Following are some tips to ensure that all cash and check transactions are accurately recorded in the University financial system and the money has been deposited intact in the bank.
- Count Cash on Hand: A manager, separate from the custodian of the cash, should verify that the mode of payment (cash/check) for the cash receipts agrees with the check and cash composition of the funds that the custodian is collecting. Make sure that all checks have been stamped "for deposit only" immediately upon receipt.
- Verify Record Keeping: Make sure that all revenue transactions have been accurately recorded (either manually, or by computer cash registers) into the appropriate account on the University financial system.
- Verify Bank Deposits: Ensure that your department receives a receipt from the Cashier's Office or Armored Car pickup. Verify that the mode of payment for all transactions recorded on the receipt agrees with the check and cash composition.
- Reconciliation: Validate your receipts with your monthly financial system reports.
- Voids: Verify that all voided documents are properly accounted for, controlled, and reconciled.
- Budget: Ensure that all revenue sources and fees have been identified and included in your budget so that you will know if checks or cash has not been received for a particular activity. Monitor the budget versus actual revenue received.
- Physical Security: Ensure the safe or vault combination is changed periodically and that safe combinations have not been written down anywhere in the office. Verify that access to safes or vaults is limited to the least practical number of employees.
- Write-Offs: Ensure that all write-offs are authorized, approved, and properly documented.