Cash Collection & ControlsRevised: September 08, 2011
Generally all payments on accounts owing by students, employees, and others should be made at the Cashiers Office. Cash sales and collections are authorized at the Bookstore, Ticket Office, Food Services, Manwaring Center, and Purchasing Department. Other points of collection must first receive authorization from the Director of Financial Services.
- To obtain authorization to collect money directly from the students or others, make this request in writing to the Director of Financial Services. No money should be collected without this authorization.
- If a change fund is needed at the collection point, approval must also be obtained from the Director of Financial Services. If approved, the Cashiers Office will make arrangements with and give instructions and money to the custodian of the change fund.
- The security and protection of assigned funds should include (1) storage in a secured and protected area, (2) restriction of the number of persons having access to the funds, and (3) accountability for the funds at all times.
- All transactions should be fully documented. Whenever money is received, control over those funds must be established immediately by issuing a receipt and endorsing any checks. The receipt may be generated by a cash register or by a hand prepared pre-numbered BYU-Idaho receipt. Blank receipts should be obtained from the Cashiers Office. The amount of the fund should be the original change amount plus payments received which have not been deposited at the Cashiers Office.
- All money received in campus departments and offices should be deposited at the Cashiers Office every Friday and the last day of each month. If payments are substantial, they should be deposited daily. The only exceptions are those offices who deposit their money daily directly to the bank and send Daily Cash Reports to the Accounting Office.
- Deposits should include a Report of Transactions, copy of the receipts or tape, and the money. If the office has a change fund, the amount in the change fund should remain constant. If there is not enough money for the change fund amount, money may be obtained at the same time of deposit if checks exceed the amount of the deposit. Any differences should be reported as cash over or short.
- Change Funds and money collected should never be used for (1) cashing checks, (2) advancing money for personal use, (3) travel advances or reimbursements, or (4) holding a check.
- Checks should not be held for any reason.