12/12/2023 0 Comments Cash receipts exampleIn instances where it is not possible to use remote deposit, checks will be restrictively endorsed immediately upon receipt. Checks will be deposited using remote deposit. All endorsements will be made by the Office of Student Accounts. All checks should be made payable to Montclair State University.A secure area for processing and safeguarding funds received must be maintained and access restricted to authorized personnel. All checks, cash and credit card receipts must be protected by using a safe or lockbox until they are deposited.An individual should not have responsibility for more than one of the cash handling components: receipt, deposit or reconciliation. All departments responsible for cash collection must maintain a clear separation of duties.See Procedures below for specific guidance.Īll employees responsible for the receipt, deposit or reconciliation of cash for University related activities must comply with this policy. Generally, the timely deposit of cash receipts requires a department to deposit receipts with the Office of Student Accounts daily.The Controller’s Office will reconcile all bank account transactions monthly. Reconciliation of the validated Cash Receipt Transmittal Form to the department’s revenue account to ensure proper recording of funds.Deposit of cash in accordance with the guidelines detailed below at the Cashier’s Office in the Office of Student Accounts into an appropriate University revenue account, accompanied by a Cash Receipt Transmittal Form.Adequate separation of duties for cash collection, deposit or reconciliation. ![]() “Cash” may consist of currency, checks, money orders, credit card transactions, fed wires and electronic fund transfers. ![]() All departments receiving cash are designated as cash collection points. Controls are required to safeguard against loss and to define responsibilities in the handling of cash. To establish proper controls and cash handling procedures throughout all University departments. ![]() Print or view a PDF of this policy Objectives
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