Cash Handling
A. Cash Sales
- Cash is considered to be any type of payment for goods or services including: coin, currency, checks, money orders, credit cards and electronic funds transfers.
- The cash received must be entered on a cash register, if one is available, and a copy of the receipt given to the customer. If a cash register is not available then pre-numbered receipts must be utilized and a copy of the receipt given to the customer.
- The cash collection point must maintain a clear separation of duties. An individual should not have responsibility for more than one of the cash handling components: collecting, depositing and reconciling unless approval has been received from the Internal Auditor.
- All checks must be endorsed immediately with a restrictive endorsement payable to Iowa State University and the corresponding departmental fund/account number.
- Checks received that were intended for another department should be restrictively endorsed to Iowa State University and forwarded to that department for deposit. If the intention is unclear, the checks should be restrictively endorsed and sent to the Treasurer's Office to handle.
- An adding machine tape of the individual checks with the total of all the checks must be included with the deposit. The currency must be sorted by denominations bundled into groups of $100.
- All cash sales must be recorded through the use of the Deposit On Line system ( https://accessplus.iastate.edu/frontdoor/login.jsp)
- Once the deposit has been submitted from the Deposit Online system, a deposit number is assigned. This deposit number along with the cash and checks must be delivered to the Treasurer's Office. For those departments that are not conveniently located to the Treasurer's Office, checks may be sent by campus mail. All cash must be hand delivered.
- When cash receipts are less than $100, the deposit must be delivered within 5 days. Monies exceeding $100 should be delivered within 2 days.
- Sales people are held personally liable under their bonds for all monies handled. The responsibility for monies does not cease until the monies are deposited with a completed and correct Deposit On Line and verified by the Treasurer's Office.
- Cash must be stored in a safe or other secure place until it is deposited.
B. Balancing of Cash Receipts
- All cash collected must be balanced daily by comparing the total of the cash, checks, credit cards receipts, etc. to the cash register totals, the pre-numbered receipts totals and the money received by mail totals, as applicable.
C. Reconciliation of Cash Collected
- This function must be performed by an employee who has no cash handling responsibilities.
- The verified deposit on line report should be reconciled to the departmental copy after the deposit has been made. Monthly, the verified deposit on line report must be reconciled to the receipts on the statements of account. Proof of reconciliation must be maintained by the departments.
- Cash Handling Procedures
