THE UNIVERSITY OF MEMPHIS OPERATING PROCEDURE
SUBJECT: Cash Receipts
PROCEDURE NO.: 2D:01:01A DATE: July 1, 1994
SUPERSEDES PROCEDURE NO.: 2D:01:01A DATED: June 21, 1993
INDEX
A. Summary
B. Cash Handling/Receipting Guidelines
C. Receipt Forms
D. Accepting Coin/Currency
E. Accepting Checks
F. Accepting Charge Cards/Tiger Fund$
G. Transmittals and Deposits
H. Cash Shortages/Overages
I. Other Information
A. SUMMARY
University procedures and audit requirements for the handling of
cash receipts are very explicit. Departments and Activities as
well as individual faculty and staff should receive monies only
after becoming very familiar with these procedures.
The Bursar is responsible for receiving all University monies.
Various University departments and activities may also be
authorized to receive University monies but will transmit the
monies to the Bursar. Certain departments and activities may be
authorized to make their own bank deposits when the volume of
their receipts or other circumstances warrant.
The procedure for the handling of cash receipts are designed to
provide accountability for all monies received by the University,
in accordance with accepted standards of internal control, and
protect the University and its employees from criticism.
B. CASH HANDLING/RECEIPTING GUIDELINES
1. The number of persons in each department/activity required
to actually handle University funds should be kept to the
very minimum. Individual accountability should always
exist in handling University funds and all exchanges of funds
must be documented.
2. Each cash fund should be maintained separately. University
funds should never be commingled with non-University funds.
If possible, persons actually receiving/receipting
University funds should not be assigned the responsibility
for determining amounts due or owed the University.
3. Personal transactions with University funds are strictly
prohibited. Monies may never be loaned from University
funds and no office is authorized to cash checks from
University funds except the Bursar's Office and the Speech
and Hearing Center.
4. All persons responsible for the receiving/receipting of
University funds will reconcile monies on hand to the
imprest fund balance plus receipts issued on at least a
daily basis. The reconciliation must be documented in
writing and maintained until the next internal audit is
complete.
5. Activities and employees having University funds in their
custody should be constantly aware of the possibility of
the loss of funds due to theft, robbery, or error. Reasonable
precautions to prevent losses should be taken. Safekeeping
facilities maintained for University funds and the amounts
of monies retained on hand and subject to loss should be
the absolute minimum necessary for that activity.
6. All University personnel handling University funds should
be advised of the proper actions to take in the event of a
robbery. It is the University's position that no employee
should endanger themselves or others by attempting to
resist robbery. Generally, the instructions issued by persons
attempting an armed robbery should be followed as precisely
as possible. No more or less action than specified should
be followed, particularly in the case of armed robbery.
7. Specific procedures should be established for departments
and activities which receive funds regularly by mail if the
mail is not opened by the same individual who issues
receipts. The Bursar's Office should be contacted for
assistance in establishing proper procedures.
C. Receipt Forms
1. An official University receipt must be issued immediately
upon the acceptance of any payment. Departments/Activities
which do not have receipting approval/facilities should
direct the payer to the Bursar's Office.
2. The Bursar is responsible for ordering and issuing all
official receipt forms/books for The University of Memphis.
Only those receipt forms which have been approved by the
Bursar may be used.
3. Receipt forms must be in a minimum of two copies (the
original for the payer and the copy retained by the
issuer), be pre-numbered, and fully accounted for from the
time of delivery to authorized disposal. Receipts should
not be issued for a zero amount or a net negative amount.
4. Receipt forms issued must contain the date issued, name of
the payer, net amount received, and sufficient data to
identify the purpose of the payment. The receipt should
indicate all available identifying numbers, such as invoice
numbers, social security numbers, etc., as well as the form
of payment (currency, check, charge card, Tiger Fund$) and
the initials of the individual accepting the payment.
5. Under no circumstances should a receipt form be altered.
If any type of change is necessary, both copies of the receipt
form must be clearly marked "VOID" and a new receipt
issued. The original and all copies of all voided receipts
must be retained with the file copies of all issued receipts.
6. Cash register receipts may be used, upon the approval of
the Bursar, as an official University receipt form for
activities equipped with adequate cash registers. The
Bursar's Office should be contacted to assist in the
establishment of adequate procedures for cash register
receipts.
D. ACCEPTING COIN/CURRENCY
Coin/Currency may be accepted only when the payer can be provided
an official University receipt at the time of payment. Departments/
Activities with no receipting facilities should not accept coin/
currency under any circumstances and should direct the payer to the
Bursar's Office.
All wrapped coin and strapped currency should be removed from the
package before counting. During counting, each bill and coin
should be handled completely separately.
E. ACCEPTING CHECKS
1. All checks should be made payable to The University of
Memphis, not to departments, department heads, or other
parties. Upon receipt, each check must be immediately
stamped with the University's restrictive endorsement.
2. Post-dated checks are not accepted. Third party checks are
accepted if properly endorsed and on a non-repetitive basis.
Checks made jointly payable to The University of Memphis
and another party must be negotiated by the Bursar.
3. All checks accepted must be signed and have the payer's
name, address, and telephone number indicated on the check.
When appropriate, identification data should be provided by
the payer. Students and employees issuing checks to the
University should record their social security number on
the check.
4. Checks received with the payee improperly designated (not
made payable to The University of Memphis), should be
appropriately endorsed before transmittal to the Bursar.
The endorsement should read "Pay to the order of The
University of Memphis" and signed by the payee shown on the
check.
5. Departments/Activities which receive improperly prepared
checks from the same source on a repetitive basis should
request the source to change the payee to The University of
Memphis.
F. ACCEPTING CHARGE CARDS/TIGER FUND$
Certain departments and activities may be approved to accept
charge cards and/or the University debit card account program,
Tiger Fund$, for payments of University fees, charges, and
merchandise. Specific approval must be obtained in writing from
the Bursar or the Associate Vice President for Finance for
University departments/activities to accept these payment
methods. Specific procedures are provided to approved
departments/activities by the Bursar's Office for processing
these transactions.
G. TRANSMITTALS AND DEPOSITS
1. Departments/Activities authorized to make their own bank
deposits must make such deposits within 48 hours of
monetary receipt. All other departments and activities must
transmit monetary receipts to the Bursar's Office within 24
hours of payment according to procedures established by the
Bursar's Office. Generally, monies are transmitted to the
Bursar's Office using a Deposit Transmittal Sheet (Attachment I)
and bank deposit slips.
2. More frequent transmittals should be made when monetary
receipts are large and appropriate efforts should be made
to ensure that a minimum amount of money will be on hand after
normal hours and on weekends. At no time should funds be
transmitted through campus mail.
3. The Deposit Transmittal Sheet will be prepared and submitted
to the Bursar's Office in triplicate; the original will be
retained by the Bursar's Office, one copy will be forwarded
to Internal Audit, and one copy returned to the department
for departmental files.
4. An official University receipt must be obtained from the
Bursar's Office for transmitted funds, verified to
departmental records, and retained in departmental files.
5. Monies in the exact amount received should be deposited or
transmitted to the Bursar intact. Refunds or disbursements
of any type must not be paid from receipts. Cash overages/
shortages must be reflected on the related deposit or
transmittal sheet.
6. Each Deposit Transmittal Sheet should be related to and
identifiable with specific inclusive blocks of preprinted
receipt numbers.
H. CASH SHORTAGES/OVERAGES
In the event a shortage of funds occurs, a "Report of Cash
Shortage" form (Attachment II) must be completed and delivered
to the Bursar's Office. If the shortage is $50.00 or more, the
report must be delivered to the Bursar's Office within two (2)
hours of the discovery of the shortage. If the shortage is less
than $50.00, the report must be delivered within 24 hours.
All cash overages and shortages will be recorded to object code
4910 of the expenditure account of the department/activity
responsible for receiving the funds. Any cash overage/shortage
must be reported on the related deposit transmittal and
unofficial over/short funds will not be maintained.
I. OTHER INFORMATION
The Bursar's Office provides a Cash Handling User's Guide to all
University departments and activities involved in cash receipting
and cash handling. All inquiries in regard to cash receiving and
cash handling policies and procedures should be directed to the
Bursar's Office.
Attachment I
Page 1 of 2
Deposit Transmittal Sheet
General Information
Purpose: This form must be used when depositing cash or
other negotiable items to a University account.
Source of Bursar's Office (2058), Administration Building
blank forms: 177
Routing of All three copies to Bursar's Office, then:
form: 1. Original - Bursar's Office, with deposit
2. Copy - forwarded to Internal Auditing
3. Copy - returned to Department to be
retained in departmental files
Contact office Bursar's Office (2058), Administration
for questions: Building 177
Other This form must be transmitted to the Bursar's
Information: Office with accompanying receipts within 24
hours of receipt of monies or other
negotiable items.
Instructions for Completing Form:
(1) Date - Enter date.
(2) Department - Indicate name of department submitting deposit.
(3) Bag # - Deposit lock bag number.
(4) Transmittal No. - Assigned by depositing department.
(5) Type Receipt - Indicate source of monies.
(6) Receipt Numbers - All monies received by a department
must be receipted on approved receipt forms. Contact the
Bursar (2058) for further information.
(7) Amount - Amount of monies received from this source.
(8) Total - Total per receipts.
(9) Deposit - Detail amounts being deposited and computed cash
over or short
(10) To Be Credited - Indicate appropriate account numbers.
Total must agree with Total Funds On Hand.
(11) Cash Receipts Voucher Number - Will be completed by the
Window Teller in the Bursar's Office.
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| DEPOSIT TRANSMITTAL SHEET |
| |
| The University of Memphis Date: _____(1)_________ |
| |
| |
| Department: _______(2)_______ Bag No: ___(3)___ Transmittal No: ___(4)___ |
|============================================================================|
| ACCOUNTABILITY |
| (5) |
| Type of Receipt Receipt Numbers (7) Amount |
| |
| _______________ ____(6)___Thru___________ $__________________ |
| _______________ __________Thru___________ $__________________ |
| _______________ __________Thru___________ $__________________ |
| _______________ __________Thru___________ $__________________ |
| |
| Voided Receipt Numbers: |
| ____________ ____________ Total Accountability $_______(8)________ |
| ____________ ____________ |
| ____________ ____________ |
|============================================================================|
| FUNDS ON HAND |
| (9) |
| Coin/Currency $___________ |
| Checks/Money Orders $___________ |
| Visa/MC $___________ |
| Debit Card Transfers $___________ |
| |
| Total Funds on Hand $________________ |
| Total Accountability $________________ |
| Net Over/(Short) $________________ |
|============================================================================|
| To Be Credited As Follows: |
| |
| (10) Fund Account Object Code Amount |
| ____________ ____________ ____________ $________________ |
| ____________ ____________ ____________ $________________ |
| ____________ ____________ ____________ $________________ |
| ____________ ____________ ____________ $________________ |
| ____________ ____________ ____________ $________________ |
| |
| Total $________________ |
| |
| ______________________________ |
| Preparer's Signature |
| |
|============================================================================|
| (Bursar Office Use Only) |
| |
| ____________ ____________ ____________ _________________ |
| Receipt No. Date CRV # Cashier Signature |
|============================================================================|
| Original Copy to: Second Copy to: Internal Third Copy to: |
| Bursar's Office Audit Department Department |
| |
| The University of Memphis is an Equal Opportunity/Affirmative Action |
| University. It is committed to education of a non-racially identifiable|
| student body. |
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Attachment II
Report of Cash Shortage
General Information
Purpose: This form is filed to notify the Bursar's
Office of any shortage of funds.
Source of Bursar's Office (2058), Administration Building
blank forms: 177
Routing of Original - Bursar's office
form: Copy - Retain in departmental files
Note: Shortage of less than $50 may be
submitted with the related Deposit Transmittal Sheet.
Report of shortage of $50 or more must be delivered to
the Bursar's Office within two hours of knowledge
of the shortage.
Contact office Bursar's Office (2058), Administration Building
for questions: 177
Other Tennessee Board of Regents policy requires that
Information: any amount of shortage be reported.
Instruction for Completing Form:
(1) Location - Fill in the office, department, or activity in
the "Location" space.
(2) Date - Write the date the shortage occurs.
(3) Shortage - Indicate the amount of the shortage.
(4) Cash Custodian - The Cash Custodian is the person
responsible for the funds at the time the shortage is
discovered.
(5) Total daily receipts number and amount - Tally the total
number of receipts issued that day and the total amount of
those receipts.
(6) Discussion - When completing the form, give a detailed
description in the "Discussion" section of possible reasons
for shortage and diligence in recovering the loss of funds.
(7) Received by - The "Report of Cash Shortage" should be
reviewed and signed by the immediate supervisor.
(8) Bursar's Office Use Only - This section is completed by the
Bursar's Office.
____________________________________________________________________________
| THE UNIVERSITY OF MEMPHIS |
| REPORT OF CASH SHORTAGES |
| |
| |
| Location ___________(1)___________ Date _______(2)_______ |
| |
| Shortage ______(3)_______ Cash Custodian __________(4)____________ |
| |
| (5) |
| 1. Total Daily Receipts: Count __________ Amount $________________ |
| |
| 2. Discussion: ____(6)_____________________________________________ |
| _____________________________________________________________________ |
| _____________________________________________________________________ |
| _____________________________________________________________________ |
| _____________________________________________________________________ |
| |
| 3. Reviewed By: ________(7)________ ________________________ |
| Name Title |
| |
| |
| |
| Forward to: Brenda Butler, Head Cashier, Bursar's Office, Admin. 177 |
| |
|============================================================================|
| |
| Bursar's Office Use Only |
| |
| |
| Receipt Number _________________ |
| CRV Number _____________________ |
| Date ___________________________ |
| Cashier ________________________ |
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