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Deposits

Handling of Cash Receipts/Cash Deposits

University Policy

1. The Cashier's Office is responsible for making all deposits to the State Treasurer.

2. It is University policy that all cash (checks, currency, and coin) collected by University departments and student organizations should be deposited on a daily basis with the Cashier's office utilizing a deposit form. If the deposit does not comply with University policy, a memo explaining the reasons will be sent to the department. 

3. The Cashier's Office closes its books each day at 3:30 p.m. For those departments or student organizations which consistently receive cash each business day, a daily cut-off time must be established in order to allow time for the department/organization to prepare the deposit and deliver it to the Cashier's office before 3:30 p.m. in order to be deposited the same day. 

4. Funds received in the departments after the cut-off time each day shall be deposited with the collections received the following business day. Each department and student organization is responsible for ensuring adequate procedures and controls over the temporary safekeeping of funds prior to their deposit with the Cashier's Office. Such procedures and controls should include at minimum: 

  1. Removal of funds from cash register or money tray by the designated fund custodian.
  2. Placement of funds in a locked bank bag (or locked metal container) and securement of the bag in a safe or locked cabinet or locked desk; and
  3. Access to the funds be limited to the designated fund custodian.

5. For those departments or student organizations which receive small amounts of cash on a irregular basis, while the daily deposit of cash is desirable, such daily deposit may not be practical or cost effective. In those cases where the amount of cash receipts are small and an adequate safekeeping facility is available, an aggregate amount of cash receipts not to exceed $25.00 may be retained in the departmental safekeeping facility for a period not to exceed five workdays. Within this five workday period the monies must be deposited with the Cashier's Office.

6. All checks received are to be restrictively endorsed immediately upon receipt. The recommended endorsement is:

            FOR DEPOSIT ONLY 
            PITTSBURG STATE UNIVERSITY 
            (Department's Title) 
            Account No. _____________

7. Under no circumstances will employees or students make disbursements from the department's or student organization's cash receipts. All cash receipts must be deposited with the Cashier's Office.

8. Departments receiving checks should encourage the makers of the check or checks to make them payable to Pittsburg State University and not to the department. However, the following payee format is acceptable: Pittsburg State University/(Name of department). Departments should not request checks to be made payable to the department or individual.

Preparation and Transmittal of Departmental Deposits

   Daily Deposit of Service Area forms are required for all deposits. These forms can be attained from the Cashier's Office. They should be completed in the following manner:

1. The departments fund, unit numbers and unit name. 

2. Date the deposit is prepared and forwarded to the Cashier's Office.

3. Date the monies were receipted. 

4. List the receipt numbers if utilizing them. 

5. List the object code under "Source". 

6. List the description. 

7. List the amount for each source. 

8. Under "Deposit to Cashier", provide the breakdown of the amount of checks, credit cards, currency and coin that is being sent to the Cashier's Office. 

9. Under "Cash Records", provide an accounting of all checks, credit cards, currency and coin that includes the amounts being sent to the Cashier's Office and the change fund. 

10. Account for any shortage or overage of collections. 

11. Person completing the deposit form signature. 

12. Credit card slips should be attached to their appropriate batch total slip. 

13. Checks should be reviewed to ensure the are made payable to PSU, matching numeric and written amounts, signed by the person, and endorsed appropriately. Checks should also have attached two calculator tapes with both identical amounts and order.