Cash Handling 2: Terminology

UNL Bursar's Office Author

05/29/2018 Added

1418 Plays

Description

Video #2 of 4 Cash Handing training Introduction to terminology used in cash handling operations.

Searchable Transcript

Search:

[00:00:00.000]In this quick clip we are going to talk about some of the terminology used in cash handling operations.
[00:00:08.800]Cash Handling includes all money received, including credit card transactions, when applicable.
[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 recorded.
[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 financial system.
[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 multiple individuals.
[00:02:14.033]Ideally, four people within the cash management area may ensure an adequate segregation of duties.
[00:02:20.300]Please contact the Bursar’s Office for assistance in strengthening your department’s internal controls
[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.

The screen size you are trying to search captions on is too small!

You can always jump over to MediaHub and check it out there.

Comments

0 Comments

Cash Handling 2: Terminology

Description

Searchable Transcript

Comments icon comment

Related Channels

Comments