Cash Handling 1: Departmental Procedures

UNL Bursar's Office Author

05/25/2018 Added

2174 Plays

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Video #1 of 4 Cash Handing training Introduction to basic departmental procedures for collection of funds for a service or product.

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[00:00:00.000]In this quick clip we are going to cover the basic departmental procedures regarding the collection of funds for a service or product.
[00:00:09.733]In regards to the collection of cash for a service or product, a department must:
[00:00:14.733]Designate a Fund Custodian or Custodians
[00:00:17.833]Read and understand the UNL Cash Handling Policies and Procedures available at bursar.unl.edu.
[00:00:25.800]Determine cash storage locations. A frequently accessed, daytime cash storage location and secure nightly repository will be necessary.
[00:00:35.300]A safe, lockable desk, or other secure receptacle is required.
[00:00:40.000]Develop a process to document sales and record deposits.
[00:00:43.866]Obtain a restrictive endorsement stamp with the Bursar’s assistance.
[00:00:48.433]Please seek assistance from the Bursar's Office regarding the establishment of internal cash handling procedures.
[00:00:54.233]Any collection activity MUST be reported to this Office.
[00:01:00.266]Anyone who handles cash on a regular basis should take at least 5 consecutive days of vacation off annually.
[00:01:07.733]During this time, another person should process the cash transactions on a timely basis to minimize risk for the institution.
[00:01:15.333]Any change in dollar volume or any occurrence of an unusual nature should be reported to UNL’s Internal Audit Office or the Bursar’s Office.
[00:01:24.066]Report Changes in Fund Custodian Immediately.
[00:01:27.966]If there is a change in job responsibility or if cash receipts are no longer collected, please notify the Bursar’s Office.
[00:01:38.166]The Department should establish an effective accountability structure. There should be adequate segregation of duties.
[00:01:44.933]For example – someone that opens the mail, processes the payments, prepares the deposits, and reconciles would have conflicting duties
[00:01:52.033]and would not be qualified. Each of those duties should be separated.
[00:01:57.633]Knowledgeable Staff. Employees that handle cash should have sufficient training to complete the task successfully.
[00:02:06.000]These individuals should be fully informed regarding the applicable policies and procedures.
[00:02:11.500]Departmental staff should be prepared to address unusual issues and emergencies.
[00:02:16.266]Easily accessible management contact information is necessary to ensure smooth operations.
[00:02:21.900]Employees should know whom to contact if problems arise, including during nights and weekends.
[00:02:29.600]Thank you for your time. If you have any questions please contact the Bursars’ Office.

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Cash Handling 1: Departmental Procedures

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