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Template for Cash Receipt Procedures

1. Establish the following duties:

  • Who will accept cash/check payments
  • Who will verify deposit against the transaction log and/or receipts
  • Who will deliver the deposit to the Cashier’s Office
  • Who will maintain the cash/checks & receipts in a secure location

NOTE:  If necessary, the person responsible for the duties outlined in a & c may be the same person and the person responsible for the duties outlined in b & d may be the same person.  One person cannot assume all duties.

2. When you are presented with a cash payment a written receipt must be given.  The receipt should include:

  • The date
  • The dollar amount
  • Name of person paying for the transaction
  • Description of the service or product
  • Department name
  • Signature of the cash handler

3. Give a copy of the receipt to the payee, put a copy with the deposit and maintain a copy for your records (this applies to cash transactions only).

4. Record the receipt on the transaction log.

5. When preparing the deposit:

  • Count all cash and have in order by denomination and facing the same way and secure them with the calculator tape.
  • Add up checks and secure them with the calculator tape.
  • Prepare a University of Richmond Deposit Form (these are available from the print shop at no cost)
  • Have the deposit verified. Two people should verify the deposit (counting the cash and adding up the checks separately).

6. Bring the deposit to the Cashier’s Office.  You will walk away with an initialed/date stamped copy of the UR deposit form.  This receipt should be kept with the office copies of the receipt and the transaction log for that deposit.  You will also receive a receipt via e-mail once the deposit has been processed in Banner.

7. Verify deposits against budget to insure accuracy of deposit.  Identify where the cash/checks and receipts are kept until they are sent to the Cashier’s Office. Maintain receipts, log & supporting documentation for at least 18 months before destroying them.