Accounting Services

Cash Procedures for University Departments


These instructions define the basic internal control procedures that all University departments are to follow relating to the collection and deposit of cash receipts. The procedures apply to the handling of cash as well as checks.

To enhance the internal control over money, a segregation of duties within the department should be in place so that errors or irregularities are prevented or promptly detected. The duties of one employee should provide a cross-check of the work of one or more other employees. For example, one employee opens the mail and makes a list of the checks and amounts while another employee actually prepares the Deposit Transmittal Form for the deposit.

In addition to the basic guidelines described below, departments are to develop written procedures that apply to their specific operations.

Cash and Deposit Procedures

All cash, checks, sales slips, receipts, and other applicable documents must be secured and safeguarded in a metal locking box and placed in a locked desk, locked cabinet, or safe.

Deposits are to be made in a timely manner with the Cashiers' Office in Carter Hall. The University requires receipts be deposited on a daily basis if the dollar amount is $100 or more, and at least weekly if the amounts are less than $100. Monies that are held in the department are at higher risk of being stolen or lost.

All checks must be endorsed immediately upon receipt by the department. The endorsement is as follows:

Pay to the Order of
Treasurer, State of Colorado
University of Northern Colorado
Receipts Clearing Account
[ Department name here ]

Any time actual cash is received, a pre-numbered receipt must be issued and there must be a unique number associated with each transaction. If handwritten receipts are used, the department must retain a duplicate copy that contains the same pre-printed numbers and information as the original. All receipt numbers must be accounted for in order to provide a reconciliation of cash received, receipts written, and the actual deposit made. This information also provides an audit trail for review by either the internal or external auditors of the University.

All money received is to be deposited with the Cashiers' Office. No money is to be withheld from a deposit in order to cash personal checks or to purchase miscellaneous items for the department. Purchases made in this manner reduce the amount of revenue and expenditures reported and weaken the internal control procedures. If a department needs a fund to make change or small purchases, a change fund or petty cash fund may be requested through the University's Controller.

Any publication or course materials utilized in class are to be purchased by the students through the UNC Bookstore or other vendor. Faculty and staff are not to collect money (cash or checks) in the classroom for such materials.

Departments are discouraged from using campus mail to make deposits. However, when the deposit consists only of checks and the dollar amount is minimal, campus mail may be used if it would present a hardship to hand deliver the deposit. When cash or a large dollar amount is involved, the deposit must be hand delivered to the Cashiers' Office. If needed, contact the UNC Police Department to make arrangements for an officer to accompany the staff member to Carter Hall if deemed necessary.

All cash or deposit discrepancies must be reported. If a loss of $10 or less occurs, the employee responsible for the cash must report the loss to his/her supervisor. If the loss is greater than $10, the employee must notify the supervisor and the University's Internal Auditor. For losses greater than $50, the UNC Police Department must be contacted in addition to the supervisor and the Internal Auditor.

Deposit Transmittal Form

A Deposit Transmittal Form must accompany all monies deposited with the Cashier's Office. After the Cashier's office has deposited the funds, the original form and supporting documentation will be remitted to the Controller's office and scanned into Xtender. The form will be returned to the department and should be retained by the department for a period of three years.

How to Complete the Deposit Transmittal Form

  1. Depositing department information: Name of department making the deposit, date of deposit and a contact phone number.
  2. Originating department information: Name and location of department on whose behalf the deposit is being made (if different than the depositing department); location and name of the individual making the deposit. NOTE: The original Deposit Transmittal Form will be returned to this location/individual.
  3. Description: A brief description of the deposit.
  4. The FOAP(AL) numbers and dollar amounts to be credited.
  5. The total amount of the deposit.
  6. The deposit composition by payment type: Total of all checks; total of all cash; and total of all bankcards. The total MUST agree with the total amount of the deposit.
  7. Sort all currency by denomination. Include adding machine tapes for all checks as well as for the deposit total.
  8. All checks must be stamped with a University endorsement.