Procedure CR2059 - Processing and Controlling Pre-numbered Receipts at University Park
Office of the Corporate Controller
Policy Steward facilitating procedure: Associate Vice President for Finance and Corporate Controller
Table of Contents:
- ORDERING PRE-NUMBERED RECEIPTS FROM SYSTEMS & PROCEDURES
- VERIFICATION OF THE PRE-NUMBERED RECEIPTS
- PROBLEM RESOLUTION
- COST OF PRE-NUMBERED RECEIPTS
- PRE-NUMBERED RECEIPT INVENTORY RECORDS
- USE OF PRE-NUMBERED RECEIPTS
- AUDIT COORDINATION - FINANCIAL AND PROCEDURAL
- RECORD RETENTION, DISPOSITION AND DESTRUCTION
- CONTACT INFORMATION
- CROSS REFERENCES:
In order to provide for written documentation of cash and checks received, bound books of University Pre-numbered Receipts are to be used at all University locations. Pre-Numbered Receipts of the General Forms Usage Guide) will be used for all situations except where an existing University receipt is used at the time of transaction such as the Student Estimated Bill, ASA Pre-numbered Receipt, Bursar's receipts, cash registers, etc.
These books of Pre-numbered Receipts are distributed to each Financial Officer by Systems and Procedures upon request. The Financial Officer will distribute the books locally. For audit control, each Pre-numbered Receipt book must be assigned to a specific individual. Only under rare circumstances may more than one individual use the same book. If the Financial Officer feels that it is absolutely necessary for multiple individuals to share the same book, one of those persons must be identified as taking the responsibility for the use of the book. No more than 4 individuals may share one book.
When additional books must be issued on a temporary basis, as in peak work periods, they must be assigned individually and the recipient's name recorded. Partially used books must be returned to the Financial Officer at the end of such temporary work periods, and the book signed back in to inventory by the Financial Officer.
All requests for Pre-numbered Receipts must be made to Systems and Procedures by a Financial Officer.
Upon receiving the request, Systems and Procedures will draw from its inventory and ship the requested quantity to the Financial Officer (or hold for pick-up). Systems and Procedures will include a letter of acknowledgment asking the Financial Officer to verify that the shipment was received in good order.
Upon receiving the Pre-numbered Receipts, the Financial Officer must first verify that the proper quantity and number series was received. This verification process must be done promptly. The Financial Officer is to sign the letter and return it to Systems and Procedures. Any damages or discrepancies between the shipment and the letter of acknowledgment are to be reported to Systems and Procedures on that letter.
Upon notification of a problem, Systems and Procedures will contact the Financial Officer and give special instructions as to the resolution of any discrepancies.
University Park Pre-numbered Receipts will be made available to University Park Financial Officers at a cost from Systems and Procedures.
Financial Officers are required to maintain accurate inventory records of the supply and use of Pre-numbered Receipts. At a minimum, these records must readily provide the following information:
- The number series of the Pre-numbered Receipts that have been received from Systems and Procedures.
- The number series of the Pre-numbered Receipts that have been issued to the various areas under the Financial Officer's responsibility.
- The series number of each Pre-numbered Receipt that has been used (i.e., given to a person making a payment).
A sample log sheet for recording the issuance and return of Pre-numbered Receipts to the user areas appears as Exhibit "A". A numbered log sheet that can be used to track the use of individual Pre-numbered Receipts issued appears as Exhibit "B".
It is especially important that each Pre-numbered Receipt be traceable to an AIS posting or to a Report of Cash Receipts.
The Financial Officer is responsible for ensuring that procedures pertaining to the accountability and safeguarding of all cash receipts, cash funds, and other assets are established and followed in accordance with approved University policies and procedures. Regular audits relating to advances, cash, travel, equipment accountability, and other expenditures provide a means to protect University assets. The Financial Officer is responsible for working with Internal Audit when audits are being performed in the administrative area, as well as performing an annual audit that is submitted to the Assistant Controller.
Record retention must be managed in accordance with Policy AD35 - University Archives and Records Management , and records schedules approved by the Records Management Advisory Committee, Office of General Counsel, and Office of the President. These retention requirements are the University's retention criteria, either derived or based upon federal, state, and local statute or regulations, industry standards, and business needs. Retention beyond recommended time periods require justifiable reasons and warrant review by the Records Management Officer or designee. All documents must be maintained in such a manner so as to provide ease of access for review, and to provide a suitable audit trail for all transactions.
- Documents subject to a Legal Hold (see AD35, Legal Hold). A legal hold will remain in effect until it is released in writing by the Office of General Counsel.
- Documents under audit or review, either internally or externally. The retention period extends until released by the Corporate Controller's Office. The Financial Officer will be notified regarding any accounts which are under audit; the Financial Officer will be responsible for contacting the department.
Additional questions may be directed to the University Archivist or the Records Management Officer.
For questions, additional detail, or to request changes to this procedure, please contact the Associate Controller.
- Policy AD22 - Health Insurance Portability and Accountability Act
- Policy AD35 - University Archives and Records Management
- Policy FN01 - Processing Cash Revenues
- Blue/White Shredding Program
Date Approved: 12/02/88
Most recent changes (and effective dates):
- Original - Dated 10/26/88
- Original - Dated 10/26/88