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Policies and Procedures

ABUSF 111

Number:

ABUSF 111

Section:

Finance & Administration

Subject:

Cash Receipting

Date:

March 1, 2010

Reviewed on:

August 1, 2013

Issued by:

Controller

Authorized by:

Vice Chancellor for Finance & Administration

 

I. Policy

All monies for deposit to USC Aiken funds must be receipted by the Business Services Office. Departments receiving monies designated for the University of South Carolina Aiken are responsible for ensuring adequate  control procedures are in place to secure  proper collecting, receipting, reporting and reconciliation of coins, currency, checks, money orders and credit cards.

II. Procedures

USC Aiken departments receiving monies will use automated receipting or use a university receipt book to complete campus receipting transactions. Copies of theses receipts along with money are brought to the Business Services Office daily when the total amount on hand exceeds $50.00; but regardless of amount must be deposited with Business Services at least once a week. 

Receipt books are logged and issued to campus departments by the Business Service Office as part of the standard receipting process. 

Departments using automated or alternative receipting processes must meet University standards for internal and audit control. Any non standard process must be reviewed, documented, and authorized by the Business Services Office.

Voided receipts must be recorded and included in deposit information with Business Services.

Department representatives must obtain a Business Services Office receipt for all deposits to the Business Office.

Business Services will deposit funds at the designated bank daily in accordance with University and SC State Treasurer deposit requirements.

III.   Related Policies

IV.   Reason for Revision

Annual Review