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.
|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.|
|This procedure requires actions by the following:
|Cashier / Senior Cashier / Manager, Revenue Services / Assistant Director, Revenue Services|
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.
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.
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.
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.
|Contact Officer||Assistant Director, Revenue Services, Office of Financial Services|
|Date Approved||17 May 2012|
|Approval Authority||Deputy Chief Financial Officer - Operations|
|Date of Commencement||17 May 2012|
|Amendment History||April 2012 – procedure reviewed and updated with minor formatting changes|
|Date for Next Review||May 2015|
|Related Documents||Petty Cash Procedure|
|Keywords||Cash, Receipting, Bank|