Cash & Check Handling
Depositing Cash & Checks
Depositors in the SMTD are authorized to receive cash/checks as determined by the TBD. Our authorized depositors, staff who have been designated to receive cash or checks from the cash handlers/receivers are the following staff:
Authorized Depositors by Department
- UProd: Nathan Carrill
- UProd Concessions: Kelley Krahn
- Music/Administration, PPLP, Theatre & Drama, Musical Theatre: Nick Ford
- Engagement & Outreach: Erin Feiner
The Financial Manager will keep the list of authorized depositors in MPathways current with any staff changes such as a new staff member who will be depositing funds/allocating or a staff member who is no longer depositing/allocating funds.
- All authorized depositors should receive proper depository training and certification through the MyLinc TME101 course prior to depositing cash/checks. The TME 101 course has to be taken every two years. Information on web-based depository training classes is available on the Treasurer’s Office website.
- The depositor will obtain funds and pre-numbered receipts and/or the daily receipt log from the cash handler.
- The depositor will verify that funds received balance to receipts or the daily transaction log. The balancing of funds received should not be performed by the individual(s) receiving funds unless supervised by a higher level authority.
- Verify that all pre-numbered receipts are accounted for.
- Record balances by retaining copies of deposits so they can later be reconciled with the deposit amounts. Be sure to maintain a record of all deposits and deposit information.
- Prepare the cash/checks for deposit. Refer to Preparing & Making Deposits Quick Reference – Page 1 for instructions on preparing cash & coin for deposit.
- Complete the currency/coin and/or checks portion of the deposit ticket with the appropriate amounts – all funds received should be deposited on the same day.
- Cash and/or checks should be placed in a Treasury Cash/Checks deposit bag. Coin over $25 is placed in a special CoinLok deposit bag. Insert the deposit ticket into the clear inner pouch of the bag.
- Record details such as “who” gave the deposit to “whom”, date, time, bag serial number (if applicable), amount, delivery method, etc.
- NOTE: Making copies of checks is strongly discouraged. If there is a valid business purpose, all numbers on the bottom of the check (micr line) must be covered (i.e. placing paper over the numbers) before copying.
- Create a Cash Receipt Ticket (CRT) if necessary (i.e. need for additional Chartfields other than the default) to ensure all funds are being allocated to the proper accounts. Refer to Section 3 of the Depository Training Guide for detailed instructions on how to create a CRT.
- Ensure all funds are being deposited into the proper expense or revenue account.
- Review chart field allocations to ensure each deposit is posted in the correct General Ledger account. Initial/sign.
- Secure the deposit so that funds are not lost or comingled with other funds.
- Store deposit in a locked safe or cash box within a locked drawer until deposit is made. The locked safe or cash box within a locked drawer is continually visible to the authorized depositor(s) and the combination is changed on a regular basis. Keys to the locked safe or cash box within a locked drawer are kept in a secure, secret place.
- All funds collected by the SMTD must be deposited into a University account on the date of collection. Where this is impractical and where the total deposit is less than $500, the deposit may be made within one business day of collection. The Treasurer’s Office must approve any exceptions to this policy. Refer to Section 5 of the Depository Training Guide for detailed instructions and additional guidance on how deposits should be made.
- For Development Funds, follow the Development depository process. Any cash gifts should be deposited, checks are to be forwarded to the Development Office through a Development Office gift drop box. For more information on special depository situations, see Section 2.5 in the Depository Training Guide.
- Depositor will deposit funds either through:
- an automated deposit station
- at a University depository bank branch.
- via Remote Deposit Capture
- Depositor will receive acknowledgement of deposit made via:
- Receipt detailing the amount, date and account from the bank teller when depositing at a University depository branch
- Receipt detailing the deposit bag serial number and date of deposit from the automated deposit station
- Acknowledgement (i.e. receipt, email, etc.) detailing date, amount and recipient from the department making the deposits (where possible)
- Receipt of branch acceptance (deposit bag number) is available on the Treasury website a few business days later. (for departments that have deposits taken to Briarwood bank branch via courier).
- Deposit Detail Report from Remote Deposit Capture
The individual performing reconciliation should not be the individual making the deposits. The Financial Manager will verify weekly deposit activity using Business Objects. Refer to the Run the FN03 JrnDetail Report in Business Objects Step-by-Step Procedure or Section 6.1 of the Depository Training Guide for detailed instructions on how to access this report.
- Reconcile SOA to ensure all current period deposit activity is accurately reflected on the SOA and consistent with the receipt log/receipts issued by comparing it to CRT confirmation pages, ticket book copies, etc. Confirm significant deposits or high volume activity the next business day. Verify regular deposit activity weekly. Maintain proper evidence of reconciliation.
- Investigate and resolve all discrepancies on a timely basis.
- Reallocate funds thru a JE if deposit is not allocated correctly and take appropriate steps to ensure future allocations are correct.
Monitoring & Oversight
Periodically, the CAO and/or Financial Manager will compare planned budgets to actual and trends over time to ensure reasonableness and appropriateness.
The Financial Manager will review the following reports in Business Objects:
- CMB Treasurer’s Office Certification Courses Report to monitor individuals who have taken the TME103 and/or the TME101 courses.
- FN03 JrnlDetail Deposit Management Report in Business Objects to monitor deposit activity, depositors and their certification status, and discrepancy trends.
The Financial Manager will review the standard Cash Handling report provided in M-Reports to monitor the following:
- SMTD deposit locations and their activity
- Discrepancy trends