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Business and Financial Policies and Procedures

10.2.5 Reconcile Cash Receipts Daily

Policy Statement

To ensure all funds are properly accounted for, units must reconcile received funds daily. Proper segregation of duties ensures that no one person has sole control over the entire cash handling process from receiving to reconciling. Someone other than the person receiving and depositing the money must perform the reconciliation.

Procedure

When preparing the daily Report of Cash Sales, Money Received, or online Department Deposit form report any significant shortage to University Bursar Cashier Operations. If the loss appears to be due to theft or fraud, notify university police and the Office of University Audits immediately.

The reconciler should compare the receipt from University Bursar Cashier Operations office to the Report of Cash Sales, Money Received, or Department Deposit form, and to the receipts or transaction records. Report discrepancies to University Bursar Cashier Operations.

Forms Used in this Procedure

Department Deposit
Instructions for using the Online Department Deposit Form

Paper form:
    Report of Cash Sales (item #11485880) (available for purchase from the Urbana university iStores)

Related Policies and Procedures

10.2.6 Reconcile Cash Receipts Monthly

Additional Resources

University Bursar office locations and hours:
    Urbana-Champaign
    Chicago
    Springfield

Last Updated: June 18, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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