1. Cash Collection and Deposit Training
Controller’s Office

2. What is Our Purpose?
To ensure consistency of cash collection procedures
To minimize the risk for individuals, departments, and the University
To better control our cash

3. Cash Handling – It’s Your Job!
Whether you take in lots of money…
or you collect “pennies”

4. What is Cash? It’s not just “cash” but includes: Currency and coin
Checks
Money orders
Travelers checks
Credit/debit card transactions
Electronic funds
Nautilus cards
P-cards

5. Credit Card Payments
Requires Payment Card Industry Data Security Standards (PCIDSS) compliance
Information at uwf.edu/controllersoffice

6. Cash Handling Controls
The principles of good cash handling:
Segregation of Duties
Security
Recordkeeping
Reconciliation
Management Oversight

7. Risk and Controls
Remember – In the cash collection process – YOU – are just as important as the cash.
CONTROLS are designed to protect both you and the cash.
You
Cash

8. Before Cash Collection Begins
Must be authorized as a cash collection point
Must demonstrate the ability to establish control procedures and comply with cash handling guidelines
Is a change fund needed?
How will the cash be received? Mail or person?
Who will collect the cash?
Who will prepare the transmittals?
Who is responsible for reconciliation?
Who is responsible for management oversight?

9. “Making Change”
If you are making change, you must have an authorized change/petty cash fund
Keep the cash secure with limited access
Balance each day of use or at a minimum once a week
Keep records of all expenses
Never use the change fund for cashing checks, making loans, or travel advances =

10. “Segregation of Duties”
Five stages that should be performed by different individuals to ensure adequate internal controls:
Recording of charges/billing
Collecting cash
Depositing cash
Reconciling
Management oversight

11. “Segregation of Duties”
This is the most important control in the cash collection process, and often, the most difficult to manage. A different person should be involved at each stage of the process. Segregation of duties minimizes risk.

12. “Segregation of Duties”
If segregation is not possible:
Provide alternative or compensating controls
Design additional procedures to reduce risk
Design system security rules to restrict access

13. “Segregation of Duties”
Example of a compensating control:
If the receiver of the funds also completes the deposit – require supervisory review and approval of the Cash Transmittal Form.

14. “Collecting the Cash”
In person collections must be recorded on a cashiering system or pre-numbered duplicate receipts
Immediately restrictively endorse checks
Checks should be made payable to UWF or the University of West Florida
Voided transactions must be approved by a supervisor
Different employees should not work out of the same cash drawer and receipts must be balanced at the end of each shift

15. “Collecting the Cash” Cash receipts must be balanced daily
Compare the total cash, checks, credit card receipts, etc. to the cash register total or pre-numbered receipts
Reconciler investigates and resolves discrepancies then initials or signs and dates balancing document.

16. “Collecting the Cash”
Mail payments should be directed to the Cashier’s Office
If a payment is received in the mail by a department, the check(s) must be entered on a Cash Transmittal and taken to the Cashiers office daily
Payments must not be held pending determination of proper accounting
Cash Transmittals cannot be sent through campus mail

17. “Securing the Cash” Cash should be secure at all times
Different employees should not work simultaneously out of the same cash drawer
Cash drawers must be locked when a cashier is away from their station
Cash drawers must be secured in a safe or other locked area
Safe combinations must be changed regularly or whenever an employee who knows the combination leaves the department

18. “Transporting the Cash”
Secure the deposit in a locked bank bag
Don’t be conspicuous
Don’t be predictable – vary your route and time of day
If necessary, contact the UWF Police Department at 2415 for an escort

19. “Reconciling” Do not overlook this step!
Must be performed by someone with no cash handling responsibilities
Reconcile the deposits to the cash transmittal after the deposit has been made
Reconcile receipts to the departmental reports on a monthly basis to verify the recording and accuracy of all transactions
Maintain proof of these reconciliations

20. Management Responsibility
Establish an effective internal control system
Delegate responsibility for cash handling and maintain proper segregation of duties
Require that all staff handling cash be properly trained and follow all procedures of the University’s Cash Collection Policy

21. Management Responsibility
No matter who is collecting, depositing and reconciling…
Management is ultimately accountable.
It is management’s responsibility to regularly review the cash collection and reconciliation process to assure timeliness, accuracy and resolution of all outstanding issues

22. Staff Certification Responsibility
Current staff are required to review this training annually
Review current University Cash Collection Policy
Review department’s cash handling procedures
Understand your role in your department’s cash handling process
New staff must comply with these requirements prior to starting cash handling duties

23. Staff Certification Responsibility
Finally, sign and return the Cash Collection Policy Acknowledgement Statement to:
Controller’s Office, Bldg. 20E
Attn: Linda McIntyre
uwf.edu/controllersoffice

24. Questions? Linda McIntyre Assistant Controller 850-474-2120