Cash Collection and Control. Why Are We Here ?. To ensure consistency of cash collection procedures To enhance our business practices To provide a safety net for individuals, departments, and the university To better control our cash.
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Best practices in cash collections
How to apply appropriate segregation of duties criteria
The steps involved in the cash collection process at USF
The roles, responsibilities, procedures, and constraints associated with each stepWhat Will We Learn?
“Segregation of duties provides the assurance that no one individual has the physical and system access to control all phases of a business process or transaction: from authorization to custody to record keeping.”
Diane McKiernan, Logical Apps (a certified Oracle partner)
When funds are received by mail
When funds are received at a cashier counter
During business hours, funds should be stored in a safe or secure area with limited access:
Your cash register or point-of-sale system should be password protected to assign accountability and fix responsibility
If your cash register or point-of-sale system uses key access:
The safe or lock box combination should be changed:
A transfer is the “hand-off” of funds from one custodian to another
Documenting a transfer:
What transfers need to be documented: