Step-by-step instructions for tasks related to Cash Handling & Deposits.
What is the procedure for establishing a Change Fund?
- Change Fund Custodianship is established through a CSU Stanislaus Cash Fund Application Form with signatures from requestor, custodian, and the approving Vice President or Dean.
- The form will then be reviewed and approved by the Controller and AVP of Financial Services.
- A Direct Pay - Vendor Form for the amount of the change fund to be established must accompany the application form. A check will be issued to the custodian by Accounts Payable upon approval.
- The custodian assumes responsibility for safeguarding and proper utilization of the funds.
How can I transfer the Change Fund Custodianship?
- The delegated authority that authorized the Cash Fund Application is responsible for reporting any changes in Change Fund Custodianship to Financial Services.
- To change the primary custodian of a change fund, complete the CSU Stanislaus Cash Fund Application to form. List the purpose as “transfer change fund custodian from XXXX to XXXX”. No check is required.
- The fund status is verified on the form by both the outgoing and incoming custodian and recorded by the supervisor.
- The Application/Acceptance Form is submitted to Financial Services for approval by the Controller and AVP of Financial Services.
How can I increase or decrease the amount of our Change Fund?
Increasing: When additional change funds are needed, a new CSU Stanislaus Cash Fund Application Form must be submitted to Financial Services along with a Direct Pay - Vendor Form for the additional amount. The application must include justification for the increased amount.
Decreasing: A change fund should be reduced if the amount of the fund exceeds the actual needs of the department. The amount which is no longer needed should be deposited at the Cashiers’ Office crediting account RF499. The receipt should be submitted to the campus Petty Cash/Change Fund auditor in Financial Services. A copy of the original Cash purchase Fund Application should be submitted to Financial Services showing the reduction amount.
Closing a change fund: When a change fund is no longer needed the original amount must then be returned to the Cashiers’ Office crediting account RF499. The receipt should be submitted to Financial Services along with a copy of the original Cash Purchase Fund Application showing that the fund as “Closed”.
What should I do if our Change Fund is stolen?
In the event that change fund, or a portion thereof, is stolen follow these procedures:
- Immediately inform the University Police Department.
- Obtain a copy of the police report.
- A new request should be submitted on a CSU Stanislaus Cash Fund Application requesting reimbursement of the fund which includes the following:
- Date and time of theft
- Amount of theft
- Circumstances involved
- Copy of police report
- Prevention taken against similar occurrences
What are the procedures applicable to a Satellite Cashier?
- The University may accept only United States currency and coins, checks made payable to “California State University”, “The Trustees of California State University”, the campus name, or reasonable variations thereof.
- Checks accepted by the University must contain all legally required elements including:
- Dating no earlier than 180 days prior to the day of acceptance (unless a shorter time period is clearly marked on the face of the check) and no later than the day of acceptance.
- Legible and consistent amounts, both the numeric and written.
- Valid signature by the account holder.
- Checks bearing the legend “Payable/Paid in Full” are not to be accepted.
- Under no circumstances will checks be routed to non-cashiering offices to obtain recording information. When the proper account(s) to which a check should be credited cannot be readily determined, it will be deposited and recorded as “un-cleared collections” and copies forwarded to departments to research correct recording instructions.
- Reductions of recorded cash accountability must be supported by all copies of the document involved, explained, and approved in writing by the cashier's supervisor at the time of occurrence, and retained per campus fiscal records retention policy.
- An official University cash receipt shall be recorded for each collection. A collection not recorded on cash register or point of sale equipment, including mailed payments, must be recorded on a valid pre-numbered, multiple-part Cash Receipt. The receipts must be used sequentially. Receipt stock shall be kept secured, inventoried and regularly reviewed to prevent and detect alteration.
- Electronic Based Cashier Point of Sale Equipment must meet the University security and operational standards, which are:
- All cash registers and point of sale equipment must produce a cash receipt with a unique campus identifier assigned to each customer.
- The cash-recording equipment must be controlled by unique consecutive numbers generated automatically and recorded with each transaction, as well as imprinted on the customer receipt.
- The numbering mechanism providing consecutive transaction number control must be accessible only to the manufacturer's service representative or appropriate personnel who are independent of that cashiering station.
- Each cashier shall be assigned a unique user ID, login, password, and cash fund not accessible by or shared with other individuals.
- All cash registers and point of sale equipment must produce session closeout audit totals for verification to receipts.
- All cash registers and point of sale equipment must require a supervisor approval in order to process voids after a completed sale and/or receipt of funds.
- Sub-cashiering locations are responsible for the security of their change funds if such funds are authorized by the CFO.
- Change funds must not be commingled with other funds. Custodianship of a given change fund should be assigned to a single individual and cannot be independently transferred to another individual.
- When change funds are no longer needed, change funds will be re-deposited at the cashiering office.
- The integrity of the change fund must be maintained at all times. An unannounced cash count and reconciliation of change funds for which cashiers and cash handling employees are accountable will be performed on a periodic basis by someone other than the fund custodian. The frequency of such reconciliations can be determined by the campus CFO based on the amount of funds at risk. Reconciliations of cash balances must be performed in the presence of the change funds custodian and must be documented
Deposits and Transfers to the Bank:
- Collections at sub-cashiering locations and departments are deposited at the designated main cashiering station no later than the beginning of the next business day. Refer to Physical Protection of Cash and Cash Equivalents for policy guidance regarding security requirements for physical transportation of cash and cash equivalents.
- All bank deposits are accompanied by appropriate documentation, such as a numbered deposit slip, system generated counts, or other bank requirements.
- Deposits are validated and prepared under dual custody so that all cash counts are confirmed by a second count performed by a different employee. The validation and preparation of cash deposits is conducted discretely in a safe and secure area.
- Before a daily bank deposit is finalized, cashiers reconcile receipts to deposits.
- Documentation signed by the preparer and recipient is maintained for each deposit to a main cashiering station from a cash-handling department or sub-cashiering station.
- If cash transfers after business hours are necessary, a secure, locked receptacle is provided by the main cashiering station to allow for passive acceptance of deposits. Documentation is provided back to satellite stations confirming the amount of the deposit received after a count under dual control is conducted.
- The main cashiering station records each deposit from a cash handling department or sub-cashiering station. A record of cash recorded and any overages or shortages is reported daily to the campus designated cash reconciliation unit. The cash reconciliation personnel should not be anyone from the cashiering unit. Supporting documentation is maintained (i.e., cash register audit tapes).
- If electronic-mechanical or electronic cash registers are not in use, a report of account distribution of cash collections is sent daily to the campus’ cash reconciliation unit.
Physical Protection of Cash and Cash Equivalents:
- Cash and cash equivalents must be locked in a secure receptacle or safe at all times except when signed out by a cashier for working cash. If the cashier needs to leave their work area for any reason, the cash drawer must be secured.
- Each cashier must be provided with a separate lockable receptacle to which only that cashier has access. Duplicate keys must be safely stored away from the safe and be retrieved only under dual control.
- Excess cash must be removed from the cash register drawer during the business day and transferred to a secure cash handling area/vault. Excess cash can be defined by local campus practice.
- At the close of business, all cash must be secured. Lockable receptacles or burglarproof/fire resistant safes to store cash and cash equivalents must be utilized. Where the guideline is less restrictive than what is required as a condition of liability coverage by CSU insurance carriers, the CSU will conform to the requirements provided by the insurance carrier.
- The campus CFO is responsible for establishing campus-wide procedures to ensure the safety and security of deposits and personnel while in transit between campus locations. At a minimum, transport must be accomplished jointly by at least two employees. When deposits exceed $2,500, employees shall be escorted by campus police. When determined necessary, armored car service or police escort will be used. Transporting deposits between cashiering sites or to the bank will be accomplished in a secure manner in order to protect the financial assets and individuals involved in transport.
- At start of business day (or event), remove cash fund drawer/box from secure storage.
- Verify that opening balance of the cash funds reconcile to the amount assigned to this cashier and cash drawer/box.
- If amount does not reconcile, immediately notify supervisor and resolve discrepancy. If discrepancy cannot be resolved, immediately notify the University Police of potential loss and need for possible additional investigation.
- If amount reconciles, place cash drawer in service counter, locking the drawer. The drawer/box is to be locked anytime cashier is away from the service counter and unable to adequately safeguard the cash.
- Log onto CASHNet cashiering system. Individual cashier system passwords are to remain confidential at all times and are not to be shared. If a password is compromised and becomes known to an unauthorized individual, immediately notify Financial Services programmer analyst to reset password.
- Record daily cashiering transactions in CASHNet system. At no time are cash drawers to be shared between cashiers. Payments by check to be immediately and restrictively endorsed for payment to the University. Receipts to be issued for all payments received, e.g. cash, check, and credit card payments. If unable to record transaction in CASHNet or print a receipt, a manual pre-numbered temporary hand receipt is to be issued.
- If tickets are available for sale they will be numbered and have the ticket price imprinted on the ticket to facilitate reconciliation of sales revenue at the end of the event. If the ticket price varies for particular participants (e.g. adult, child, senior citizen, student, alumni, etc.) the appropriate cost will be identified on the ticket. At the conclusion of the event, the Cashier will prepare an accounting reconciliation of ticket sales and related revenue.
- At the end of cashiering day, reconcile cash, checks, and credit card payments to CASHNet session totals on Checkout screen. Reconcile cash drawer to opening balance. If assistance is needed, contact Director of Student Financial Services or designee.
- Close CASHNet cashier session. Populate deposit field with cashier’s first and last initials and current date to facilitate tracking in CASHNet Finance
- At the end of the business day, the Cashier will reconcile the cash drawer/box to the opening balance.
What is involved in a Cash Fund Audit?
The purpose of the audit is to confirm that the total amount of cash and receipts held in the Cash Fund equals the original amount allocated to the Cash Fund.
- The Cash Fund Custodian will receive a notice that their cash fund will be audited during that month.
- The auditor, from CSU Stanislaus Financial Services, will go to the Cash Fund Custodian’s department to perform the audit.
- The auditor will prepare a report identifying the amount of all currency and receipts. The report will be signed by the auditor and the custodian.
- If there is a variance, excess or shortage compared to original Cash Fund allocation, the Custodian will be required to complete a reconciliation to determine the reason for the discrepancy and remedy it. Any excess will be taken to the Cashiers Office to be deposited. A shortage will require that a deposit be made to the Cash Fund.
- The Cash Fund audit documentation will be reviewed and approved by the Controller.
What is the procedure for a department or organization to receive and accept a cash donation at an event?
- Cash should be collected in locked containers, if possible, accessible only to authorized campus personnel.
- Cash collected must be promptly counted and verified by at least two authorized personnel, preferably campus employees (not students or non-employees). A log signed by individuals verifying cash collected must be maintained listing the amount collected, day and time, event, and date cash transmitted to Main Cashiers.
- Cash collected must be kept in a safe or other secure locked storage until delivered to Main Cashiers. Access to safe or other locked storage must be restricted to authorized personnel and limited to as few individuals as possible.
- Cash must be transmitted to Main Cashiers the same day or the next business day using secure locking bags.
- If cash in excess of $500 is being transmitted, contact University Police for escort. 209-667-3114
- Transmitted cash must be accompanied by the Cash Transfer Receipt for STD 440 (in triplicate) when deposit is delivered to Main Cashiers.
- One copy to be retained by department (transferor)
- One copy to be retained by Cashiers (transferee)
- One copy to be provided to Financial Services by Cashiers
- 4.The Cash Transfer Receipt Form must indicate cashier code (or accounting chartstring) to be used to receipt the deposit.
- 5.Main Cashiers will issue a receipt to be used by the department to verify the amount transferred as shown in the department’s collection log and as posted to their revenue account in PeopleSoft Finance.
Once a University department or organization has received appropriate authorization to sell goods on campus, what is required for management of cash and cash equivalents?
The department or organization must establish a Change/Cash Fund by submitting an authorized Cash Fund Application. See the procedure for establishing a Change Fund and for procedures applicable to Satellite Cashiers.