Receipt Centers - Operation and Use
REG 07.30.03
Financial Reporting and Accounts Receivables
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Authority: Vice Chancellor for Finance and Business
History: First Issued: November 1, 2001.
Additional References: University Controllers Website
Contact Info: University Controller (919-515-3824)
1. Purpose
The following statement provides general rules for the operation and use
of a receipt center.
2. Requirements
All receipts must be deposited no later than the next business day following
collection.
2.1. Prenumbered Receipt Forms/Books
2.1.1. Authorized receipt centers should obtain standard prenumbered official
University receipt books from Central Stores for recording cash receipts.
The University Accounting Office maintains records of receipt numbers
assigned to each receipt center. If prenumbered receipts are used extensively,
the department may have them printed for their own particular use. However,
the University Accounting Office must maintain control over the forms
and approve them before they are printed.
2.1.2. The responsible individuals in University receipt centers are responsible
for all prenumbered receipts. Voided prenumbered receipt forms must
be retained in the receipt center and made available to authorized University
Personnel when requested. The University Deposit Slip (Form BA-027) number
must be recorded on the receipt center copy of each prenumbered receipt
form which comprises the deposit of cash made with the University Cashier's
Office.
2.1.3. The completed original prenumbered receipt form, "Payor" copy,
must be made available to any individual who pays cash to a receipt center.
2.2. Receiving and Recording University Receipts
2.2.1. Each department/unit is responsible for the receipts it receives for
the University. If the department/unit receiving University receipts is
not an authorized receipt center, the receipts must be taken to the appropriate
receipt center.
2.2.2. Cash receipts must be officially recorded on a cash register, approved
validating equipment, or in official prenumbered receipt books. Checks
which are not processed through a cash register or validating equipment
must be itemized and cross-referenced to the NCSU Deposit Slip before
processing through the University Cashier's Office. The itemized list
must be attached to the departmental copy of the NCSU Deposit Slip and
be maintained in the receipt center for a minimum of three years.
2.2.3. All checks in payment of amounts due the University must be made payable
to "North Carolina State University". Checks should not be made
payable to departments, department heads, or any University officials
or employees designated by name. If checks are received with the payee
improperly designated, but yet deemed acceptable for deposit to North
Carolina State University, they should be appropriately endorsed before
processing for deposit so that they can be properly endorsed to the credit
of North Carolina State University by the University Cashier. If checks
of a repetitive nature are received without the proper payee designation,
the drawer should be informed to make future checks payable to "North
Carolina State University". All checks will be officially endorsed
with the University's endorsement when processed by the University Cashier,
2005 Harris Hall.
2.3. Occasional Receipts
Departments or activities which have only occasional instances of receipts
and are not authorized as receipt centers should not process payments, but
should direct the payor or payments received in the mail to the appropriate
receipt center. Each school or major division within the University should
designate at least one primary receipt center within its school or division
to process such occasional receipts. Repetitive deposits cannot be permitted unless the department is approved as a receipt center. If guidance
or assistance is needed to establish a receipt center, contact the Manager
of Financial Reporting and Trust Funds in the University Accounting Office.
2.4. Separation of Duties
Duties of employees should be appropriately separated between the receiving
of University receipts and the recordkeeping and preparation of deposits
with the University Cashier. No one person should be responsible for all
these functions.
2.5. Custody and Safekeeping of Receipts
2.5.1. Department heads should make certain that proper safekeeping facilities
are available and that proper safeguards are taken to protect University
funds until they are appropriately deposited with the University Cashier or as otherwise designated. Cash should never be transmitted through
campus mail. The number of employees having access to monies stored in
a department or unit should be limited. Cash should not be left unsecured
overnight. If unusually large sums are on hand after normal hours, arrangements
should be made for use of a night depository. A security officer may be
requested to accompany the deposits to their destination.
2.5.2. Cash register procedures should be prepared by departmental personnel
in the form of written documentation and approved by the University Accounting
Office. These procedures should contain over-ring documentation, documentation
of change fund counts by cashiers, proper check-out policies and documentation,
cash register tape retention plans, and other policies as deemed necessary
in each situation by management. Cash register tape retention practices
and proper references of deposits to daily cash register totals are subject
to review and/or audit by authorized personnel in the University Accounting
Office or the Internal Audit Division.
2.5.3. Receipt centers which operate cash registers or have average daily receipts
over $ 250 should prepare a daily cash report (Form CR002 (sample)). This
report should include receipt numbers used and/or register totals, amount
to be deposited, and cash overages and shortages. These reports should
be retained in date order in the receipt center for a period of three
years. Receipt centers which currently have cash reconciliation forms
which contain the required information may continue to use them.
3. Forms
Form CR001 (blank), List of Mail Receipts may be photocopied from the blank
form included in this Statement.
Form CR002 (blank), Daily Cash Report may be photocopied from the blank form
included in this Statement.
4. Instructions for Completion of Forms
4.1. List of Mail Receipts (CR001 (sample))
4.1.1. Enter date of check or date cash was received.
4.1.2. Name of maker of check.
4.1.3. Amount of check or cash received.
4.1.4. Indicate type of funds received:
A - Cash
B - Check
4.1.5. Enter deposit slip number on which receipts are listed.
4.1.6. Signature of preparer of the list.
4.1.7. Date list was prepared which should agree with the date mail was received.
4.2. Daily Cash Report (CR002 (sample))
4.2.1. Enter Receipt Center name.
4.2.2. Enter the date being reconciled.
4.2.3. Enter the first and last number of receipts used on the day.
4.2.4. List the total dollars received per the receipt copies and/or register
readings.
4.2.5. List the amount of currency and change to be deposited.
4.2.6. List the total of the checks to be deposited.
4.2.7. Compute and list the total of the checks and cash in the deposit.
4.2.8. Compare the total deposit (7) to the total cash receipts (4) and compute
the cash over or short.
4.2.9. Signature of preparer of report.
