Cash Handling 2: Terminology

UNL Bursar's Office Author

05/29/2018 Added

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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 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.

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Cash Handling 2: Terminology

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