Finance Division

Cash and Treasury Services

RECEIPTS
Effective:   July 1, 2011
Revised:  October 22, 2013

 
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.

Receipts  

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)

When making a deposit, the beginning and ending receipt number should be noted on the Receipt Transmittal Report (CUBO 306) with a total and date of deposit.

Receipt Distribution 

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
CLEMSON UNIVERSITY
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 TD Bank or 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 TD Bank or Wells Fargo Bank 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.

Preparing Deposits

(Cash, checks, and/or credit card payments) Each receipt transmittal (CUBO 306) must contain the following:

  • Department name
  • Date of the deposit
  • The beginning and ending receipt numbers used. (The person preparing the deposit should ensure that all receipts are properly accounted for.)
  • CUBS account(s) Cash & Treasury Services only accepts accounts starting with fund 10 through 49. Any deposits that start with fund 50 or higher should be deposited through Clemson University Foundation.
  • Over/short amount
  • Amount calculations (Note: Always count all cash, checks and deposit amounts twice to ensure validity before recording on the receipt transmittal.)
  • Total cash
  • Total checks. Include 2 calculator tapes. Place one tape with the checks and attach one tape to the receipt transmittal.
  • Total credit card payments. Include a calculator tape and attach the credit card slips and machine totals.
  • Print your name (no initials) and office telephone number.  

Deposits Processed by Treasury Services/Wells Fargo

Departments receipting funds will make deposits with Wells Fargo Bank on 123 By Pass in Clemson by using the night depository. An InterLok disposable plastic bag provided by Wells Fargo must be used for all deposits. These bags are logged by Wells Fargo by scanning the barcode located on each bag.   

In the top pocket of the bag you should include only cash and coin (coin limit of $10.00). The bottom pocket of the bag should contain your deposit slip, checks/money order/travelers checks, and your receipt transmittal and any point of sales credit cards slips with the batch report. Both pockets should be sealed. You should only include one deposit slip. It is not necessary to list each check on the deposit slip. An adding machine tape must be included with all checks. Your adding machine tape will count as your check list. The receipt transmittal and credit card slips will be picked up by the Cash and Treasury Services staff for processing.

All deposits will be acknowledged with a Treasury Services receipt. This receipt should be compared against the original deposit and attached to the department copy of the transmittal.

When deposits containing only checks and credit card payments are mailed through the U.S. Postal Service, a receipt will be issued for the amount of the deposit and mailed back to the department.

Off-campus Procedures 

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:  

  1. 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 and write a check for the total revenues to Clemson University. The check along with a receipt transmittal will be mailed to Cash and Treasury Services for processing.  
  2. An off-campus department that does not have a petty cash bank account or access to Wells Fargo Bank or TD Bank should send funds no later than 3 business days after they are received to Cash and Treasury Services with a receipt transmittal for processing. Funds sent through the mail should be mailed in a manner in which a return receipt or other tracking mechanism is used.  
  3. 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. A receipt transmittal along with a copy of the validated bank receipt should be e-mailed to Cash and Treasury Services at CashTreasury-L@clemson.edu on the same day for processing. 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:

  1. 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 50 bills during one transaction. Bills and checks have to be deposited separately. If you have more than 30 checks and/or 50 bills you will have to make separate deposits.
  2. Once the deposit has been processed and a valid receipt is given, the receipt transmittal and ATM receipt must be emailed during the same business day to Cash and Treasury Services at atmdepositcard@lists.clemson.edu to get credit in CUBS.
  3. Failure to send a receipt transmittal and valid ATM receipt within 3 business days will result in a delay of the department receiving credit for the deposit.

Failure to Receive a Treasury Services Receipt

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 864-656-0745.

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  

http://clemson.edu/cfo/business-manual/as38proc.html

Deposit Overage or Shortage 

Deposits are always verified by either personnel within the Cash & Treasury Services Office, Wachovia or TD Bank personnel. If an overage or shortage exists, you will be notified immediately by the Cash & Treasury Services Office.  

Returned Items  

Checks or credit cards that are not honored (returned unpaid) will become a University Receivable. Once the receivable is determined to be uncollectable, the account credited from the original deposit will be adjusted for the uncollected item. The department and individual that made the original deposit will be notified of this adjustment.