School of Osteopathic Medicine Policy
TITLE:
Depositing Payments
CATEGORY:
Check One
Responsible
Executive:
Board of Trustees
Chief Financial Officer - SOM
CODING:
I.
Presidential
ADOPTED:
Functional
Responsible
Office:
School/Unit
Finance
01/02/2006
AMENDED: 04/25/2014
LAST REVIEWED: 04/25/2014
PURPOSE
To create a consistent and timely method for depositing monies received from office services so that
revenue is handled properly.
II.
ACCOUNTABILITY
Department Administrators or designee
III.
DEFINITION(S)
N/A
IV.
POLICY
All employees with fiduciary responsibilities operate with strict consistency and controls in the
handling and safekeeping of all transactions pertaining to money
V.
PROCEDURE
A. ALL DEPARTMENTS
1. Your bank transmittal number (B-) is located on your spreadsheet. This number is provided
by the Data Control Clerk’s office and should be written on your deposit slip along with
your department’s location (SOFS, GIMW, WASH-SPEC. etc)
2. Department Practice Supervisor reviews each batch proof for accuracy. Return to user to
correct if there is an error.
3. List the batches in date order on the spreadsheet with the payments as follows; cash, checks,
and credit cards. For payments Received on Account refer to Appendix A. Print 2 copies of
the spreadsheet – one copy with the corresponding copies of the batch proofs will stay in the
department and one copy with corresponding copies of the batch proofs will be sent to the
Data Control Clerk after the deposit is completed along with any cc settlements for that
deposit.
4. After money is verified to batch proofs, deposit procedures should be done as follows:
a. Cash and Coin deposit
 Cash deposits must be segregated from any check deposits.
Depositing Payment
Adopted: 01/02/2006
Amended: 02/25/2014
Page 1 of 7
 Cash deposit must include a deposit ticket which declares the
value of the currency enclosed. The breakdown of the entire
deposit should be written in the body of the deposit ticket.
 The deposit should be sealed in a separate bag from the check
deposit.
 Cash should be placed in straps of 100 notes of like denominations
wherever possible, i.e. $100 (ones), $200 (twos), $500 (fives),
$1000 (tens), $2000 (twenties), $5000 (fifties), and $10,000
(hundreds). It is permissible to have straps containing $10000
(fifties) and $1000 (hundreds) if you do not have enough volume
to make 100 note straps. Excess cash (less than 100 notes) can be
placed in the reversed straps by denomination with the
amount written on the strap.
 Cash within each strap should all be facing dark green side up.
 100 note straps should, where possible, be rubber banded 10 straps
per bundle, again all facing in the same direction. Odd straps
(under ten) should be rubber banded together by denomination.
Less than full 100 notes straps should be banded together with
an add tape that indicates dollar value of each denomination.
b. Check deposit
 Checks deposits must be segregated from any cash deposits
 Checks should be rubber banded together, never uses staples or
paper clips. The deposit ticket should be banded on top with the
batch of checks.
 An adding tape should be included with each batch.
***CASH DEPOSITS AND CHECKS DEPOSITS MUST BE IN SEPARATE BAGS***
5. The total of your deposit slip (or deposit slips) must equal the total of your cash and checks
on your spreadsheet and the daily totals of your credit cards on your spreadsheet should
equal the daily settlement totals from your credit card machine.
6. Make 2 copies of the deposit slip (if you have 2 deposit slips, both slips should be on each
copy) – one to Data Control Clerk in the Business Office and one to remain in the
department. Send original to the bank with the money.
7. Fax a copy of the deposit slip and the spreadsheet to Data Control Clerk at 856-770-5781 for
verification and totals.
8. Cash bags should be filled out before cash is placed in the bag to avoid damage.
9. Fill in the boxes on the bank deposit bag, rip off the plastic tab (with bag number), staple
plastic tab to the back of the spreadsheet and send to Data Control Clerk. Keep the bank
bag in the safe until the Armored Car picks it up.
10. Complete the Armored Car logbook as follows:
a. Each bag number and associated dollar value must be recorded in your
carriers receipt book.
11. Verify identity of the Armored Car employee and keep the Armored car receipt with your
department’s copy of the spreadsheet, deposit ticket and batch proofs for that deposit.
NOTE: ANY BATCHES NOT RECONCILED, LOGGED AND/OR BATCHED CORRECTLY
WILL BE RETURNED TO YOUR OFFICE FOR CORRECTION
B. Offices Not Performing Charge Entry at Point of Service
1.
Follow above directions and include a copy of the co-pay list
Depositing Payment
Adopted: 01/02/2006
Amended: 02/25/2014
Page 2 of 7
APPENDIX A
Rowan University-SOM
Procedure for Processing Payments that Patients Make
On an Outstanding Balance in a Clinical Practice
Referred to as
“Received on Account (ROA)”
1.
Credit Cards
A. Patient seeking to pay a past due bill with a credit card should be directed to call the CBO
cashier’s office at either (856)770-5713 or (856)770-5782.
B. The cashier will work with the patient to identify the past due amounts and will process the
payment(s) using established payment processing guidelines.
C. A confirmation of the credit card transaction will be sent to the patient via email or United
States mail once the transaction is processed thru Heartland Connect (credit card company).
2.
Cash and Checks
A. Front desk staff will give the patient a receipt after receiving a ROA payment from the
patient.
B. Front desk staff must identify the invoice number(s) that the patient(s) is paying and
complete the ROA Payment Request Form for each patient. The form may be used for
C.
D.
E.
F.
multiple payments for said patient, but the amounts should be identified separately.
The deposit date on the ROA Payment Request Form must match the deposit date on the
batching spreadsheet. There are two examples of this on the attached ROA Payment
Request Forms labeled “Sample”: one for payment by cash and one by check.
The total amount of cash and checks should be listed in the appropriate columns on the line
at the bottom of the “Batching Spreadsheet” in the row labeled “ROA”.
The ROA Payment Request Form must be faxed to the cashier’s office at (856)770-5781.
Upon receipt, the cashier’s office will apply the payments to the patient account(s) using
established processing guidelines.
Depositing Payment
Adopted: 01/02/2006
Amended: 02/25/2014
Page 3 of 7
Depositing Payment
Adopted: 01/02/2006
Amended: 02/25/2014
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Depositing Payment
Adopted: 01/02/2006
Amended: 02/25/2014
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Depositing Payment
Adopted: 01/02/2006
Amended: 02/25/2014
Page 6 of 7
Appendix B
Missing Deposit Escalation Procedure
Rowan – SOM
Central Business Office
1. Week One
a. If a deposit is not received from any office within one week, cashier will notify the Practice
Supervisor via email and copy the Department Administrator of the location in question
and request a status report.
b. Cashier will also notify their supervisor in the CBO and the Manager.
2. Week Two
a. If a deposit is not received with two successive weeks, cashier will notify their supervisor
and the CBO Manager.
b. CBO manager will notify Department Administrator, CFO, Director of the FPP and the
Director of the Revenue Cycle and Financial Reporting.
c. Director of the FPP will provide a status report.
_______________________________
Michael Rieker, Chief Financial Officer
Depositing Payment
Adopted: 01/02/2006
Amended: 02/25/2014
Page 7 of 7