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Cash Receipts And Deposits

Cash Receipts And Deposits. General procedures Recording of receipts Transmittal and deposit of receipts Special fiscal year end closing procedures Custody and safekeeping of receipts Cash overage and shortage. General Procedures. Payments received must be promptly deposited

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Cash Receipts And Deposits

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  1. Cash Receipts And Deposits • General procedures • Recording of receipts • Transmittal and deposit of receipts • Special fiscal year end closing procedures • Custody and safekeeping of receipts • Cash overage and shortage

  2. General Procedures • Payments received must be promptly deposited • Checks should always be made payable to ETSU • Receipts must be deposited intact • No unofficial funds may be maintained

  3. Recording of Receipts • Regularly received funds must be recorded on official pre-numbered departmental receipt • Department/activity not authorized should direct payer to comptroller’s office - Obtain official receipt

  4. Transmittal and Deposit of Receipts • Frequency of deposits • Deposit intact within 3 days • Must be deposited daily when $500 is accumulated

  5. Transmittal and Deposit of Receipts • Preparing deposits of receipts • When prepared by dept. maintaining a receipt book a tape must accompany • Back of each check should be stamped “For deposit only-ETSU”

  6. Transmittal and Deposit of Receipts • Procedures for depositing off campus • May de3posit funds in authorized bank • Copy of deposit slip and deposit summary must be transmitted

  7. Special Fiscal Year End Procedures • Funds received by noon on last day of fiscal year must be deposited on that date • Funds received by close on last day of fiscal year must be deposited by noon the next day

  8. Special Fiscal Year End Procedures • Receipts written after fiscal year deposit must be dated July 1 or first work day of new fiscal year • Final fiscal year deposit slips received by off campus or clinics must be transmitted immediately

  9. Custody and Safekeeping of Receipts and Petty Cash • Proper safekeeping facilities must be available • Proper safeguards must be taken • Currency must never be transmitted through US Post Office, campus mail or left overnight

  10. Cash Shortage or Overage • Reported immediately • If significant written report must be submitted • Formal report to VP for Finance and Administration, TBR and State Comptroller's Office

  11. Petty Cash • Nature of petty cash funds • Proper custody and control • Limitations on use • Securing of proper receipts • Reimbursement • Cash shortage and overage

  12. Nature of Petty Cash Funds • Comptroller's office will advance to dept head a petty cash fund upon proper justification • Dept head is accountable and responsible • Advances are not chargeable to departmental account

  13. Proper Custody and Control • Custody and control may be delegated • Dept. Head must insure availability of safekeeping of funds • Petty cash funds must not be co-mingled with other funds • Petty cash funds are subject to audit

  14. Limitation on Use of Petty Cash Funds • Supplies and materials available through other sources should not be purchased using petty cash • Except in emergencies • Explanation must be attached with voucher

  15. Limitation on Use of Petty Cash Funds • Petty cash used when purchase is less than $25 • University is exempt from taxes • Loans or advances for personal use is forbidden

  16. Securing of Receipts • Receipts must be obtained from vendor • Must be originals • Describe the purchase or service • Must indicate payment was made • Receipts with evidence of alteration will not be accepted

  17. Reimbursement of Petty Cash • Invoices should be submitted at least once per fiscal quarter • Cash in fund is depleted and requires replenishment • Paid invoices must be submitted for reimbursement

  18. Petty Cash Overage and Shortage • Overage or shortage should be reported immediately • If significant a written report must be submitted • Formal report to VP for Finance and Administration, TBR and State Comptroller’s Office

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