Academics

Cash Handling Procedure

SEPARATION OF DUTIES

There must be a separation of duties for all personnel who handle/collect cash, and from those who record and authorize transactions. For example, a cashier who collects cash, records transaction and who authorizes transactions = internal control weaknesses and fraud. Unless economic efficiencies dictate otherwise. Separation responsibilities include:

         a) Custody of Cash

         b) Recordkeeping

         c) Authorization of transaction

CASH

         a)Must be accountable

         b) Must be responsible

         c)Must be safeguarded at all times in a Lockbox Safe

         d) Deposited cash intact

         e) Must be reconciled daily, monthly, etc.

         f) Cash receipts = cash to be deposited

         g) Must be receipted as soon as you receive it

         h) Must be secured as soon as you receive it

         i) Must not be left unsecured

         j) Must be deposited intact ASAP

         k) Cash shortages or overages should be reported to the fiscal officer immediately.

RECEIPT BOOK

         a) You should ONLY use the university provided receipt book.

         b) Purchase of unofficial receipt book from Office Depot, Office Max or any outlet may lead to termination of employment (circumvention of internal control established).

         c) Receipt books should be pre-numbered.

         d) Receipt book should be pre-authorized.

         e)Cancelled receipts should be left intact in the receipt book and approved (initialed) by a supervisor.

         f)When a receipt book is fully utilized, return it to the Business Office.

RECONCILIATION

All daily cash receipts issued/written must equal cash on hand.

MONEY ORDERS

All money orders for sales must be purchased using petty cash funds. All money orders should be mailed to

The School of Agriculture and Applied Sciences

1000 ASU Drive 690, Lorman, MS 39096.