Effective: July 1, 2011
Revised: February 22, 2016
Definition: Cash, as referred to throughout this document, includes both currency and coins. Check, as referred to throughout this document, includes both check and money order.
Adequate Separation of Duties
All authorized receipting areas must establish an adequate separation of job responsibilities, which adhere to the University Separation of Financial Administrative Duties Policy. Departmental management is responsible for assuring that financial administrative duties indicate clear lines of authority and responsibility. These duties are to be segregated so that one individual’s work routinely serves as a compensating check on another’s work. No one individual should have complete control over a financial transaction. Standards for separation of duties shall be implemented to the maximum degree possible. At a minimum, clear lines of authority and responsibility must be established in order to segregate the various steps of a transaction. Specifically, the person that accepts funds (in person or through the mail) and issues receipts must not prepare the deposit. Additionally, the person preparing the deposit must not reconcile the CUBS account.
All authorized receipting areas must use Clemson University receipt books issued by Cash and Treasury Services. Departments must record each transaction in a pre-numbered receipt book, a cash register, or other pre-approved receipting method in the presence of the customer or payer. A receipt must be delivered to the payer. When payment is received by mail, a receipt is not returned. However, funds received through the mail must be verified and logged by the person opening the mail. The mail log should provide the date received, the check date, check number, amount, and payer.
When completing a receipt, (other than from a cash register) the following information must be recorded on each receipt:
- Department name
- Name of the payer
- The date of receipt
- The amount of payment
- The purpose of payment
- The signature of the person receipting monies
- The form of payment (cash, check, credit card)
The original receipt is issued to the individual from whom a fee has been collected. Retain one copy of the receipt in the receipt book. If special circumstances require a three-part receipt book, department guidelines will dictate use of the third copy.
Voiding a Receipt
All receipts must be accounted for at all times. When voiding a receipt, write VOID, the reason, and have a supervisor sign across the face of the original and each copy of the receipt. The original and all copies of the voided receipt will be retained in the receipt book.
Handling Cash, Check and Credit Card Payments
Safeguarding revenue and receipts prior to deposit is the responsibility of the authorized receipting area. All cash, checks, and credit card information must be retained in a secure place until the deposit is made. Access to the funds will be restricted to ensure proper accountability of the funds.
For proper internal control, only the department head or authorized designee will receive payments on behalf of Clemson University.
Checks must always be made payable to Clemson University. Checks cannot be made payable to projects, seminars, conferences, clinics, or any other such activities.
Restrictively endorse (stamp-for deposit only) all checks immediately upon receipt. Authorized receipting areas will be responsible for obtaining a restrictive endorsement stamp stating:
(YOUR DEPT NAME WILL GO HERE)
FOR DEPOSIT ONLY
DEPOSIT SWEEP ACCOUNT
(BANK NAME WILL GO HERE)
(H12 BANK ACCOUNT NUMBER WILL GO HERE)
We currently have two different bank accounts to deposit funds into. Please contact the Cash and Treasury Services to determine which bank will be used before ordering your endorsement stamp.
The restrictive endorsement serves as protection against lost or stolen items and enables research to be conducted if items are not properly credited or further information is needed.
Items Received through Mail
If checks are received through the mail, the person opening the mail should prepare a handwritten check log or use a pre-approved method of recording the items. The mail log must provide the check date, number, amount and payer and should be maintained on a daily basis. A handwritten receipt or cash register receipt may be used instead of a mail log when checks are received infrequently
Cash Register Receipts
Receipts generated by a cash register or a computer will contain the following information:
- Receipt Number
- Clemson University
- Department name
- The date of receipt
- The amount of payment
- Identification of the person receipting monies
- The form of payment (cash, check, credit card, money order)
Record of cash register receipts will be maintained in the same manner as handwritten receipts noted above.
Procedures for Preparing and Depositing Receipts:
WARNING: Any person delivering a deposit to Wells Fargo Bank should take adequate precautions for their personal security and safety. Do not send cash through the mail.
Departments that are authorized as receipting areas must make deposits to Wells Fargo within the times specified below:
- Departments receiving cash, money orders, checks, and/or credit card payments daily must deposit funds no later than the next business day after the day the funds are received.
- Departments receiving funds less frequently than daily must deposit funds no later than 3 business days after the day the funds are received.
The only exception is in regards to the Accounts Receivable Department, which must deposit funds no later than 5 business days after the funds are received. All instances in which it appears deposits are not being deposited in accordance with the time periods above will be reported to the appropriate department/division personnel for action and Internal Audit will be copied.
1. Prepare the 2 part deposit slip. List currency and coin at the top of the slip. Coin should be limited to $10.00 or less. If you have more than $10.00 in coin, you must prepare a separate deposit using a second bag. You should have two adding machine tapes for your checks, one to include with your checks to the bank and one to attach to your web deposit print out.
***Over $50 in coin, prepare a separate deposit and take the deposit inside for processing. You must wait for a receipt. Enter deposit in TouchNet as a web deposit.
Write down the total of the checks on the deposit slip. PLEASE DO NOT LIST EACH INDIVIDUAL CHECK ON THE DEPOSIT SLIP. PLEASE DO NOT USE MORE THAN ONE DEPOSIT SLIP FOR A DEPOSIT. The adding machine tape is the list.
At the bottom of the deposit slip, above the account number, there is a box “total items”, please enter the number of checks in your deposit, and in the dollar amount box beside the total items box please enter the total deposit amount.
NOTE: For all departments that accept credit cards please make sure that you do not include your credit card total with your bank deposit. The credit card deposit amount is only included when entering the web deposit.
Example Deposit Slip
2. You will put both copies of the deposit slip in the bottom pocket of the Wells Fargo disposable bank bag with all checks and/or money orders. You should write your bag number and your web deposit number on the bank deposit slip. Any cash or coin will go in the top pocket of the bag. Please make sure both pockets are sealed. YOU DO NOT NEED TO KEEP A COPY OF THE BANK DEPOSIT SLIP. The sweep account is maintained by Cash and Treasury Services and all copies are used in our office for reconciliation purposes. You will not receive a receipt from Cash and Treasury Services. In order to verify that your deposit has been received, you should pull up the following query in PeopleSoft daily: CASH_RECEIPTS_DEPT. ***Note: There is a two day delay with the query.
3. You will take the prepared disposable night drop bag to Wells Fargo Bank on 123 By Pass in Clemson. The bag must be dropped in the night drop, not taken into the branch. The night drop is located on the brick wall of the bank, through the first drive through window.
4. Credit Card Only Deposit: Enter the deposit in TouchNet as a web deposit. You will keep the credit card batch and slips in your office for safekeeping. You will complete and submit the Deposit Information Form (see below Deposit Information Form details).
5. For every web deposit that includes credit card transactions, a Deposit Information Form must be submitted by email to Cash and Treasury Services. On the bottom of the Deposit Information Form, there is a button to click on that will send the form to the appropriate email address. The form is located at http://media.clemson.edu/cfo/cash-treasury/Deposit-Information-Form.pdf.
Funds received in off-campus departments must be handled in the same manner noted above in regards to issuing receipts or cash register receipts, items received through the mail, timing of deposits, and proper segregation of duties. In addition, all cash received should be handled as indicated below:
- An off-campus department with a petty cash bank account will restrictively endorse all checks and deposit funds received into the petty cash bank account. A copy of the deposit receipt should be emailed to Cash and Treasury Services at email@example.com.
- An off-campus department that does not have a petty cash account but does have access to a Wells Fargo Bank or TD Bank branch should deposit funds directly to Clemson University’s composite bank account. All checks must be restrictively endorsed.
- Retain original documents in your department. Deposit slips for the Clemson University composite bank account can be obtained from Cash and Treasury Services.
ATM Deposit Procedures
Funds received and deposited with an ATM must be handled in the same manner noted above in regards to issuing receipts or cash register receipts, items received through the mail, timing of deposits, and proper segregation of duties. In addition, all cash received should be handled as indicated below:
- A department that has a Wells Fargo deposit only card will make a check or cash deposit in an ATM only after the proper approval process has been completed. The ATM accepts a total of 30 checks and 30 bills during one transaction. Bills and checks have to be deposited separately. If you have more than 30 checks and/or 30 bills you will have to make separate deposits.
- Once the deposit has been processed and a valid receipt is given, a web deposit must be entered during the same business day.
Failure to Receive Funds
If you run a query and your funds have not been allocated to your revenue chart-field-string within 3-5 days from the date of the deposit, notify the Cash and Treasury Services Office at 864-656-1277.
Deposit Overage or Shortage
Deposits are always verified by either personnel within the Cash and Treasury Services Office or Wells Fargo Bank. If an overage or shortage exists, you will be notified immediately by the Cash and Treasury Services Office.
Revenue Detail Report Reconciliations
Deposit Overage or Shortage
Deposits are always verified by either personnel within the Cash & Treasury Services Office, Wells Fargo or TD Bank personnel. If an overage or shortage exists, you will be notified immediately by the Cash & Treasury Services Office.
Checks returned by the bank twice will be charged back to the department that accepted the check. The department and/or individual that made the original deposit will be notified of this adjustment. Departments attempting to collect payment, should charge an additional $30 returned check fee. The fee should be charged to account 4755 (service charges).