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

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. Prepare a total of all receipts or transaction records. Subtract all voided or refunded transactions to determine your net intake.
3. Compare the total from Step #1 to the total of Step #2. 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 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 university police and the Office of University Audits immediately.

4. Complete appropriate Report of Cash Sales, Money Received, or online Department Deposit form and arrange for deposit to be picked-up or delivered to the USFSCO Operations office.
5. Reconciler should compare the receipt from USFSCO to 1) the Report of Cash Sales, Money Received, or Department Deposit form, and 2) to the receipts or transaction records. Report discrepancies to USFSCO immediately by phone, email, or in person.

Forms Used in this Procedure

Department Deposit

Instructions for using the Online Department Deposit Form

NOTE: The Department Deposit Form contains interactive fields and is best viewed using Internet Explorer (IE), or downloaded for offline use with Adobe Reader/Acrobat. MAC users should install Adobe Reader for Macintosh, and then download the form.

Paper form:
    Report of Cash Sales (item #11485820) (available for purchase from the Urbana university iStores)

Related Policies and Procedures

10.2.6 Reconcile Cash Receipts Monthly

Additional Resources

USFSCO office locations and hours:
    Urbana-Champaign
    Chicago
    Springfield

Last Updated: February 5, 2019 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008