Print/Copy Mail Services Vice President FACash Receipts (Currency, Checks and Bank Deposit Slips)
Each day's cash receipts must be deposited intact with the Cashier's Office. Refunds or expenditures must NOT be made from cash receipts.
Cash must be recorded as soon as it is received. Initial record of cash received may be a pre-numbered receipt, a cash register tape, a mailroom log or listing of checks received, or some other remittance advice.
Pre-numbered receipts should be used where no other record (i.e. a cash register) exists. Receipt books can be obtained from the Cashier's Office (6-3154). Receipts are prepared in triplicate and distributed as follows:
All pre-numbered receipts should be accounted for, including voided originals, and should be retained by the department. Void or canceled receipts should be clearly marked so that they cannot be reused, and the blue copy should be submitted with departmental deposits to the Cashiers.
Checks/Cash received should be listed on a cash report or log. The BANNER TWADEPO Department Deposit form is an acceptable departmental log. The following check detail information should be included:
All gifts received, either of cash, checks, or tangible personal property must be reported to the Cashier's Office on a "Report of Gift Received by Department" form. Do not use this form to report gifts received through the UO Foundation. Contact the Cashier's Office (6-3154) for questions about this form.
For Departments that use cash registers:
All register tapes should be accounted for by assuring that the first transaction number on each tape follows the last number on the previous tape.
Someone should review the register tape daily for frequent or large void transactions other than the register cashier.
All register tapes should be collected and submitted to the Cashier's with the departmental deposit.
Restrictive Endorsement of Checks
All checks must be properly and clearly endorsed upon receipt, ideally when the check is delivered and/or the mail is opened. The required endorsement stamp must be ordered through the vendor that has been contracted through the Cash Management Division. To obtain a copy of the order form, contact the Cashier's Officer[6-3154].
The area of a check available for endorsement is restricted to the first 1.5" measured from the stub end of the check. It is important that departments endorse checks within this area as the remainder of the back of the check is reserved for bank endorsements. These requirements are mandated by the Federal Reserve. Failure to observe these guidelines may cause delays in processing and impair efforts to collect on returned checks.
If a two party check is accepted, the individual presenting the check shall endorse the check on the reverse side exactly as shown on the face of the check. The restrictive endorsement stamp shall be impressed directly below the signature endorsement and completed in accordance with instructions noted above.
Checks drawn on foreign banks (other than Canada) should be made payable to the University of Oregon in the denomination of the currency of the country in which the check is being drawn. Such checks should be logged on a separate BANNER TWADEPO Department Deposit form and deposited in accordance with the deposit requirements noted in this section.
Deposit Requirements / Timeliness
Cash receipts must be deposited with the Cashiers Office using the BANNER TWADEPO Department Deposit form. For BANNER access to this form, and to schedule attendance at a training class, please contact the Business Affairs Scheduling Coordinator at 346-2387. To view the scheduled traing classes, access the following link, then click "ETF schedule": http://bg/Trg/trg.htm.
Cash receipts [currency and checks] must be deposited with the Cashier's Office at least once a week. However, when $1,000 or more is on hand, it must be deposited within the next business day. Deposits should be made more frequently if the department lacks secure safekeeping for holding funds.
All cash / checks received and held overnight should be in a secure area such as a safe or locked filing cabinet.
All departmental deposits must be transported to BAO Cashiers in person. Deposit envelopes are to be taken directly to the side door of Cashiers and not processed at the front counter. Deposits must include three completed copies of the BANNER TWADEPO Department Deposit form. One copy will be returned to the department immediately as verification that the currency portion of the deposit was received. A second copy will be returned to the department after the full deposit has been validated. Departments should revise their internal processes to include verification that the departmental copy of the Department Deposit Report was returned indicating the deposit was received in the Cashiers office.
Deposits should be made by 3:30PM.
Departmental deposits must be transported using tamper-proof, self-sealing poly bags. These bags are available through Cashiers (6-3154). Each bag is individually numbered and features a tear-off receipt. It is recommended that the deposit preparer retain the tear-off receipt and attach to the department’s copy of the validated Department Deposit Report for tracking purposes.
Cash shortages > $20 must be immediately reported to the Cashier's Office (6-3154).
Segregation of Duties
No one individual should handle the cash transaction from beginning to end.
If the volume of checks received by mail is heavy, two individuals should open the mail.
Additional control procedures may be required to ensure adequate segregation of duties. Additional control procedures include, but are not limited to:
- Adequate supervision.
- Verification of receipts and deposits.
- Periodic reassignment of duties.
- Unit Administrator reviews of transactions, reconciliation's and reports.
The cash handling and record keeping functions should be separated. The employee who maintains the cash receipts journal should be someone other than the person handling the cash.
Daily reconciliation of cash received should occur promptly and should be performed by an individual not responsible for handling cash. The department head or another authorized individual who is administratively senior to those involved in the cash handling functions should review the daily reconciliation for completeness and accuracy, and properly date and initial the reconciliation as evidence of their review.
If the employee who maintains the cash receipts journal is the same as the one who accepts cash receipts or opens the mail, a responsible employee independent of both the cashiering and recordkeeping functions (normally a department head or administratively senior employee) should be designated to verify the detailed recorded documents against deposits. This should be done daily, but no less than once per week.
A monthly reconciliation should be made between the total deposits and the total receipts recorded. The reconciliation may be prepared by either the cashier or cash receipts journal person, but should be reviewed by someone independent of the cash function (normally a department head or administratively senior employee). Review should be documented with the date and initials of the person performing the review.
For Departments that use cash registers:
Someone other than the department cashier should (in the cashier's presence) count out the cash and extract the register tape.
The amount collected should be balanced to the register tape total by someone other than the register cashier.
A record of cash overages and shortages, by employee, should be maintained, with explanations for all differences.
Policy:
http://baowww.uoregon.edu/Policy/CA01.PDF
Frequently Asked Questions:
Link to website of Department Deposit FAQs