Business and Financial Policies and Procedures
 

Reconcile Cash Receipts Daily

Before You Begin

To ensure all funds are properly accounted for, units must reconcile received funds daily. Someone other than the person receiving the money must perform the reconciliation.

Begin

To reconcile cash receipts daily:

  1. Total the amount of the cash and checks received. Remove the change fund amount, if any, from the day’s receipts.
  2. Have someone other than the person receiving the cash or checks perform Steps #3-4.
  3. Prepare a total of all receipts or transaction records. Subtract all voided or refunded transactions to determine your net intake.
  4. Compare the total from Step #1 to the total of Step #3. If the comparison reveals an overage or shortage, record that amount.
  • Debit any shortage to the correct unit fund.
  • Credit overages to the correct unit fund.
Report any significant shortage (or theft) to your campus University Student Financial Services and Cashier Operations (USFSCO) as soon as possible. If the loss appears to be due to theft or fraud, notify your campus police and the Office of University Audits immediately.
  1. Complete a Report of Cash Sales/Money Received form or one of the paper forms available on each campus.
  2. Reconcile the receipt from USFSCO with your copy of the Report of Cash Sales/Money Received form. Report discrepancies to USFSCO immediately by phone, e-mail, or in person.

 

Forms Used in this Procedure

Report of Cash Sales/Money Received
Paper forms:
    Report of Cash Sales or Report Money Received (available for purchase from the Urbana Central Stores catalog)
    Report of Cash Receipts (available for purchase from the Chicago General Stores catalog)

Related Policies and Procedures

Reconcile Cash Receipts Monthly

Additional Resources

Campus USFSCO Office locations and hours:
    Urbana
    Chicago
    Springfield

 

Last Updated: October 21, 2011 | Approved: Senior Associate Vice President for Business and Finance - February 2008