Cash Reconciliation At the end of each month, cash on hand shall be reconciled by comparing a physical count done on the Change Fund Count Sheet with the change fund general ledger account. All month-end reconciliation reports shall be forwarded to the CFA no later than the end of the second week for the previous month and on a quarterly basis to management. Any discrepancies shall be immediately reported to the Vice President or his/her designee with recommended corrective action. Money Room / Vault Only the CFA and other assigned Business Office employees as designated by the CFA are to enter into the Money Room or Vault area. It is recommended that a log sheet be maintained of everyone who enters the Money Room or Vault area other than the assigned money room cashier. The log shall provide the name of the individual, the individual's signature, date of entry, time in and out, and the purpose for access. At no time shall anyone be in the Money Room or Vault except in the presence of at least one of the money room cashiers without the expressed written permission of the CFA. Daily Deposits The CFA shall appoint a Business Office employee to conduct daily cash counts and to prepare deposit slips and deposit packages. Each Monday or first business day following the weekend, collection reports shall be generated as needed and forwarded to the CFA or designee for reconciliation and approval. Once the cash receipts from the front-line cashiers are counted, the deposit shall be prepared. The Business Office supervisor shall reconcile the daily deposit by cross checking the cash receipts information on the Miscellaneous Collections Report with the actual bank deposits. Any discrepancies must be researched and rectified. Upon the final count of collections from Community Services, the Library, and Admissions (usually fees from transcripts), receipts are issued to the appropriate division’s personnel, a deposit slip is prepared, and then a copy is given to a front-line cashier to ring up on the cash register. Upon the final count of Cafeteria and Bookstore collections, cash count slips are issued, deposit slips are prepared, and paperwork is forwarded to the individual(s) responsible for the daily and weekly cash collection reports. Change Funds
Cash Reconciliation At the end of each month, cash on hand shall be reconciled by comparing a physical count done on the Change Fund Count Sheet with the change fund general ledger account. All month-end reconciliation reports shall be forwarded to the CFA no later than the end of the second week for the previous month and on a quarterly basis to management. Any discrepancies shall be immediately reported to the Vice President or his/her designee with recommended corrective action. Money Room / Vault Only the CFA and other assigned Business Office employees as designated by the CFA are to enter into the Money Room or Vault area. It is recommended that a log sheet be maintained of everyone who enters the Money Room or Vault area other than the assigned money room cashier. The log shall provide the name of the individual, the individual's signature, date of entry, time in and out, and the purpose for access. At no time shall anyone be in the Money Room or Vault except in the presence of at least one of the money room cashiers without the expressed written permission of the CFA. Daily Deposits The CFA shall appoint a Business Office employee to conduct daily cash counts and to prepare deposit slips and deposit packages. Each Monday or first business day following the weekend, collection reports shall be generated as needed and forwarded to the CFA or designee for reconciliation and approval. Once the cash receipts from the front-line cashiers are counted, the deposit shall be prepared. The Business Office supervisor shall reconcile the daily deposit by cross checking the cash receipts information on the Miscellaneous Collections Report with the actual bank deposits. Any discrepancies must be researched and rectified. Upon the final count of collections from Community Services, the Library, and Admissions (usually fees from transcripts), receipts are issued to the appropriate division’s personnel, a deposit slip is prepared, and then a copy is given to a front-line cashier to ring up on the cash register. Upon the final count of Cafeteria and Bookstore collections, cash count slips are issued, deposit slips are prepared, and paperwork is forwarded to the individual(s) responsible for the daily and weekly cash collection reports. Change Funds
bus%20office%20and%20accounting%20policies%20and%20procedures%20manual%20%20(draft%206%2015%2012).docx