Cash Deposits - New York State Agricultural Experiment Station

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Cornell University
New York Agricultural Experiment Station
Administrative Service Center
Standard Operating Procedure (SOP)
Task:
Cash Deposits (Misc. Income)
Sub-Process:
Preceding task:
Revision Date:
June 13, 2006
Description:
Frequency:
Cash Handling for misc. income to be deposited at the Five Star Bank, Geneva, NY.
*Units and Departments should utilize the Cash Management Lock Box process as a
general rule. The process described below is an exception process.
Department/Unit Administration, ASC Transaction Specialists, ASC Team Leader, ASC
Administrative Assistant
Timing:
Process Steps:
Department/Unit Administrative Support
Responsibility:
Step 1: Receive cash/checks (Dept./Unit Administrative Support)
 Endorse immediately upon receipt: For Deposit Only-Cornell University
 Prepare a pre-numbered customer receipt using 2-part receipt book. Provide the
original to the customer and retain one copy in receipt book. (Addendum A)
 Prepare a 4-part NYSAES Report of Income for Deposit form (Addendum B) to
send cash/checks to the ASC (serves as a control document). Be sure to include
accurate cash/check totals.
 Forward the first three copies (white, yellow, pink) to the ASC and retain the last
copy (gold) for your records.
 Place the Income for Deposit form along with the cash/checks in the
Accountable envelope and hand to mail carrier. In the absence of mail carrier,
deliver directly to the ASC.
 Receive a copy (pink) of the Income for Deposit form back from the ASC and
attach to the Department copy (gold) verifying that the total of checks/cash sent
to the ASC equals the amount received/signed for by the ASC. Retain both
copies for department records.
 Notify the ASC if you do not receive confirmation of cash/check receipts within
two business days of the Income for Deposit form being sent.
ASC Transaction Specialist A
Step 2: Receive checks/cash
 Receive Income for Deposit form with cash/checks from the mail carrier.
 Verify the total received from the Department/Unit.
 Sign and date the Income for Deposit form and return a copy (pink) to the
Department/Unit.
 Indicate the operating account to credit for each deposit.
 Pull the original invoice copy from the file, indicate the date paid, and place with
the Income for Deposit form.
 Post the customer payment (if applicable) in the AccountEdge billing system.
 Forward the first copy (white) of the Income for Deposit form to the ASC
Administrative Assistant for bank deposit reconcilement.
 Place the last copy (yellow) of the Income for Deposit form along with the
cash/checks, and invoice copy in the ASC locked safe for deposit.
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Cornell University
New York Agricultural Experiment Station
Administrative Service Center
Standard Operating Procedure (SOP)
ASC Transaction Specialist B
Step 3: Prepare bank deposit
 Retrieve cash/checks from the ASC safe and prepare ASC Bank Deposit
spreadsheet (Addendum C)
 Run a calculator tape indicating cash, coin, and checks for deposit. Ensure that
the calculator tape equates to the ASC Bank Deposit spreadsheets totals.
 Prepare the Five Star Bank deposit ticket (Addendum D) indicating cash, coin,
checks, and total of deposit.
 Deliver deposit to the local bank: Five Star Bank, Geneva, NY
 Receive deposit receipt and place with deposit documentation (yellow Income
for Deposit form and invoice copies).
 Complete a journal (JEMS) to credit operating (faculty/program) account and to
debit the University general ledger accounts (710-0017 & 710-0029).
 Forward completed deposit to ASC Administrative Assistance to reconcile.
ASC Transaction Team Leader
Step 4: Approve JEMS
 Validate accounting on JEMS by utilizing deposit backup documentation (Income
for Deposit form and invoice copies).
 Ensure that the amount deposited (bank receipt) is the amount debited from the
University general ledger accounts (710-0017 & 710-0029).
ASC Administrative Assistant
Step 5: Validate funds deposited
 On a weekly basis, reconcile the white Income for Deposit forms with the weekly
deposit using the yellow Income for Deposit forms and the bank receipt to
ensure that all funds were deposited by Transaction Specialist B
 File completed bank deposit with ASC records
ASC Transaction Team Leader
Step 6: Bank Account Reconcilement
 Reconcile bank accounts/university general ledger accounts monthly by utilizing
bank statements received from the Division of Financial Affairs Cash
Management Office (Addendum E)
 Prepare JEMS to move bank interest to the proper account and to make
necessary adjustments (NSF, chargebacks).
 Send JEMS to ASC Transaction Specialist A for approval.
 File completed JEMS with ASC records.
Input(s):
Output(s):
Form(s) req’d:
Report(s):
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Cornell University
New York Agricultural Experiment Station
Tools req’d:
Policy/Rules:
Error
correction
Procedures:
Written by:
Reviewed by:
SOP filename:
File Location:
Administrative Service Center
Standard Operating Procedure (SOP)
Cornell University Policy 3.22; Accepting Cash and Checks
Geneva Administrative Service Center
C:\Documents and Settings\Kim Moyer\My
Documents\Procedures\CashDeposits.doc
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