Cash Deposit

/ Comments off

Submitting Desktop Procedures

  1. Cash Deposit Machine

To meet the requirement for submission and approval by Accounting and Financial Reporting of your unit’s cash handling procedures, you must attach your saved procedures through Workflow.

The local desktop cash handling procedures can be accessed at Cash Handling Procedures Form. Note the required cash handling roles and their responsibilities at Responsibilities.

After completing the form (MS Word file), save the document to your local network and upload to workflow via this workflow link or by logging in to Self Service – Business & Financial Systems – Financial Systems & Forms - Cash Handling Procedure Submission.

Once you are ready to submit your procedures for approval, select the “workflow link” above. This will take you to a Workflow Submission screen with additional instructions. You will attach your unit’s saved procedures document as instructed to a workflow transaction within the University of Iowa Workflow System. You may submit your procedures directly to Accounting and Financial Reporting for approval, unless your organizational unit or department has notified you of additional approvals required by them.

The initiator of the workflow transaction will receive an email notification from Accounting and Financial Reporting for either the approval or denial of procedures (referencing the workflow package #).

  • If the procedures are denied, Accounting and Financial Reporting will work with your unit to resolve any deficiencies. Any denied workflow transaction can be viewed Self Service by clicking Workflow Icon in upper right hand corner, then Workflow History, or under General Systems & Tools - Workflow. The original procedure document can be opened, updated, and saved on computer. On the Procedure Workflow page, click 'Replace' (far right) under Workflow Attachments section to load updated form.
  • If the procedures are approved, the initiator may view the approved transaction(s) by accessing Workflow History or under Business & Financial Systems - Data, Reports & Dashboard - Cash Handling Audit Procedures List.

Cash Deposit Meaning: In the world of finance, a cash deposit is defined as money that is injected into a checking, money market or savings account, either via money transfer, ATM machine or through a bank teller. In simple terms, a cash deposit is money placed in a financial institution for protective custody. In the world of finance, a cash deposit is defined as money that is injected into a checking, money market or savings account, either via money transfer, ATM machine or through a bank teller. In simple terms, a cash deposit is money placed in a financial institution for protective custody.

Receipt, Deposit and Reconciliation of Cash Collected

You can deposit cash instantly into your Current account at 60,000 stores. Members can find all cash deposit locations on a map near them in real-time and generate a barcode for the cashier to scan directly from the Current app. Feb 24, 2020 Deposit your cash. If you live in an area where a cash deposit-taking ATM is nearby, you have a relatively easy way to deposit cash with USAA. These ATMs will take up to 30 bills at a time, and don't require any deposit slips or envelopes. Double-check that the machine counted your cash correctly, and keep your receipt.

  1. Cash Received in Person
    1. 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 prenumbered receipts must be utilized and a copy of the receipt given to the customer.
    2. 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: billing/invoicing, collecting, depositing and reconciling unless approval has been received from Accounting and Financial Reporting.
    3. All checks must be endorsed immediately with a restrictive endorsement payable to the University of Iowa. A restrictive endorsement occurs when the following text example is placed on the back of the check: 'For Deposit Only to the University of Iowa-Chemistry Department'. The name of the University department is important for tracking purposes when a problem arises.
    4. Checks received that were intended for another department should be restrictively endorsed to the University of Iowa and forwarded to that department for deposit. If the intention is unclear, the checks should be restrictively endorsed and sent to the University Billing Office to handle.
    5. All voided transactions are to be approved and initialed by the cash collection point supervisor.
    6. Checks must not be cashed by cash collection points unless prior approval has been granted by Accounting and Financial Reporting.
    7. Refunds and expenditures must be paid by University check unless other arrangements have been approved by Accounting and Financial Reporting.
    8. The cash received must be reconciled to the cash register or to the prenumbered receipts at the end of the day or at the end of each shift.
    9. Only one cashier should be allowed access to a cash register or cash drawer during a single shift.
    10. Cash must be stored in a safe or other secure place until it is deposited.
  2. Cash Received Through the Mail
    1. The mail is opened and all checks received must be endorsed with a restrictive endorsement (example: 'For Deposit Only to the University of Iowa-Chemistry Department') The checks should be entered into an approved accounts receivable system or into a ticket ordering system if either system is available. If neither system is available then a listing of the checks should be prepared. The total of the checks should be utilized for reconciliation purposes.
    2. Checks received by departments or their faculty and staff from externally sponsored agreements are to be forwarded to the Grant Accounting Office for deposit. Checks received in advance of a formally submitted proposal will not be deposited until the Division of Sponsored Programs has received the proposal and has authorized the deposit of the check by the Grant Accounting Office. The Grant Accounting Office is the official University depository for payments received under sponsored agreements.
    3. The cash must be stored in a safe or other secure place until it is deposited.
  3. Balancing of Cash Receipts
    1. 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 prenumbered receipts totals and the money received by mail totals, as applicable.
  4. Preparation of Deposits
    1. The deposit must be prepared by someone not involved with collecting the cash or opening the mail.
    2. The deposit should be hand delivered directly to a US Bank location or one of the designated drop off locations on campus at least weekly or when the total on hand reaches $500. University departments may implement a more restrictive deposit policy if security and/or employee safety are of concern. Accounting information must be submitted within three working days of the date of deposit through the online eDeposit system, to assure appropriate MFK Validation and reconciliation of deposits is in place.
    3. Designated deposit drop off locations:
      1. US Bank (any location)
      2. College of Dentistry Dental Clinic Business Office, S322 DSB: Please call the Business Manager ahead of time to make deposit arrangements. Phone: 335-7440
      3. UIHC Patient Financial Services
        1. Patient account receipts must be deposited daily by 8:00 a.m. following the day they are received.
        2. Non-patient receipts – deposits can be dropped off at any of the certified campus drop off sites or to a US Bank location.
    4. All funds received must be deposited intact. However, checks issued incorrectly may be returned to the payer.
    5. Information regarding Departmental Deposit Preparation is available at: http://treasury.fo.uiowa.edu/cash-check-deposits
    6. Information regarding eDeposit system is available at: http://treasury.fo.uiowa.edu/edeposits-system-access-training
    7. Credit Card accounting is available at: https://edeposit.bo.uiowa.edu/edeposit/index.cfm?action=help (Downloadables section). Requires login to eDeposit through Self Service.
  5. Reconciliation of Cash Collected
    1. This function must be performed by an employee who has no cash handling responsibilities.
    2. The validated deposit tickets should be reconciled to the departmental copy after the deposit has been made. Monthly, the validated deposit tickets must be reconciled to the receipts on the statements of account. Proof of reconciliation must be maintained by the departments.
    3. Retention policy is 5 years.
    4. Additional information can be found throughout this website.
Cash

Cash Deposit Machine

Cash Handling is a function of the Accounting and Financial Reporting Office. For questions or additional information, contact cash-handling@uiowa.edu