All grants and contracts funds should be mailed directly to Grants and Contracts Accounting from the sponsors. If a sponsor inadvertently sends a check to a department, the check along with any sponsor’s correspondence, must be delivered to Grants and Contracts Accounting on the same day. The department should keep a copy of the check and correspondence as documentation received by a department. Grants and Contracts Accounting and Cashiering Operations encourage sponsors to deposit funds electronically.

If a check is received by the department or Principal Investigator prior to Banner index creation, the check, along with a copy of the completed “sponsored Program Proposal Internal Approval” form must be either hand or special courier delivered (on the same day as received) to Grants and Contracts. Grants and Contracts Accounting will either obtain the new Banner index to be used for the deposit or deposit the funds to the Grants and Contracts suspense index that same day. Deposits must be made on a daily basis. If the deposit is made to suspense, the funds will be transferred to the appropriate Banner index after Sponsored Programs Administration authorizes the creation of the Banner index. If authorization is not provided, the deposit will remain in suspense until the University receives an award notice for creating an appropriate sponsored program index.

Deposits from program income must also be deposited daily. Grants and Contracts Accounting will make these deposits based upon program income alternative required by the sponsor.

5.10 Cash Receipting Procedures

Cash receipts must either be recorded on a cash register or by using pre-numbered University Cash Receipt Forms (see http://www.vcu.edu/treasury/eforms.htm). Exceptions are granted for collections from coin machines, copiers, and student activities where receipts are not feasible (a copy of the daily settlement must be provided). Departments using cash registers should record all cash transactions on the cash register, as such. Cash Receipts must be used in numerical sequence, and all copies of any voided Cash Receipts are to be sent to the Cashiers' Office, Box 842506.

Section 5.11, Receiving and Depositing Cash

A Deposit/Receipt form is used to deposit cash collections with the Cashiers’ Office. The Cash Receipt numbers used should be listed on the Deposit/Receipt form; if they are too numerous to list, indicate only the beginning and ending cash receipt numbers used. Voided Cash Receipts and, if applicable, the beginning and ending cash register transaction numbers should also be listed on the Deposit/Receipt form. An adding machine tape showing the total of the Cash Receipts is to be included with the deposit. If a cash register is used, a Daily Cash Settlement Report and the cash register total (Z) tape must be attached. The approving officer should not sign the Deposit/Receipt form unless the total of the Cash Receipts equals the total on the Deposit/Receipt form. A photo copy of the Deposit/Receipt form is retained in the department for reconciliation purposes. Once the deposit has been processed at the Cashiers' Office, a receipt is to be given to the employee responsible for reconciling the deposits and Cash Receipts. The amount validated by the Cashiers must agree with the amount on photo-copy of the Deposit/Receipt form. All noted differences are to be immediately reported to the fiscal administrator and/or department head and the Manager of Cashiering Operations.

A separation of duties must be maintained for the receipting of cash. The employee receiving the cash and preparing the Cash Receipt should prepare and sign the Deposit/Receipt form. The department head, or other designated employee in the department, must verify, approve by signature and date the Deposit/Receipt form. The preparer and the department head approver cannot be the same person.

The Cash Receipt forms are to be reviewed at least monthly by the fiscal administrator to ensure that all receipts are accounted for and have been used sequentially. Prenumbered Cash Receipt forms are issued by the Cashiers’ Office along with a Cash Receipt log of all numbers issued to the department. The department is responsible for recording the date each Cash Receipt form is used on the Cash Receipt log. The completed Cash Receipt log and any voided Cash Receipt forms must be returned to the Cashiers’ Office in order to receive additional Cash Receipt forms. The Cash Receipt log documents the usage of the Cash Receipt forms. The beginning and ending transaction numbers on the cash registers are to be reviewed daily or at the end of each shift by the responsible person to verify that no transaction numbers are missing. A break in the sequence may indicate unauthorized use of the Cash Receipts and the cash registers. All deposits are to be reconciled with the Cash Receipts or the register tapes. The deposits are to be traced to the appropriate account in Banner. If any discrepancies are noted, Treasury Reporting is to be notified immediately, preferably via the Financial Inquiry/Request form. This form can be accessed on the Web under Procurement and Payment, General Information, Electronic Forms Index (http://www.vcu.edu/procurement/). Please click on the Dollar Inquiry or Change Request and then the Transaction type – Deposits/Receipts.

Section 5.12, Receiving and Depositing Checks

All checks should be made payable to VCU, Virginia Commonwealth University or any variation thereof. Checks received not made payable to VCU must be endorsed on the back of the check, "Payable to VCU," and signed by the person to whom the check was written. No postdated checks are to be accepted. Departments are advised not to accept any checks marked “Paid in Full”, since this deems acceptance of the offered dollar amount. If the check is for less than the amount owed and it is marked “Paid in Full” refer the matter to the Manager of Cashiering Operations. The numerical and written amounts on the check must agree. The maker must sign the check. All checks must have a complete address and telephone number of the maker. Any changes should be clearly legible and initialed by the maker. Upon receipt, all checks must be restrictively endorsed on the back, "FOR DEPOSIT ONLY, VIRGINIA COMMONWEALTH UNIVERSITY". This acts to safeguard the check while it is in the department's possession. The department's name may also be included in the endorsement, if desired. Endorsement stamps may be obtained from Treasury Reporting. Federal Reserve regulations specify that all endorsements must be within 1 1/2" of the leading edge of a check. Any other endorsements or information must also fall within this 1 1/2" restricted area.

Receipts of checks must either be recorded on a cash register or by using a Check Log (see http://www.vcu.edu/treasury/eforms.htm). Departments using cash registers should record all check transactions on the cash register, as such. The check log entry is to be made on the day that the check is received, noting the check date, check number, maker, purpose and amount. Pre-numbered University Cash Receipts are not required for checks, but may be issued upon request.

A Deposit/Receipt form is used to deposit checks with the Cashiers’ Office (checks and cash may be deposited using one Deposit/Receipt form). The details of each check are to be written on the Deposit/Receipt form; if they are too numerous to list, a copy of the check log must be attached. If a cash register is used, a Daily Cash Settlement Report (see section 5.20) and the cash register total (Z) tape must be attached. The approving officer should not sign the Deposit/Receipt form unless the total of the checks equals the total of the deposit. A photo-copy of the Deposit/Receipt form is retained in the department with the check log for reconciliation purposes. Once the deposit has been processed at the Cashiers' Office, a receipt is to be given to the employee responsible for reconciling the deposits to the check log. The amount validated by the Cashiers must agree with the amount on the photo-copy the Deposit/Receipt form. All noted differences are to be immediately reported to the fiscal administrator and/or department head and the Manager of Cashiering Operations.

A separation of duties must be maintained for the functions of recording and depositing checks. The employee opening the mail and preparing the check log and the Deposit/Receipt form must sign the Deposit/Receipt form. The department head or other designated employee in the department must verify, sign and date the Deposit/Receipt form. The employee approving the deposit is also to initial and date the check log entries to indicate that the checks are included in the deposit. The preparer and the department head approver cannot be the same person.

The fiscal administrator is to review the check log or the cash register tapes, and the Deposit/Receipt forms at least monthly. Deposits are to be reconciled to the check log or the register tapes. Each listing on the check log should be initialed to signify its inclusion in a deposit. The fiscal administrator is to initial and date the check log or the register tapes to signify his or her review. The deposits are to be traced to the appropriate account in Banner. If any discrepancies are noted, Treasury Reporting is to be notified immediately, via the Financial Inquiry/Request form. This form can be accessed on the Web under Procurement and Payment, General Information, Electronic Forms Index (http://www.vcu.edu/procurement/). Please click on the Dollar Inquiry or Change Request and then the Transaction type – Deposits/Receipts.

Section 5.13, Receiving and Depositing Charge Cards

University departments may accept VISA, Master Card, Discover Card and American Express for payments, provided prior approval is obtained from the Manager of Treasury Reporting. Payments made by charge card are recorded on Sales Slips or printed on single-ply paper. Designated departments process charge card payments and credits on point-of-sale terminals that print the transaction information on single-ply paper. It is strongly suggested that charges and credits include the customer’s telephone number and Id number. Credit cards should be verified to a driver’s license or other acceptable proof of identification. If a refund is necessary for a customer that paid by charge card, a credit must be made to the charge card. Cash or check refunds are not permissible in accordance with credit card regulations. The total amount of the credit transactions is subtracted from the amount of the total sales to obtain net sales.

At the end of each business day, the net sales (or credit) for the day must be transmitted to the bank card center by closing the batch on the point-of-sale terminal. The batch total must agree to the net sales for the day.

Departments using cash registers are to record all charge card sales on the cash register and the appropriate entries should be recorded in Banner.

All deposits are to be reconciled with the Sales Slips, and the register tapes, if applicable. The deposits are to be traced to the appropriate index in Banner.

Section 5.14, Bank Card Charge Backs

A BankCard charge back occurs whenever a charge card error or discrepancy is observed by the cardholder. The bank card center charges back the University's bank and will notify Treasury Reporting. Upon receipt of the charge back, Treasury Reporting will debit the department's index of original deposit. The department is responsible for providing Treasury Reporting with a copy of the original merchant copy of the sales slip. Treasury Reporting will notify the bank card center of the department's proof of charge. If the bank card center reverses the charge back, the department's index will be credited.

Section 5.15, Foreign Item

Departments receiving funds from foreign sources must request checks in U. S. dollars. Checks drawn on other than an U.S. bank are handled separately from other deposit items. The minimum amount for foreign items is $100. The foreign items should be presented on a separate Deposit/Receipt Form, with "Foreign Collection Item" written at the top. The deposit will be entered into a foreign currency suspense index and sent to the bank for collection. When Treasury Reporting receives notification that the item was collected, the departmental index will be credited with the deposit (net of any bank collection charges).

EuroCheques are NOT acceptable and should be returned to the purchaser with the explanation that EuroCheques are not negotiable through our U.S. bank. The purchaser should be asked to provide another means of payment.

Section 5.16, Electronic Deposits

Federal agencies, most State agencies and other sources pay the University via the electronic deposit process, commonly referred to as ACH or EDI payment. Departments that bill a Federal or State agency must send a copy of the invoice to the Manager of Treasury Reporting, P. O. Box 843031, or fax it to 828-5824. The invoice must include the appropriate Banner index for deposit of the electronic funds upon notification by the bank. Additional instructions may be obtained from the Manager of Treasury Reporting at 828-2135.

Section 5.17, Collection of Returned Checks

Checks are accepted by the University subject to the maker's bank accepting the item. Two attempts are made by the bank to cash the check. If an item is not honored by the maker’s bank after the second attempt, it will be returned to Treasury Reporting. A notice will be issued; uncollected items will be charged back to the department of original deposit. A $20 service charge will be added to each returned item to offset the collection costs.

Section 5.20, Daily Cash Settlement Procedures

Departments using cash registers to record transactions must balance the cash register receipts to the register tape daily and prepare a written Cash Settlement Report (see http://www.vcu.edu/treasury/eforms.htm). Cash registers are to be closed out at the end of each shift or day, and the amount of cash, checks, and charge cards counted. The total on the cash register tape should agree with the money in the cash drawer (less the change fund).

The Cash Settlement Report lists all of the currency and coin, total amount of checks, net charge card sales (credit) and the beginning and ending transaction numbers from the cash register. The cash register tape subtotals should agree to the checks, net charge card sales, and cash, less the existing change fund. Any difference (overage/shortage) must be documented and reported to the department head or fiscal administrator. Overages and shortages should be carefully monitored for consistent patterns.

The Cash Settlement Report is signed and dated by the preparer, and then verified, signed and dated by the supervisor of the department, the fiscal administrator, or the department head. A Deposit/Receipt form is used to document the collections and transmit them to the Cashiers’ Office, as discussed in Section 5.10. Any overage or overage must be recorded as a separate item on the Deposit/Receipt form, as discussed in Section 5.21. The cash register tape (or the Cash Settlement Report for ticket sales made without using a cash register) is to be attached to the Deposit/Receipt form.

For departments authorized to make their deposits directly to the bank, the total on the Deposit/Receipt form must agree to the amount deposited at the bank. The responsible person should approve the Cash Settlement Report and bank deposit before the deposit is taken to the bank. Departments authorized to make deposits directly to the bank must record all receipts to the appropriate Banner indexes.

A separation of duties must be maintained throughout the daily settlement process. The Deposit/Receipt form is to be signed by the employee performing the settlement, and preparing the Cash Settlement Report and the Deposit/Receipt form. It is recommended that the same individual (department head or other designated employee) approve both the Cash Settlement Report and the Deposit/Receipt form(s).

Section 5.21, Cash Overages or Shortages

Departments that experience cash overages or shortages through their sales or rentals must record the difference in the following manner:

Overages:
Record all overages on the Deposit/Receipt form. Use account 400695 for all Banner indices except auxiliary enterprise. Use account 410895 for auxiliary enterprise indices. Write OVERAGE and the date of occurrence in the description area of the Deposit/Receipt form.

Shortages:
Record all shortages on the Deposit/Receipt form with brackets on each side of the dollar amount. Use account 400695 for all Banner indices except auxiliary enterprise. Use account 410895 for auxiliary enterprise indices. Write SHORTAGE and the date of occurrence in the description area of the Deposit/Receipt form. The total of the Deposit/Receipt form must equal the amounts credited less the shortage.