Separation of incompatible duties and/or responsibilites provides assurance that one person is not able to conceal errors and/or irregularities when conducting their normal everyday duties. All of the above items are treated the same and will be referred to as cash. When you are asked how much money does your unit receive or handle, you need to include all of the above items. In addition, campus resources are listed to answer any questions you may have now or in the future related to cash handling. Completion of the entire training material will take approximately minutes.

• Make sure the cash from current transaction is placed in the cash drawer before handling the next transaction.
• The timely deposit of monies received provides for improved control of funds which reduces the risk of loss due to errors, carelessness, or theft.
• Update cash handling roles for all payment receipt locations at the sub-department level in a timely and accurate manner.
• Secure your money, receipts, checks, and other valuables with the RSCB-300 Deluxe Cash Box.

Many campus units have peak periods of 1 to 3 weeks duration up to 3 times per year when the amount of money they take in is substantially higher than the norm at all other times during the year. Managers need to evaluate the risk inherent in these peak periods to determine which of the physical security requirements are cost effective for their unit. One alternative is to minimize the amount of cash stored overnight by making more than one deposit per day to the main cashier’s office. A completed Direct Payment requesting replenishment of petty cash fund The departmental expense FOAPAL provided on the form will be charged in the amount of the replenishment. Make regular deposits of cash receipts at the Campus Cashier’s office, retaining an amount equal to the change fund balance.

A page within Cashier’s Office

Written procedures should be made available to all employees. Using the right tools and following efficient, standardized protocols for cash handling ensures the revenues you’ve worked so hard to earn arrive safely in your bank account. ICL is in the business of providing a solution that removes the burden of cash handling on a daily basis, so you can focus on your business… no more counting cash or expensive bank fees. Contact ICL today to learn how you can simplify and streamline your cash payment deposits.

• Employees are required to sign an agreement verifying they have read and understood the security policies and procedures.
• Custodians of Petty Cash and Change Funds are solely responsible for the funds entrusted to them.
• An integrated cash handling solution makes it easy to determine how much cash you should have at the end of the day.
• When the cash is handed to the next person on the team, the person accepting the cash must count the cash and accept by signing the cash sheet.
• Department managers must monitor constantly to detect any control weaknesses and should review any inconsistencies.

In order to be setup to create online cash receipts, the employee’s supervisor should send a request to the Cash Manager in the Treasurer’s Office. Many checks will state a security warning in writing, explaining the security features of the check. It is a cash handlers’ responsibility to validate security features. Cash handling is a business activity that focuses on the tasks of accepting, counting, tracking, and dispensing cash as part of a business operation.

Change orders and petty cash fund checks

Maintaining an appropriate level of cash in the fund, usually equivalent to one month’s expected petty cash expenditures. Regularly reconciling the change fund and certifying the wholeness of the fund. To minimize the risk of theft and to maximize University investment income, the amount of a change fund is to be kept to a minimum.

For purposes of this guide, “cash” means checks, coin, and currency. Should be consulted for a complete explanation of cash handling policy and requirements. Take even small discrepancies seriously and your team will too. This approach also allows you to spot small inconsistencies and sloppy cash handling before they can become significant problems. Documenting discrepancies reveals patterns over time and can tell you which shifts or workers need additional oversight or training.

Cash Handling Guide

UCSC receipt books may be purchased from Bay Tree bookstore. Refer to Safe Cash Handling at the bottom of the section for more information. Armored Car Services are to be used to transport deposits directly to the bank or to the Treasurer’s Office. The money drawer will be pulled and counted back to starting cash.

Most Point of Sale terminals also allow merchants to verify that the account number embossed on the front of the card is the same as the account number encoded on the card’s magnetic stripe. In some cases, the magnetic stripe number is displayed on the terminal or printed on the sales receipt. In others, the terminal may be programmed to check the numbers electronically.

You need to train them to minimize errors and eliminate bad cash handling practices. It’s just as important to retrain older employees as it is to train new ones for the first time. This allows your management team to be aware of any bad cash handling habits, such as depositing small bills that could be used to make change. Monies include currency, coins, checks, credit card settlement reports, and wire transfers. All incoming monies should be acknowledged when accepted, and forwarded to the OSU Cashier’s Office for processing by using the OSU Cash Receipts Record form. For help completing the Cash Receipts Record form, refer to Preparing a Cash Receipt, on the OSU Cashier’s Office website.

The goal of this page is to clarify the various forms of payment and other items that are included in the University’s definition of cash. Financial Affairs has taken a proactive role by providing education and this on-line training to all cashiers and cash handlers to strengthen controls and reduce the risks. This Basic Cash Handling self-paced training guide is intended to provide you with the information you need to know to properly handle, secure, and process University cash. If the operator tells you to pick up the card, do so only if recovery is possible by reasonable and peaceful means.

This is when how to calculate overtime pays received are deposited to the bank using one of the six available deposit options. See Cash and Check Movement and Remission of Depositsfor more information. Practice -In separation of duties at least two people are involved in any cash handling transaction. Accurately provide all appropriate information on the form. To provide individual accountability, the preparer and reviewer sign or initial the deposit form. Whenever you receive a check, you must endorse it on the back to prevent it from being negotiated inappropriately before depositing it with the main cashier’s office or the bank.

Departments with a one-time or infrequent need may establish a temporary petty cash fund. The change fund custodian’s supervisor must conduct surprise cash counts of the fund each quarter/month. Change funds must be reconciled on a regular schedule by the change fund custodian and their supervisor. Always maintain the combination of currency and coin needed for effective operations.

A few campus units receive a large volume of payments by mail rather than in person. Processing remittances present special risks, since the payer is not standing in front of you waiting for his/her receipt. Separation of duties requires that at least 3 employees be involved in the processing of remittances. Occasionally, the supervisor or someone other than the custodian, performs a surprise count of the fund.

Here, learners will understand the cash management cycle and learn basic cash counting and grouping techniques. As handling cash can pose risks and scams, the general principles of counterfeit cash detection will also be taught. The Security Code, also known as the Card Verification Value 2 , is the 3- or 4-digit value that is printed on the back of most credit cards. The one exception is American Express who prints the CVV2 on the front of the card, above and to the right of the embossed account number. The CVV2 number must never be retained or stored after a transaction.

For Document/Ref #, enter the fund custodian reference number. The reference number can be found on transmittal memo provided by the Accounting Office with the check establishing the fund or on the check stub. Submit the completed form along with the pink copy of the deposit form and the receipt obtained from the Campus Cashier’s Office to the Accounting Office.