Western University of Health Sciences

Policies & Procedures

Procedure: Processing Cash Receipts and Fund Revenue
Procedure Information

Title:Processing Cash Receipts and Fund Revenue

Policy Number: A2.8.0.1(1)

Responsible Department: University Financial Services & Treasury

Parent Policy : Processing of Cash Receipts and Fund Revenue

Policy Contact

Crow, Christopher William

Assistant Treasurer/Fiscal Operations

ccrow@westernu.edu

Procedure Dates

Effective Date: 2010-10-01

Next Review Date: 2013-10-01

Approval Date:

Review History

Procedure Overview

This procedure applies to Cash Receipt Policy # 2.1 Processing of Cash Receipts.

Payments and mail remittances are received by the different University offices and departments. Students make payments for the academic purposes while outside parties remit funds for grants, contracted services, and as donations or gifts to the University programs. Procedures are established to guide responsible departments in turning over such receipts to the Bursar's Office and for the guidance of departments that are processing/scanning deposits internally.

Procedure Process

A. For Deposits Submitted to the Bursar's Office
  Parties Involved Procedure
1 Administrative, academic and sales/service departments  All cash/checks/credit card deposits are submitted to the Bursar's department within 72 hours. All deposits are to be received before 3:30 pm on the day they are delivered to the Bursar's Office. Any deposits made after this time will not be guaranteed for same day posting. 
2 Depositor/Bursar's Office All deposit items are verified at the time they are received. Cash must be verified in the presence of the depositor with their initials included on the deposit form. 
3 Depositor/Bursar's Office As deposits are submitted the Bursar's office will complete a receipt form. One copy of the receipt is given to the depositor and two copies are kept on file. 
4 Bursar's Office All receipts, supporting documents and deposits are compiled into a Daily Cash Receipt.
5 Bursar's Office Receipts related to student accounts are recorded in the Banner Student Module by accessing the student's account and applying the appropriate detail codes.
6 Bursar's Office Receipts related to non-student transactions are posted in the Banner Transaction Detail function. 
7 Bursar's Office Journal Vouchers are prepared to journalize transactions that are received electronically (e.g., wire transfers, student EFT refunds, etc.). These entries are made directly in the Banner A/R Module. 
8 Bursar's Office All daily transactions are reviewed, validated and closed via the Accounting Feed Process. 
9 Bursar's Office Check deposits are scanned and electronically deposited directly to the university bank account. The Deposit Confirmation is then printed and attached to the deposit paperwork.
10 Bursar's Office A Cash Summary Report is prepared and attached to the Daily Cash Receipt along with corresponding receipts and supporting documents. 
11 Associate Treasurer or their Designee The Cash Summary Report is reviewed and all transactions included in the Daily Cash Receipt are approved via the Banner A/R module. After approval the transactions are recorded into the Finance Module via the Accounting Feed Process. 

B. For Departments with Scanning Capabilities
  Parties Involved Procedure
1 Customer/Department All deposit items are verified at the time they are received. Cash must be verified in the presence of the customer. 
2 Department As deposits are submitted the receiving department will complete a receipt form. One copy of the receipt is given to the customer, one copy is compiled in the Daily Deposit Report and one copy is kept on file. 
3 Department Check deposits are scanned and electronically deposited directly to the university or medical center bank accounts. The Deposit Confirmation is then printed and attached to the deposit paperwork.
4 Department All daily transactions are reviewed, validated and closed via the Accounting Feed Process. 
5 Department Cash deposits are verified by a minimum of two employees (Daily Deposit Report cash amounts initialed) and deposited to the bank via courier on a regular basis. Cash deposits are made periodically with a minimum basis of once a week.  
6 Department A summary of all credit/debit card transactions  are printed on a daily basis.
7 Department All receipts, supporting documents and deposits are compiled into a Daily Deposit Report. These receipts include all check deposits, cash deposits and credit card transactions received on a daily basis. The Daily Deposit Report cover sheet will provide a summary of all cash, credit card and check transactions for the day. 
8 Department The Daily Deposit Report will be scanned and emailed to the Bursar's office on a daily basis. 
9 Department Original Daily Deposit Reports with scanned checks and supporting documents for the week are delivered to the Bursar's Office every Friday. 
10 Bursar's Office Daily Deposit Reports and supporting documents are verified and processed accordingly.

Related Procedure Information

Status

Approved

Related Policies:
Processing Cash Receipts and Fund Revenue - View