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Cash Receipt Guidelines and Best Practices

October 2011


These guidelines include all departments at the University of Richmond that accept cash or check payments from students, faculty, or staff for miscellaneous charges.  These guidelines do not cover the following transactions: (1) charitable gift payments, which should be sent to Advancement services for proper recording, and (2) departments that create their own Banner cashier sessions and deposits are excluded from this policy.


To establish and maintain uniform cash receipting policies and procedures across the University of Richmond campus.


University departments in a funds handling capacity should be committed to establishing and maintaining strong internal controls around the cash receipts process to prevent the mishandling of funds and safeguarding against loss.  Strong internal controls also protect employees by defining crosschecking roles for funds handling responsibilities. Departments responsible for handling checks and cash must maintain written procedures outlining each step in the funds handling process.  These procedures should be reviewed at least annually to ensure that the procedures are current.  For those departments that do not have adequate staff to support proper separation of duties, compensating controls must be established to ensure procedures are followed.  Compensating controls are additional procedures to help reduce the risk of error or loss.  Departmental procedures should also address the security of funds (i.e., locking file cabinet, safe) during the workday, and storage for overnight safekeeping.   The Bursar’s Office, in consultation with Internal Audit, will conduct annual reviews of randomly selected offices to ensure the following:

  1. Written procedures have been established for processing cash receipts and a copy has been sent to the Associate Bursar.  The procedures should also indicate who is responsible for each duty.
  2. Staff is properly trained in these procedures.
  3. The written procedures are actually being followed.
  4. Revenues collected by the departments are not used to cash personal checks, third party checks or to make change.
  1. Funds and receipts are kept in secure locations.


Departments must record all currency transactions on the transaction log (see attached).  Currency transactions include cash, check, money order, traveler’s check, cashier’s check or teller’s check.  Departments must purchase multi-part pre-numbered receipt books and give receipts for all cash transactions. All receipts must include, but are not limited to, the following information:  the date received, the dollar amount, a receipt number, name of the person paying for the transaction, description of the service or product, name of the department or area collecting the funds, and signature of the cash handler. Unused receipts must be maintained in a secured location.  Receipts may be purchased through any office supply store.  Here are some key things to keep in mind when writing your procedures:

  1. The depositor is responsible for having the funds and university deposit ticket transported to the Cashier’s Office for deposit. 
  2. All deposits must be made by noon each Friday, or as soon as cumulative funds reach $500.00.  All accumulating cash receipts totaling $500.00 or more must be deposited within 24 hours from the time of reaching this limit. 
  3. Stamp the back of each check with a restrictive endorsement (such as “University of Richmond For Deposit Only”).  The endorsement stamp should also include the name of the department.  Stamps can be ordered from Office Depot.
  4. Funds, log, and receipts must be kept in secure locations.  To protect the funds, they should be kept in a lockable container, such as a cash box, and stored in an area that is not visible to unauthorized personnel.  The container should not be left unattended during the work day.  At night or outside of business hours, all funds must be kept in a secured (locked) storage area, such as a locking file cabinet or safe.  The transaction log/receipts should be stored separately from the funds in order to maintain accountability for loss in the event of a theft.
  5. All transactions must be recorded on the transaction log.  If an error is made, draw a single line through the incorrect information, enter the correction, and initial.  This must be approved & dated by a supervisor or manager at the time of the transaction.
  6. A receipt must be given for all transactions that involve cash.