Cash Receipts and Accounts ReceivableCash Receipts and Accounts Receivable jbarber32 Tue, 05/29/2012 - 16:47
Cash Handling ProceduresCash Handling Procedures
This procedure provides general guidelines for the handling of cash receipts by campus units.
Each department/unit is responsible for the funds it receives for the Institute. Cash receipts must be officially recorded on a cash register, approved validating equipment, or in official pre-numbered receipt books. If the receiving location receives an average of $250 per day in cash or checks through the mail, mail receipts should be listed on a checks received log form by someone other than the person who prepares the deposit slip.
The list should be updated with the number of the deposit slip which includes the checks on the list.
All checks in payment of amounts due the Institute must be made payable to "Georgia Institute of Technology." Checks should not be made payable to departments, department heads, or any Institute officials or employees designated by name. If checks are received with the payee improperly designated, but yet deemed acceptable for deposit to Georgia Tech, they should be appropriately endorsed as payable to Georgia Institute of Technology so that they can be properly endorsed to the credit of the Institute by the Bursar. If checks of a repetitive nature are received without the proper payee designation, the drawer should be informed to make future checks payable to "Georgia Institute of Technology."
Separation of Duties
Duties of employee should be appropriately separated between the receiving of Institute receipts and the record keeping and preparation of deposits with the Bursar's Office. No one person should be responsible for all these functions.
Custody and Safekeeping of Receipts
- Department heads should make certain that proper safekeeping facilities are available and that proper safeguards are taken to protect Institute funds until they are appropriately deposited with the Bursar's Office or as otherwise designated. Cash or checks payable to the Institute should never be transmitted through campus mail. The number of employees having access to Money stored in a department or unit should be limited. Cash should not be left unsecured overnight. If unusually large sums are on hand after normal hours, arrangements should be made for use of a night depository. A security officer may be requested to accompany the deposits to their destinations.
- Cash register procedures should be prepared by departmental personnel in the form of written documentation and approved by Accounting Services. These procedures should contain over-ring documentation, documentation of change fund counts by cashiers, proper check-out policies and documentation, cash register tape retention plans, and other policies as deemed necessary in each situation by management. Cash register tape retention practices and proper references of deposits to daily cash register totals are subject to review and/or audit by authorized personnel in the General Accounting Department or the Internal Audit Department.
- Locations which operate cash registers or have average daily receipts over $250 should prepare a daily cash report. This report should include receipt numbers used and/or register totals, amount to be deposited, and cash overages and shortages. These reports should be retained in date order in the receiving location for a period of three years. Receiving locations which currently have cash reconciliation forms which contain the same basic information may continue to use them.
Daily Cash DepositsDaily Cash Deposits
To provide guidance to schools, colleges, departments or units of the Institute as it relates to depositing funds received.
Normally, all funds received by a unit should be deposited no later than the next business day following the date of receipt. For instances in which a unit receives small amounts of cash or checks (total less than $100) which would not warrant a daily trip to the Bursar's Office, the funds may be held no more than five business days. Each unit must establish operating procedures to ensure compliance with the daily or weekly deposit requirements. All deposits should be hand delivered to the Bursar's Office in order to comply with the twenty-four hour deposit requirement. The Bursar's Office is open daily from 8:30am to 4pm.
There are a limited number of departments on campus who have been authorized by the Institute to transmit cash to the bank for their department. Although they do not go through the normal process, they are still responsible for submitting information related to funds received to the Bursar’s Office so it can be posted to the Institute’s ledger.
All checks payable to Georgia Institute of Technology must be deposited to the Institute’s bank account. Funds should never be deposited to an individual’s bank account or to a bank account which has not been specifically authorized by Treasury Services as belonging to the Georgia Institute of Technology. Checks and cash must be kept in secure locations at all times.
This policy applies to all schools, department, and units of the Institute.
Transmittal Cash to Bursar’s Office
The Deposit Remittance Form should be used as a transmittal sheet for deposits. Forms are available from the Bursar's Office. These forms may be copied for use by units at Georgia Tech.
- Go to Page 2 of form and enter check date, check number, remitter's name, amount, and total amount of checks listed.
- Go to Page 1 of form
- Enter today's date on Page 1.
- Enter total amount of Checks listed from Page 2.
- Enter total amount of Checks listed on attachment sheets, if applicable.
- Enter total of all Checks.
- Enter total of any Credit Cards (authorized units only).
- Enter total of any Currency.
- Enter total of any Coin.
- Enter total amount to be deposited.
- Enter brief description of deposit (30 characters max).
- Enter Project Number and Account to which funds should be deposited.
- Distribute amount to be deposited for each Project/Account combination.
- Enter total distribution amount for this deposit. This figure must be equal to the total of the deposit.
- Describe the source of funds and/or provide an explanation of the deposit.
- Enter signature of the person who prepared deposit transmittal.
- Enter the telephone number of the person who prepared the deposit transmittal.
- Enter printed name of the person who prepared the deposit transmittal.
- Enter title of the person who prepared the deposit transmittal.
- Enter the name of the department transmitting the deposit.
Campus Schools, Colleges, Departments or Units are responsible for timely remittance of funds to the Bursar’s Office and establishing operating procedures to ensure compliance with the daily or weekly deposit requirements
The Bursar’s Office is responsible for timely remittance of funds to the Bank
Controller’s Office is responsible for timely reconciliation of the Institute’s Bank Accounts
To report suspected instances of noncompliance with this policy, please visit Georgia Tech’s EthicsPoint, a secure and confidential reporting system, at: https://secure.ethicspoint.com/domain/en/report_custom.asp?clientid=7508
|10-03-2014||Controller’s Office||Minor updates to contacts, verbiage, etc. Policy reassigned to Bursar’s Office|
Gift DepositsGift Deposits
To provide guidance to schools, colleges, departments or units of the Institute as it relates to receiving and depositing gifts of funds to the Institute.
Georgia Tech requires all donors to make gifts to Georgia Tech payable to the Georgia Tech Foundation Inc., a charitable corporation that receives and manages contributions made for the benefit of Georgia Tech. The Foundation is a 501(c)(3) organization, qualified to receive tax deductible contributions under the Internal Revenue Code. Anyone soliciting support for the Institute should request that gifts be made to the Georgia Tech Foundation Inc., rather than the Institute.
This policy applies to all schools, colleges, departments, and units of the Institute.
Gifts Payable to Georgia Tech
All checks and securities intended as gifts to the Georgia Institute of Technology should be routed to the Office of Development for acceptance and acknowledgment. Those funds should then be deposited into the Institute's bank account. If related documentation indicates the donor intended to direct the gift to the Foundation, the funds will be transferred after appropriate review. No attempt should be made to deposit a check to any entity other than the Payee. Under no circumstances should a check be modified to change the Payee.
The primary exception to this policy is for gifts of equipment or other tangible property which may more effectively be made directly to the Institute. However, even gifts of equipment or other tangible property are to be reported to and acknowledged by the Office of Development.
It is the policy of the University System of Georgia Board of Regents (BOR) that all gifts to the Institute exceeding $100,000 in value must be officially accepted by the BOR. Conditional acceptance and acknowledgement of gifts, however, may be issued at the discretion of the Vice President for Development and his/her designee.
Gifts Payable to the Georgia Tech Foundation (GTF)
All checks received at the Institute but made payable to the Georgia Tech Foundation (GTF) should be forwarded via campus mail to the GTF office via mail code 0182.
If related documentation indicates the donor intended to direct the gift to Georgia Tech, the funds will be transferred after appropriate review. No attempt should be made to deposit a check to any entity other than the Payee. Under no circumstances should a check be modified to change the Payee.
- Campus Schools, Colleges, Departments or Units are responsible for notifying the Office of Development in advance of any gifts that are intended for Georgia Tech.
- The Office of Development is responsible for accepting and acknowledging any gifts made to Georgia Tech.
- Controller’s Office is responsible for ensuring all Institute gifts are properly reported on the Institute’s books.
- The Property Control Department is responsible for ensuring gifts of equipment or tangible property are properly identified and added to the Institute’s capital asset records.
To report suspected instances of ethical violations, please visit Georgia Tech’s Ethics Hotline, a secure and confidential reporting system, at: https://secure.ethicspoint.com/domain/en/report_custom.asp?clientid=7508
|1-07-2021||Controller's Office||Updates to verbiage|
|10-03-2014||Controller’s Office||Updates to verbiage|