Departmental Cash Receipt
Policy
Policy:
Departments receive cash or checks for a variety of different
transactions. Audit guidelines require proper internal control when handling
cash receipts. Department managers are responsible for implementing an
internal control system that ensures the following:
- Proper segregation of duty where one individual is not responsible
for both the billing and collection of cash.
- Security procedures – The cash or check must be locked and
in a secure environment.
- The Department manager reviews the financial reports to ensure
that the cash is deposited to Wellesley’s bank account and
recorded properly in the Banner system.
The departmental internal control procedure should be documented and
is subject to review by the College’s external auditors. Please
contact Eileen Gerenz at the Controller’s Office if you need
any assistance.
Cash or checks must be submitted for deposit with the Controller’s
Office in a timely manner. It is not necessary to wait for the collection
of multiple
checks to create a deposit. Departments are responsible for the deposit of
cash and checks no less than once per week. When receipts are infrequent,
deposits of a nominal amount ($50.00 or less) may be made less frequently,
but no less
than every two weeks.
Procedure:
Departmental deposits should be made by completing a Cashier
Deposit Form.
This form must include the full FOAPAL code, description
of deposit and
contact information. The Cashier Deposit form along with the cash and/or
checks should be brought to the Cashier’s Window at the Controller’s
Office for deposit. Inter-office mail is acceptable for checks but
under no circumstance should cash be forwarded via inter-office mail.
Generally, the deposit will be recorded to the Banner system
within 3
business day. It is recommended that you check the Banner system
to ensure that the receipt was posted to the correct account.
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