Cash, Other Receipts and Banking
There are a large number of departments and centres at the University which currently receive “Cash”. This section covers the policies, regulations and procedures relating to handling and recording of this type of asset. All the procedures in this section have been designed in accordance with the principles of financial control to protect assets which, by their nature, may be described as high risk. As such, it is important to be familiar with these guidelines if your department receives “Cash”.
The information in this section has been segregated into the following sub-pages:
- The Cashier Function
This section provides an overview of the “Cashier Function”, defines cash, and details departmental responsibilities for processing cash receipts.
- Deposits with the Cashier
For those departments that do not “direct deposit” cash into a subordinate bank account, they are required to deposit the funds with the Cashier’s Office, Financial Services Department. This section covers the requirement of daily deposits; summary of departmental and Cashier’s Office responsibilities; requirements for preparing cash for deposit; preparing the deposit form; delivering cash to the Cashier’s Office; and verifying the accounting records (which is the important final step for financial control over cash).
- Direct Deposits
Many departments have made arrangements with the Financial Services Department to deposit funds directly with the University’s bank via subordinate bank accounts. This section covers the key requirements, and the procedures for managing, a direct deposit arrangement.
- Incoming Wire Transfers
This section covers the process and responsibilities surrounding incoming wire transfers, i.e. situations where a department is aware of monies to be received via wire transfer into the University’s central bank account or a departmental subordinate bank account.
- Debit Card or Credit Card Facility
The Financial Services Department provides guidance and assistance in setting up a Debit Card or Credit Card Facility to allow University departments to accept payments other than via cash or cheque.
- Records Management for Cash and Banking
Guidelines for retaining financial documents relating to cash, other receipts and banking.
Last Revision February 2009