The University has a duty to ensure that all receipts are recorded properly, promptly and in full.
The over-riding principle is that there should be a segregation of duties between the collection of cash and the verification of income received (e.g. a supervisor should check the total taken through a till against the till reading). Where this is not possible, two people working together should be responsible for receiving cash (e.g. collecting launderette takings).
“Money” refers to cheques and cash. “Cash” means notes and coins.
Money received in School/Department Offices
Requests to customers for payments should indicate that cheques are to be sent directly to the University Cashier’s Office (rather than to the School or Department). Please inform the Cashier’s Office Supervisor of payments expected, quoting the accounts codes to be credited. For control purposes and the efficient processing of receipts, all requests for payments should be invoiced through the Cashier’s Office.
ALL REQUESTS FOR PAYMENTS WHICH INCLUDE VAT MUST BE INVOICED. SCHOOLS/DEPARTMENTS MUST NEVER ISSUE THEIR OWN INVOICES.
Where it is anticipated that cheques or cash will be received through the mail, two members of staff should open the post together. They should keep details of the remittances as a permanent record (date, name, amount and purpose).
It will be convenient at times to receive small sums of money in School/Department offices from staff and students. Any payments in cash must be counted in front of the customers and signed receipts must be given. Receipt books are available from the Cashier’s office – these must be kept secure and returned to the Cashier’s office when no longer required. (Exceptionally for course notes, it will be sufficient to draw up a list of students in advance, tick off the names when payment is received and hand over the course notes as a receipt).
Money received must always be counted by two people – either a member of staff with the customer or two members of staff.
Correcting fluid must not be used to amend accounting records – mistakes should be struck out with a single line and the amendment initialed.
Cash and cheques received should be locked away in a cash box or drawer and then taken to the Cashier’s Office for banking as soon as possible. Cash in excess of £250 must be delivered to the Cashier’s Office on the day of collection. Cheques and lesser amounts of cash should be banked within 48 hours.
Cash receipts must be banked intact – on no account must any cash held be used to meet expenses.
When cash collected changes hands, the amount should be recorded and where possible counted by both parties in the presence of each other. Cheques should be listed and checked. Both parties should sign and date a receipt to confirm the transfer.
Outlets receiving takings principally in cash are equipped with tills.
Tills must be placed within sight of customers.
Each till float is to be controlled through a “float book”. The float book is to be signed when the float is collected and whenever the float is passed from one operator to another.
All sales must pass through the till.
Tills must be closed between each transaction.
Receipts should be given wherever possible.
Audit rolls must be used.
Official shortage pads should be used to record till errors. The person concerned should sign these documents and they should be countersigned by a Supervisor. Significant shortages should be reported immediately for action to be taken.
Till roll totals should be reconciled daily to takings by a Supervisor and recorded in a permanent register. Z keys are to be kept by Supervisors and not by till operators. Z key readings are to be taken on cashing up the till and must be reconciled to takings. Records are to be maintained by Supervisors of sequential numbers of Z key readings.
Two people should empty all machines taking cash. Two people working together should count the cash and the total must be agreed with any readings available from the machine.
Holders of safe keys should be listed by Heads of Schools/Departments. All spare duplicate keys should be deposited in sealed envelopes in the Security Office safe. As a condition of the University’s insurance, all safe keys must either be removed from the premises or held by the Security Office out of business hours.
Cash Equivalent Vouchers
High Street gift vouchers, book tokens and similar cash equivalent vouchers may sometimes be used as incentives to participants of research contracts. Where this happens they must be treated as if they were cash and the same level of controls exercised.
Vouchers purchased must always be counted by two people and the receipt logged in a register. The register should be signed to acknowledge the initial value.
The vouchers must be kept in a locked sage with restricted access and a person designated to be responsible for them. this should not be the same person who intends to use them.
Vouchers should only be issued on receipt of documentation that backs this up. This documentation should be retained. The designated responsible person and user (the person who will distribute the vouchers) should both sign the register to acknowledge the issue.
The register should therefore provide evidence of receipts, issues and balance of vouchers. At the end of the exercise a check should be made that the vouchers issued matched the number of participants.
The use of cash as an incentive is discouraged, but if deemed necessary then please contact the Finance Office for further information and advice.
Cash in Transit
Ensure safe and complete transfer of cash concealed from view in public places.
Transfer cash in a timely manner.
All cash over £2,500 should be transported in sealed bags, with serial number of the bags being recorded at despatch and signed for at receipt of cash.
Cash should be escorted by the minimum of the following numbers of people:
- Up to £2,500 - One person (cash to be hidden from view)
- £2,501 to £10,000 - Two people, of which at least one would be from Security and one would carry a mobile phone or security frequency radio
- £10,001 to £15,000 - Three people, of which at least one would be from Security and one would carry a mobile phone or security frequency radio
- £15,001 and above - not to be escorted in one journey
These cash transportation limits are set as the minimum requirement for the University but operation areas could set more conservative limits.
All cash procedures should refer to the University's transportation limits and for areas that set more conservative limits, this should also be stated in their operational procedures.
It is the responsibility of outlet staff to ensure the cash in transit limits are adhered to.