Cash Receipts

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:
  1. Proper segregation of duty where one individual is not responsible for both the billing and collection of cash.
  2. Security procedures – The cash or check must be locked and in a secure environment.
  3. 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 Jim Sullivan 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.

Contact Us

Controller
 

Mailing address:
Wellesley College
Controller's Office
106 Central St., GRH139
Wellesley, MA 02481-8203

Main Telephone:
781.283.2468

 

Main Office Fax:
781.283.3710

Payroll Fax:
781.283.3713

AVP for Finance and Controller
781.283.2247
 
Senior Accountant
781.283.2461
 
Accounting Specialist
781.283.2488
 
Sr. Cashiering/Payroll Specialist
781.283.2265
 
Accounts Payable Manager
781.283.2469
 
Associate Controller
781. 283.2250