Definitions

Cash Collections

The collection, control, and deposit of money due (payable) to the University from cash sales, collection of accounts receivable, etc.

Cash Disbursements

The dispensing of cash (both currency and check) to pay for expenditures for miscellaneous reasons and the control of funds set up for this purpose.

Imprest/Bursar Fund

Each campus maintains an Imprest or Bursar Fund to make small emergency payments and reimbursements for:

• Change funds
• Payments to vendors or individuals
• Unit petty cash funds
• Travel advances
• Cash in the form of currency or check as may be needed for day-to-day operations
• Other purposes that may require readily available cash

Reconciliation

Reconciliation is the process of comparing two sets of financial records to ensure the balances match. It is similar to balancing a checking account. For a petty cash fund, the cash on hand and receipts must equal the total amount of the fund.

Unredeemed Check

An unredeemed check is one returned to the University because the payor’s bank has refused to pay it. OBFS pursues a vigorous program of follow-up and collection of unredeemed checks and may impose penalties to check writers. Habitual offenders may have their check writing privileges revoked, be required to pay through guaranteed remittance such as money order or bank check, and may be reported to the County State's Attorney for appropriate action.

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