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Business and Financial Policies and Procedures

10.2.2 Reconcile Cash Receipts Daily

Policy Statement

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.

Reason for the Policy

To ensure all funds are properly accounted for and help safeguard University funds, someone other than the person receiving and depositing the money must reconcile any funds received each day and report any significant shortage.

Applicability of the Policy

This policy applies to all University of Illinois Cash Handling Units.

Procedure

When preparing the daily Report of Cash Sales, Report of 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, immediately notify University of Illinois Police Department and the Office of University Audits.

The reconciler should compare the receipt from University Bursar Cashier Operations Office to the Report of Cash Sales, Report of 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

10.2.3 Deposit Cash and Checks with University Bursar

Additional Resources

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

 

First Published: February 2008 | Last Updated: March 2023 | Last Reviewed: March 2023

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