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Cash Handling Procedures

A. Receipts
  1. Fill in a receipt when each transaction is made. Use your receipts in numeric sequence. Only pre-numbered receipts should be used.
  2. Include date, name of payor, amount, and initials of the person issuing the receipt. For transactions under $1.00, only the amount is needed.
  3. Checks may be accepted as payment but funds may not be used to cash checks. Do not accept IOU's. Deposit all checks regularly.
  4. Stamp the University endorsement on checks immediately upon receipt.
  5. Retain completed receipts in your cash box. These receipts will be used to prepare a Cash Accountability form and Deposit Slip(s) at the end of the business period.

B. Cash Accountability Forms and Deposit Slips
  1. Cash Accountability forms and Deposit Slips must be completed after each period's transactions.
  2. Retain the Cash Accountability form for department records.
  3. All supporting documents including receipts must be retained at least five years.
  4. These records are subject to audit by the University Accounting office.

C. Deposits
  1. Deposit funds regularly. Funds collected must be deposited at least weekly. Do not hold amounts in excess of $100 overnight unless you have a safe. Do not make purchases from your change fund or from receipts.
  2. If receipts exceed $100, deposit daily.
  3. Run an adding machine tape to total all the checks in the deposit.  Repeat this step a second time to ensure the total is correct. Attach both adding machine tapes to your check bundle.
  4. Run an adding machine tape for all of the cash in your deposit, separating the amounts for each denomination.  Include that tape with your deposit.
  5. Prepare the Deposit Slip in triplicate.
  6. Place the deposit money and two of the Deposit Slips in a locked money bag.
  7. Retain the third copy of the Deposit Slip until the receipted copy is received from the Cashier's Office.
  8. Deposit the locked money bag at the Cashier's Office. Do not wait for a receipt.
  9. The Cashier's Office will receipt your copy of the deposit slip and return it to you via Campus Mail.
  10. File receipted deposit slips with the Cash Accountability forms/Receipts.

D. All Departments Handling Cash Should:
  1. Have a combination lock cash box or a safe.
  2. Change the combination when there is a change in responsible person.
  3. Transport deposits by messenger in a locked money bag.
  4. Transact money exchanges in such a manner that the cash box is not accessible to the public.
  5. Funds missing for any reason must be reported to the Controller in the University Accounting office immediately.
  6. Keep funds properly secured overnight, for example, funds should be in a locked cash box that is also locked in a file cabinet or desk. Of course, the office door should also be locked.

Note: A written "Sample Cash Handling System" provides details on setting up procedures which will have adequate internal controls. Contact the University Accounting office (715-836-4738 or univacct@uwec.edu) for information or assistance.

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