Cash Receipts And Deposits

1. Cash Receipts And Deposits • General procedures • Recording of receipts • Transmittal and deposit of receipts • Special fiscal year end closing procedures • Custody and safekeeping of receipts • Cash overage and shortage

2. General Procedures • Payments received must be promptly deposited • Checks should always be made payable to ETSU • Receipts must be deposited intact • No unofficial funds may be maintained

3. Recording of Receipts • Regularly received funds must be recorded on official pre-numbered departmental receipt • Department/activity not authorized should direct payer to comptroller’s office - Obtain official receipt

4. Transmittal and Deposit of Receipts • Frequency of deposits • Deposit intact within 3 days • Must be deposited daily when $500 is accumulated

5. Transmittal and Deposit of Receipts • Preparing deposits of receipts • When prepared by dept. maintaining a receipt book a tape must accompany • Back of each check should be stamped “For deposit only-ETSU”

6. Transmittal and Deposit of Receipts • Procedures for depositing off campus • May de3posit funds in authorized bank • Copy of deposit slip and deposit summary must be transmitted

7. Special Fiscal Year End Procedures • Funds received by noon on last day of fiscal year must be deposited on that date • Funds received by close on last day of fiscal year must be deposited by noon the next day

8. Special Fiscal Year End Procedures • Receipts written after fiscal year deposit must be dated July 1 or first work day of new fiscal year • Final fiscal year deposit slips received by off campus or clinics must be transmitted immediately

9. Custody and Safekeeping of Receipts and Petty Cash • Proper safekeeping facilities must be available • Proper safeguards must be taken • Currency must never be transmitted through US Post Office, campus mail or left overnight

10. Cash Shortage or Overage • Reported immediately • If significant written report must be submitted • Formal report to VP for Finance and Administration, TBR and State Comptroller's Office

11. Petty Cash • Nature of petty cash funds • Proper custody and control • Limitations on use • Securing of proper receipts • Reimbursement • Cash shortage and overage

12. Nature of Petty Cash Funds • Comptroller's office will advance to dept head a petty cash fund upon proper justification • Dept head is accountable and responsible • Advances are not chargeable to departmental account

13. Proper Custody and Control • Custody and control may be delegated • Dept. Head must insure availability of safekeeping of funds • Petty cash funds must not be co-mingled with other funds • Petty cash funds are subject to audit

14. Limitation on Use of Petty Cash Funds • Supplies and materials available through other sources should not be purchased using petty cash • Except in emergencies • Explanation must be attached with voucher

15. Limitation on Use of Petty Cash Funds • Petty cash used when purchase is less than $25 • University is exempt from taxes • Loans or advances for personal use is forbidden

16. Securing of Receipts • Receipts must be obtained from vendor • Must be originals • Describe the purchase or service • Must indicate payment was made • Receipts with evidence of alteration will not be accepted

17. Reimbursement of Petty Cash • Invoices should be submitted at least once per fiscal quarter • Cash in fund is depleted and requires replenishment • Paid invoices must be submitted for reimbursement

18. Petty Cash Overage and Shortage • Overage or shortage should be reported immediately • If significant a written report must be submitted • Formal report to VP for Finance and Administration, TBR and State Comptroller’s Office