Receipts and Deposits (C-5)
Original Implementation: Unpublished
Last Revision: April 22, 2008
Receipts
The university must account for all sales and receipts. Employees accepting payment of any kind, for any reason, must issue each payer an official university receipt in a form approved in advance by the controller.
Cash registers or other electronic devices used for recording sales must be equipped to issue numbered sales receipts showing the amount and description of the sale. Departments authorized by the vice president for finance and administration to collect funds, but which do not have cash registers, will use an official receipt book issued by the University Business Office. These receipts are to be handwritten in ink by an authorized employee. The employee issuing the receipt must:
- complete the receipt by entering detailed information in every blank,
- sign the receipt, and
- give the payee the original receipt.
The appropriate copy of the receipt should be sent to the University Business Office with the deposit (see Deposits, below). The non-perforated copy of the receipt will remain in the receipt book.
Receipts should never be altered. If a correction is necessary, the original receipt must be voided (with explanation noted) and a new receipt issued. The original of the voided receipt should be sent to the University Business Office along with the copy of the new receipt.
All receipt books must be available in the department for audit.
Sales Tax
Departments are responsible for collecting applicable sales tax and reporting it to the University Business Office on the Deposit Summary form.
Deposits
Some university departments are authorized to make deposits directly to the bank via courier service provided by the University Police Department (UPD). These departments are: University Business Office, Ticket Office, and Athletics. All other departments will hand-deliver their deposits to the University Business Office, which will then incorporate the funds into the university's main daily deposit.
Each department that makes deposits directly to the bank via UPD courier shall hand-deliver the Deposit Summary form to the University Business Office on the deposit date. Immediately after the deposit is made, the UPD courier will hand-deliver the university's copy of the deposit slip to the University Business Office. There, the deposit slip will be compared to the Deposit Summary form to verify they balance. A University Business Office teller will then enter the deposit data into the university's online Financial Records System (FRS).
Each department that makes deposits to the University Business Office will be provided with two lockable deposit bags and keys. The department shall prepare the Deposit Summary form and place it in the deposit bag with the cash, checks, original credit card receipts, and the appropriate copy of the handwritten receipts. The locked bag will then be hand-delivered to the University Business Office by a departmental representative. The representative will leave the deposit with the teller, and sign for and take the empty deposit bag from the previous deposit. Subsequently, the University Business Office teller will verify that the receipts and the funds balance, and will enter the deposit data into FRS. The teller will lock the empty bag and store it until the departmental representative returns with another deposit.
Departments may view the applicable account(s) in FRS to confirm the deposit data entered by the University Business Office.
All funds (including overages) must be deposited promptly. Receipts of $25 or more must be deposited no later than the next working day. Receipts less than $25 must be deposited within four working days. Checks must be restrictively endorsed with the department’s university stamp immediately upon receipt. No department may use any funds for any purpose prior to depositing them.
Cross Reference: None
Responsible for Implementation: Vice President for Finance and Administration
Contact for Revision: Controller
Forms: None