Receipts & Cash Handling Training GAIL WINCHESTER-CASH AND TREASURY SERVICES ARTHUR J. LEONARD INTERNAL AUDIT Policy Departments must be authorized to receive payments on behalf of Clemson University. Approved departments are responsible for ensuring adequate internal controls are in place to
secure the collection and proper receipt of monies. Cash Handling What is included in Cash Handling? It's not just cash. It includes the following: Coins Currency Checks (Cashiers Checks, Travelers Checks)
Money Orders Credit & Debit Card Transactions Terms to Remember Internal Controls processes designed to provide reasonable assurance regarding the achievement of the following objectives: Effectiveness Preventing Reliable
of operations and detecting fraud financial records Compliance with laws, regulations and internal policies. Separation of Duties Key element of internal control
By the term separation of duties we mean that one persons work serves as a complimentary check to anothers. In other words, no one person should have complete control over any transaction from beginning to end. Having adequate separation of duties has a major impact on ensuring transactions are valid and properly recorded.
Separation of Duties for Receipt & Handling of Funds Standards of separation of duties should be applied to the maximum degree possible. Clear lines of authority and responsibility should be established in order to segregate the various steps in the transaction. Specifically, the person who accepts funds (in person
& thru mail) and issues receipts must not prepare the deposit. Additionally, the person who prepares the deposit must not reconcile the CUBS account. Separation of Duties for Receipt & Handling of Funds If you dont think that you have enough people to separate the collecting, depositing, and reconciling functions then your department will have to develop mitigation controls. Is there a way to share responsibilities with another department?
If the separation of duties is a problem for your department, please contact Cash and Treasury Services or Internal Audit. Ways to Receive Money In person/walk-in traffic Mail Walk-in Payments RECEIPT REQUIRED! Using either the standard Clemson University receipt book, cash register, or pre-approved alternative receipt book.
Generic receipt books are not permitted. Receipt books can be purchased online for $10.00 each. To order receipt books from Cash & Treasury Services go to: http://www.clemson.edu/finance/cash-treasury/cash-receipting/supplies.html Receipts Department name Purpose of Payment
Name of payer Signature of person accepting payment Date Form of payment (cash, check, money order, or credit card)
Amount of Payment Receipts Receipts are pre-numbered Most receipt books contain two-part receipts. The original receipt is issued to the individual from whom the fee is collected. Retain one copy of the
receipt in the receipt book. Voiding a Receipt Because each receipt is pre-numbered, all receipts must be accounted for at all times. When voiding a receipt, write VOID, the reason, and have a supervisor sign the receipt. Keep all copies of voided items in the receipt book.
Payments Received in the Mail If payments are received in the mail, the person opening the mail should prepare a handwritten check log or use a pre-approved method of recording the items. An Excel spreadsheet may be used if the log is printed and signed each day by the responsible employee. The log should be kept in a designated notebook. Should you receive a check/money order in error, a check
not intended for your office, the check/money order should be logged and a note made on the log such as forwarded to or returned to customer. Check Log Information The following information should be recorded in a check log: Date mail was received in the department Check date
Payer Amount Check number Payments Received in the Mail If the department chooses, mailed in items can be recorded in the departments receipt book or cash register.
Handling Cash, Checks, Money Orders & Credit Card Payments All funds must be properly secured prior to making the deposit. Access to the funds should be restricted to one person to ensure proper accountability. Checks and money orders must be payable to Clemson University. Credit card information must be properly secured. Endorsing Checks
All checks and money orders should be restrictively endorsed upon receipt. Authorized receipting areas are responsible for obtaining the necessary restrictive endorsement stamps. To order these stamps, contact Cathy Freeman in Cash and Treasury Services at [email protected] Restrictive Endorsement Stamp YOUR DEPARTMENT NAME FOR DEPOSIT ONLY
CLEMSON UNIVERSITY DEPOSIT SWEEP ACCOUNT Timeliness of Deposits Departments receiving cash, money orders, credit cards, and/or checks daily must deposit funds no later than the next business day after the day the funds are received. Departments receiving cash, money orders, credit cards, and/or checks less frequently than daily must deposit funds no later than 3 business days after
the day the funds are received. Timeliness of Deposits Any instances in which it appears deposits are not being made in accordance with the receipts policy will be reported to the appropriate department/division personnel. Internal Audit will also be notified. Preparing Deposit Deposits must be made intact.
No deductions should be taken from the funds collected prior to the deposit. Remember, deposits should always equal the amount collected. Deposit amounts should be documented in the receipt book, cash register, or mail log. Preparing a Deposit These are the steps you should follow when preparing your deposit to go to the bank. 1.
Prepare the deposit slip. List currency and coin at the top of the slip. Coin should be limited to $10.00 or less. If you have more than $10.00 in coin, you must prepare a separate deposit. You should have two adding machine tapes for your checks, one to include with your checks to the bank and one to attach to your web deposit print out (for your dept records). Over $50 in coin, prepare a separate deposit and take the deposit inside for processing. You must wait for a receipt. Enter deposit in TouchNet as a web deposit. Preparing a Deposit (Cont.) Write down the total of the checks on the deposit slip. PLEASE DO NOT LIST EACH INDIVIDUAL CHECK ON THE DEPOSIT SLIP. PLEASE DO NOT USE MORE THAN ONE DEPOSIT SLIP FOR A DEPOSIT. The adding machine tape is the list.
At the bottom of the deposit slip, above the account number, there is a box total items, please enter the number of checks in your deposit, and in the dollar amount box beside the total items box please enter the total deposit amount. NOTE: For all departments that accept credit cards, please make sure that you do not include your credit card total with your bank deposit. The credit card deposit amount is only included when entering the web deposit. Deposit Slip Preparing a Deposit (Cont.) 2. You will put the deposit slip in the bottom pocket of the Wells Fargo disposable bank bag with all checks
and/or money orders. Deposit slips currently have a yellow duplicate copy, this copy should be shredded. Future deposit slips will not have the duplicate copy. You should write your bag number and your web deposit number on the bank deposit slip. Any cash or coin will go in the top pocket of the bag. Please make sure both pockets are sealed. You will not receive a receipt from Cash and Treasury Services. In order to verify that your deposit has been received, you should pull up the following query in PeopleSoft daily: CASH_RECEIPTS_DEPT. Note: There is a two day delay with the query. Preparing a Deposit (Cont.) 3.
You will take the prepared disposable night drop bag to Wells Fargo Bank on 123 By Pass in Clemson. The bag must be dropped in the night drop, not taken into the branch. The night drop is located on the brick wall of the bank, through the first drive through window. 4. Credit Card Only Deposit: Enter the deposit in TouchNet as a web deposit. You will keep the credit card batch and slips in your office for safekeeping. You will complete and submit the Deposit Information Form (DIF). The DIF is submitted for credit cards only. Click here to view our online Deposit Procedures page Transporting the
Deposit If you have the responsibility for taking the deposit to the bank, please: Put the Wells Fargo bank bag in a book bag or tote bag in order to disguise the deposit. You do not want to advertise that you have a deposit. Do not take the same route or go exactly at the same time every day. Web Deposits
With web departmental deposits, you will now enter deposits online through the TouchNet online site. This streamlines operations in your department, providing a more accurate and efficient way to process departmental deposits. This process eliminates the receipt transmittal that was previously sent to Cash & Treasury Services for processing. Deposit Information Form (DIF) Verification of Deposits
For verification of your deposits, you should run the below query in PeopleSoft. Since there is a 2-day delay with the query, you will see your deposits 2 days after Cash and Treasury Services submits your deposit. Over/Short Deposits Deposits processed by Wells Fargo are Post Verify. This means they give you a temporary credit for the deposit amount written on the deposit slip. During nightly processing, Wells Fargo back office will verify the actual deposit and provide Cash and Treasury Services notice of any deposit error(s). The responsible department will be contacted by Cash and Treasury Services to discuss any discrepancies. Items Returned Unpaid
Cash and Treasury Services will automatically resubmit a check twice. Should the check be returned the second time, it will be deemed uncollectable & charged back to the department that accepted the check. Cash and Treasury will process a journal debiting the account originally credited by the department. Cash and Treasury will provide a copy of the journal to the department. The department may attempt to collect reimbursement from their customer. The check amount plus the returned check fee ($30.00) should be collected. The fee should be credited to account #4755.
Reconciliation Department revenue transactions are to be reconciled monthly. Reconciliation must include a comparison of the source documents (receipt copies, check log) to the transactions listed on the monthly Revenue Report. Adequate separation of duties must be maintained.
Employees should be adequately trained to complete the reconciliation process. Reconciliation (Cont.) Documentation of the reconciliation including notations of any outstanding/unidentified items must be maintained. Reconciliation must be signed & dated by the reconciler. Reconciliation Steps
Print the Revenue Detail Report from data warehouse. Verify all pre-numbered receipts and/or daily mail logs are accounted for including any voided items. Trace original documents (pre-numbered receipts, cash register reports, mail log) for each deposit to the web deposit and then to the Revenue report.
Reconciliation Steps (Cont.) Inquire about items on the revenue report for which there is no documentation or items that have documentation but no accounting entry on the Revenue Detail Report. Clear all reconciling items ASAP. Sign and date reconciliation
Security and Confidential Information Confidential information generally consists of non-public information about a person. Confidential information includes but is not limited to: Social security numbers, drivers license numbers, credit and debit card information, and financial account information. All employees with job duties that require them to handle confidential information are required to safeguard such information.
Do not make copies of checks or keep credit card numbers on file THINGS TO REMEMBER!!! Separation of duties is a must. Receipts are required for walk-in payments.
Mail-in payments must be recorded. Source documents = receipt copies, mail log, and or cash register reports Reconciliation must include comparing source documents to the revenue detail reports. Comparing Cash Receipts Dept Query to the revenue detail report is not a true reconciliation.
Audit Findings Not writing receipts or maintaining a mail log Disbursements made from cash receipts prior to deposit No reconciliation of revenue going back to the source
documents. Timeliness of deposits Receipt numbers not included with the web deposit description Separation of Duties
No A/R follow upfollow up on bad debts Reconciliation not signed and dated Voided receipts not approved by supervisor Services Offered by Cash and Treasury
Travel Advances Ethics/Safety Line The Ethics/Safety Line is a confidential service hosted by Lighthouse Services, a third-party vendor. Concerns may be anonymously reported via the web or by phone. www.clemson.edu/administration/internalaudit/ethicsline.ht ml Toll Free: 1-877-503-7283 http://www.lighthouse-services.com/clemson Available 24 hours a day, seven days a week. Points of Contact
Gail Winchester Cash Management Analyst Cash and Treasury Services 864-656-5601 [email protected] http://www.clemson.edu/cfo/cash-treasury/cash-receipti ng/index.html Internal Audit Location 391 College Avenue, Suite 402 Clemson, South Carolina 29634 Janet Lollis Admin. Coordinator Cathy Y. Tillet, CPA, CRMA Director 864-656-2387 [email protected]
Arthur Leonard, CIA, CFE Audit Manager 864-656-4903 [email protected] Jeff Rosenberger, CIA, CISA Senior Auditor 864-656-4896 [email protected] To verify completion of the training presentation by E-signature, go to: www.clemson.edu/esig
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