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Cash Handling for Student Groups & Organizations

Cash Handling for Student Groups & Organizations. An exercise in ensuring fiscal responsibility of College resources. What is a cash item?. A cash item is any of the following: Currency Coins Checks Cashiers Checks Money Orders Travelers Checks. Basic Rules for Cash.

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Cash Handling for Student Groups & Organizations

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  1. Cash Handling for Student Groups & Organizations An exercise in ensuring fiscal responsibility of College resources

  2. What is a cash item? • A cash item is any of the following: • Currency • Coins • Checks • Cashiers Checks • Money Orders • Travelers Checks

  3. Basic Rules for Cash • All cash items received must be recorded and immediately deposited as follows: • Deposit within 24 hours if total receipts exceed $200. • Weekly deposit is required for total receipts of less than $200. (Unless instructed by the Comptroller’s Office to deposit more frequently)

  4. Proper Storage • Items must be properly secured preferably in a departmental safe or in a locked file cabinet, desk, or cash box

  5. How to prepare your deposit • Put currency in order by denomination (Smallest to Largest) with adding machine tape attached of total amount of cash and coins • Checks need to be added twice with adding machine tape and included in deposit for accuracy • If you need currency or coin wrappers check with the Cashier’s Office

  6. Receipt and Deposit of Cash Items • Restrictively endorse checks immediately upon receipt • Issue a receipt for every currency transaction and for checks if possible. • Ensure all transfers of cash items between persons and the Cashiers Office are documented

  7. Making your deposits • Take all deposits to the Cashier’s Office by 4:30 PM • Do not take your deposit directly to the bank yourself. The cashiers office is the ONLY designated place where deposits can be made. • College related business MUST be run through the college’s cashiers office. • No checking accounts using the college’s name or tax identification number are allowed under any circumstances.

  8. Some Do’s and Don’ts • Don’t send currency or coin through campus mail • Don’t make disbursements from deposit receipts • Do limit access to cash items to the minimum number of people • Don’t mix college and personal funds • Don’t make stops, layovers or take funds home with you when depositing

  9. Accepting Checks • Counter check (new accounts) make sure proper identification is on the check- Name, Mailing Address, Phone Number • Make sure check has been properly signed and filled out correctly • Verify numerical amount and written amount are the same and in the acceptable format • All checks must be made payable to UVA-Wise (Include Organization or Group Name) • Example- UVA Wise RHA • The college DOES NOT accept credit card checks under any circumstance

  10. Endorsing Checks • All college depositors must restrict the placement of all endorsements either written or stamped to within 1 ½ inches of the trailing edge of the back of the check • Endorse all checks For Deposit Only University of Virginia’s College at Wise.

  11. For additional help • For help with deposits contact Katherine Stallard at ks3c@uvawise.edu or at 328-0108 • For help with accounts contact Natasha Papuckoski nkh4s@uvawise.edu or at 376-4675

  12. Questions ? ? ?

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