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Segregation of Duties - Deposit Processing

 

Description

Department deposits may be comprised of a number of elements hereafter referred to as cash:

  • Currency
  • Coin
  • Check
  • Money order
  • Travelers check
  • Electronic funds transfer
  • Credit card transaction
  • Debt card transaction

It is the responsibility of the department to balance the deposits with the register totals.  This procedure describes the required steps for preparing a deposit.

Written Procedures for Departmental Deposits
 
1.
 Each department that handles cash must have its own written procedures tailored to its specify organization.  The department procedures should include, but are not limited to, the following.
 
  Segregation of duties
 
  Deposits
 
  Forms control, including pre-numbered tickets/receipts
 
  Reconciliations
 
  Physical security
 
  Cash register procedures (if applicable)
 
2.
 Each department must send its procedures to its respective Vice President, who will review and forward the document(s) to Internal Audits
 
3.
 For assistance in developing departmental procedures contact Internal Audits at 204-7559 or the Main Campus Bursar’s Office at 204-7269.  Internal Audits and the department’s Business Manager should approve the departmental procedures.
 
4.
 Departmental procedures should be reviewed, signed and dated by the Budget Unit Head on an annual basis indicating compliance with the University’s Cash Handling Police and Procedures.
 

 

 
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