Cash Receipting

Cash Receipting

SUMMARY

The Cash Receipting Procedure establishes the University’s process for the accurate and timely handling of all cash received by the University, so that risk to staff and the University is minimised.

PROCEDURE

Purpose

To detail the accurate and timely process for handling all cash received by the University, so that risk to staff and the University is minimised.

Procedure

This procedure requires actions by the following:
  • Assistant Director, Revenue Services
  • Cashier
  • Manager, Revenue Services
  • Senior Cashier
All cash collected by the University must be receipted by the Cashiers’ Office, Office of Financial Services. All cash receipted must then be processed daily into the University’s finance system.
Cashier / Senior Cashier / Manager, Revenue Services / Assistant Director, Revenue Services

CASH FLOAT
Open the strong room and safe at the beginning of each day. This will allow the cashiers to obtain their start up cash float. For security purposes, only specific officers within Revenue Services are to have access to strong room keys and the safe combination..

Cashier / Senior Cashier

At the beginning of each day, you are allocated a A$100 cash float. Ensure that this is checked and verified by the Cashier and the Senior Cashier.

RECEIPTS
You are to be allocated a receipting batch for the day. Record this in the Batch Register each day and input into the Cash Receipting System for each Cashier.

CASH PAYMENTS
You can only receive a payment in cash from a customer when the Cashier’s Office is open for business (9.00am-5.00pm, Monday to Friday). The Cashier’s Office will have restricted access during business hours for security purposes.

Check twice all cash you receive. Allocate a receipt after the amount is double-checked. The receipt will be sequentially numbered from the receipting system once you have entered the transaction. For reconciliation purposes, cash is to be identified in the receipting system with a separate payment code to that used for cheques and credit card payments.

CASH SECURITY
Once the transaction is complete, place the cash in the Cashier’s drawer until the close of business that day. During peak periods, transfer excessive amounts of cash to their specific compartments in the safe/strong room for security purposes.

During lunch or tea breaks, lock your cash drawers for security purposes.

RECONCILIATION
At the close of business each day, reconcile your receipting batch with the reconciliation report generated from the Receipting System.
Senior Cashier / Manager, Revenue Services / Assistant Director, Revenue Services

Ensure that an independent supervisor checks the reconciliation process each day and signs off accordingly.

Cashier / Senior Cashier / Manager, Revenue Services

Where the reconciliation initially indicates a cash discrepancy, check  the variance with an independent supervisor. Report all discrepancies to the Assistant Director, Revenue Services and record them in the University ledger.

Cashier

BANK DEPOSITS
Once the reconciliation is finished, complete a bank deposit slip and place the cash into the registered bank deposit bag.

Cashier / Senior Cashier

Advise the Financial Accounting section by email on the daily receipts processed.

Transfer the bank deposit bags to the safe in the strong room for overnight storage.

Lock the strong room and return the strong room key to the Security Office.

The previous day’s receipts are collected by an external security company on a daily basis and delivered to the University’s bank. Ensure that the security company provides a receipt acknowledging their receipt of the bank deposit bags.

Procedure Information

Contact OfficerAssistant Director, Revenue Services, Office of Financial Services
Date Approved17 May 2012
Approval AuthorityDeputy Chief Financial Officer - Operations
Date of Commencement17 May 2012
Amendment HistoryApril 2012 – procedure reviewed and updated with minor formatting changes
Date for Next ReviewMay 2015
Related DocumentsPetty Cash Procedure
KeywordsCash, Receipting, Bank
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