Cash Handling 2: Terminology
Video #2 of 4 Cash Handing training Introduction to terminology used in cash handling operations.
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- [00:00:00.000]In this quick clip we are going to talk about some
of the terminology used in cash handling
- [00:00:08.800]Cash Handling includes all money received,
including credit card transactions, when
- [00:00:15.066]Cash handling applies to all payment tender. Cash
is defined as coin, currency, checks, money
orders, travelers checks or payment cards.
- [00:00:24.733]Cashnet is our web-based cashiering software.
- [00:00:27.766]UNL, UNK, and UNO utilize this system to process
deposits and post the related transactions within
our accounting system.
- [00:00:36.666]Change fund is money that is allocated to a
department for the purpose of making change.
- [00:00:43.733]As departments receive cash for goods or
services, these funds allow them to return change
to the customer.
- [00:00:50.666]Change funds are not to be used to cash checks.
- [00:00:55.933]Cash Receipts include all monies collected by a
department for sales or services.
- [00:01:00.566]Cash receipts may be collected as cash, checks,
travelers checks or coin.
- [00:01:05.533]When money is collected, a transaction must be
- [00:01:09.133]Cash register tapes, pre-numbered receipts, or
mail logs of payments received represent
examples of cash receipt records.
- [00:01:17.600]Copies of the cash receipt transactions do not
need to be submitted with the deposit of funds,
- [00:01:22.966]however, they must be retained in your Department
for seven years.
- [00:01:27.466]If you use pre-numbered receipts it is important
that the receipts are inventoried.
- [00:01:32.633]Every number in the sequence should be
accounted for, including voided documents.
- [00:01:38.200]The receipts, including the voided ones, are
retained in the department to support the deposits
- [00:01:43.633]that are prepared and posted within UNL’s
- [00:01:48.166]The Fund Custodian is the person assigned the
responsibility of managing, balancing and
accounting for a prescribed change fund issued
- [00:01:56.233]from the Bursar’s Office. This responsibility is not
transferable. When a fund is no longer needed, it
must be returned to the Bursar’s Office.
- [00:02:06.200]Segregation of Duties refers to the requirement
that cash handling tasks must be performed by
- [00:02:14.033]Ideally, four people within the cash management
area may ensure an adequate segregation of
- [00:02:20.300]Please contact the Bursar’s Office for assistance
in strengthening your department’s internal
- [00:02:25.600]when fewer than four people are available to assist
with the cash operations.
- [00:02:31.700]Thank you for your time. If you have any questions
please contact the Bursars’ Office.
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