Accounting Services Section (ACT)
Effective Date: 01/01/1999
Last Modified Date: 06/29/2007
All checks, cash, or electronic payments received by departments should be documented by one of the following methods:
- Pre-numbered receipt
- Cash register report
- Check receipt log
- Alternate method
All University departments, schools, or agencies must make a daily deposit intact with the University Cashier (if not otherwise authorized to deposit in a designated bank) of all receipts received in their office. See General Statutes 147-77.
State and University policies require that adequate documentation be included to support and identify all deposits. Attach documents to the daily Cash Transmittal Report that will explain the source and nature of the funds being deposited. Examples of documents include correspondence, check stubs, receipts copies, etc. Copies of these documents should also be retained in departmental files. Documentation requirements may be waived or modified if the deposit is identifiable and it is considered more efficient to maintain the documentation solely in the department. Accounting Services should be contacted to request this exception. Written approval from Accounting Services must be obtained to qualify for this exception to the documentation policy.
Credit Card Payments
University departments, schools and agencies may accept MasterCard or VISA or AMEX as a form of payment. Electronic data capture is the preferred method of processing these payments and should be used in all possible instances over paper processing. Questions regarding establishment and training in the acceptance of MasterCard, VISA or AMEX should be directed to the Merchant Card Accountant, Cash Management, Accounting Services. Refer to Accouting Services Policy 33.
In accordance with Federal Reserve Banking instructions, State of North Carolina General Statutes 147-77 (CSH Apend 6: Daily Deposit of Funds to Credit of Treasurer), and University accounting procedures, it is necessary that all checks received by a department, division, school, or service of the University be properly endorsed before being deposited with the University Cashier. This provides a means of identifying check deposited by various departments and help identify checks returned by the bank for any reason and eliminates items being returned for improper endorsement.
All checks deposited to the Student Accounts and University Receivables or a University bank account regardless of how they are drawn or made payable, must be endorsed by the department in the same way that it is drawn or made payable, and must also show the department and the restrictive endorsement by the department making the deposit.
Electronic Transmission of Funds
Refer all requests related to electronic transmission of funds to the University to the Cash Management Accountant, Accounting Services, 962-0036.
Checks should not be cashed from receipts, as receipts should be deposited intact. Expenditures must never be made from receipts.
Reconciliation of Deposits
At month end each deposit should be reconciled with the cash receipt posting entry shown on the monthly Financial Records System account ledgers.
Cash gifts to the University should be sent to the Development Office for deposit. (See DEV Procedure 3, Depositing Cash Gifts.)
Contracts & Grants Deposits
Cash for deposit to Contract and Grant accounts must be forwarded directly to the Contract and Grants office. (See CON Procedure 5, Deposit to Contract and Grant Accounts.)
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