reduce the amount of its cash deposit by the $10 used.

Stonehill College

Cash Collection

Approval Form

Cost Center_____Description____________________

1) Summarize cash collection activities including type of collections, volume, and regularity:

2) Complete the following roles that are applicable with your department:

Assignment                                   Position Title

Cash Collection _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________

Supervisor _____________________________________________ _____________________________________________

Deposit Preparer _____________________________________________ _____________________________________________

3) Are checks immediately endorsed with a restrictive endorsement? Yes___ No ___ Restricted endorsement used___________________________________________

4) Describe procedure for use of cash register or cash receipt journal

5) Is a pre-numbered receipt presented to customer? Yes____ No____ If no, explain

6) Describe how Cash is secured:

During the day:

Where is the Cash stored and in what?__________________________________

Is the cash storage unit secured with keys or combination?__________________

Who has access to the keys or combination______________________________ ________________________________________________________ ________________________________________________________________

The safe is locked when not actively in use? Yes____ No____ N/A____

If no, explain__________________________________________________

After hours / office is closed:

Where is the Cash stored and in what?__________________________________

Is the cash storage unit secured with keys or combination?__________________

Who has access to the keys or combination?_________________ __________________________________________________________________ ________________________________________________________________

7) Describe deposit preparation and delivery procedures, including frequency:

8) Describe the process used to reconcile deposits to the AS400, including frequency:

ADDITIONAL COMMENTS:

Stonehill College

Log of Cash/ Checks Received

Department

Cash/ Dept. Date Date Check Receipt # Notes/ Dollar Stonehill Deposited Received Number Given Payer Payment For: Amount Staff w/ Cashier