Cash Receipts Controls

Audit Guidance

KEY CONTROLS OVER CASH RECEIPTS
December 12, 2008

OVERVIEW

Campuses must establish strong internal controls over cash receipts (currency, checks, and other negotiable instruments) to prevent mishandling and to safeguard against loss. These controls include written policies and procedures, adequate separation of duties, cash receipt forms, timely deposits, security of funds, establishing accountability, reconciliation procedures, and supervisory reviews. To assist in strengthening internal controls over cash receipts, we offer the following audit guidance. This audit guidance should be considered in conjunction with State Guidelines.

Whenever possible, cash should be collected in a centralized location such as the bursar's office. However, when this is not practical, campuses should establish the appropriate controls over remote cash collection areas. The following guidance has been separated between central cash collection areas and remote cash collection areas such as university police, library, adult education, and sporting events.

CENTRAL CASH COLLECTION AREA

REMOTE CASH COLLECTION AREAS

Additional Information

New York State Accounting System User Procedures Manual Volume XI Section 3.0210:  http://www.osc.state.ny.us/agencies/accmanual/index.htm

For additional information, please contact the Office of the University Auditor at 518-320-1533 or University.Audit@sysadm.suny.edu

University Audit