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LU Policy Number: FN. 001
Effective Date: NR
Approval Date: NR
Revised Date: 5/30/2017
Purpose: Concerns the processing, allowances, and reconciliation for all cash and credit card receipts
Additional Authority: N/A
Scope: All Employees(Faculties and Staff) of Life University
Approval Authority: EVP Finance
Responsible Authority: Finance
Definitions: N/A
Policy Title
Cash and Credit Card Receipts Policy
Policy Statement
Cash
Complete a Life University Cash Credit Voucher for any cash or checks received in the department for that day. There should never be more than $200 left in a department overnight. Any cash that is not deposited the same day must be safely secured overnight and taken to the Dunbar safe in Campus Safety the following morning.
After the money has been deposited within the safe, a receipt will print. Ensure that the total on the receipt matches the total amount on the cash credit voucher. Attach the receipt to the completed cash credit voucher form and send via interoffice mail to the Cashier in Finance or take to Purchasing to be sent to Finance. (Contact Finance if you need a PIN for making deposits to the Dunbar safe.)
Checks
If your office has a check processing machine, then all acceptable checks are to be run through that machine. Any rejected checks and/or money orders or if your department does not have a check machine are to be sealed in a secured plastic deposit bag and taken to the Purchasing Department. Included in the bag must be the completed cash credit voucher with the correct account numbers to where the money shall be deposited.
Cash Credit Vouchers are to be submitted to Finance within 24 hours of the deposit. A receipt copy will be sent via interoffice mail to the Submitter while the original documentation remains with Finance.
Credit Cards
Complete a Life University Cash Credit Voucher for credit card payments received. This should be on a separate voucher form from cash or checks (see above). Please be sure to include the proper account number on the “Account Number” line. Charges are written based on credit card type, specifically separating MasterCard, Visa, Discover & American Express and MUST include the cardholders name, credit card number, expiration date and 3 or 4 digit security code. Attach the Batch Report Settlement along with credit card receipts. Finance cannot accept credit card vouchers if the Batch Report Settlement sheet is not included (see prepared example).
Each Cash Credit Voucher sheet is signed and dated by the person preparing the voucher.
Cash Credit Vouchers are to be submitted to the Finance office daily. If there is a discrepancy, the Cashier will write the corrected amount on the voucher, initial the change and have the Submitter initial the change as well. If an error is found subsequently, the Cashier will notify the Submitter with the correct amount and provide a copy of the correction. A signed receipt will be given to the Submitter while the original documentation remains with Finance.
Procedure(s)
N/A
Other Notes
NR=No Records
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