University of Northern Iowa

OFFICE OF BUSINESS OPERATIONS

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Office of Business Operations
103 Gilchrist Hall
University of Northern Iowa
Cedar Falls, IA 50614-0008
Phone: 319.273.2162
Fax: 319.273.3009
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Deposit Policies and Cash Handling Controls

  1. There should be segregation of cash handling duties. An individual should not have responsibility for all of the cash handling components: collecting, depositing, and reconciling. (For clarification purposes, the term “Cash” will mean all currency, checks, credit cards, wires, etc. received.) All checks received should be made payable to “UNI”and for payments received in person, identification (driver's license or U-ID) should be verified upon receipt of check.
  2. The funds should be accounted for/recorded as they are received. Individuals giving actual cash must be given a receipt, preferably a pre-numbered one, and then the funds are logged into an accounts receivable/sales system along with other forms of payment. If such a system is not available, a listing or photocopies should be prepared. This listing should be used for reconciliation purposes.
  3. Checks must be restrictively endorsed to UNI upon receipt. A restrictive endorsement contains the text “for deposit only.” It can be handwritten or a stamp can be ordered from an office supply store, customized for a specific department. We also ask that the department name and account number be listed on the back of the check under “for deposit only.” This will be utilized in case the check is returned from the bank as unpaid.

    Endorsement Samples
    For Deposit Only
    University of Northern Iowa
    Business Operations (Use Department name here)
    0011-00-42001-37720-0000-00-0000-000

    *This option will work best for departments that use one account for their deposits.

    For Deposit Only
    University of Northern Iowa
    Business Operations (Use Department name here)
    0011-00-______-______-0000-00-0000-000

    *This option will work best for departments that ustilize more than one account for their deposits. When deposits are made the correct account combination will need to be filled in.
  4. It is the responsibility of all departments to exercise reasonable care in screening cash transactions for counterfeit currency. Counterfeit currency needs to be reported to Public Safety immediately upon receipt.
  5. All cash collected must be balanced daily by comparing the total of all checks, checks, etc to the register totals or pre-numbered receipt totals.
  6. Funds must be kept secured until deposited. When available, funds should be kept in a locked safe. If not available, then in a locked filing cabinet or desk drawer with limited access.
  7. Timely deposit of cash receipts must be made. In order to comply with University policy, departments and related organizations are required to make daily deposits if funds on hand equal or exceed $250.00. Deposits must be made at least weekly.
  8. Departments requesting wire transfers for payment to the UNI bank account must notify the Cashiers Office in advance of each expected transfer. Please submit a prepared deposit slip to dept-deposits@uni.edu with the appropriate account combination and dollar amount. Please provide the dollar amount and ach/wire in the subject line of the email so the cashiers can look for it on the bank statement.
  9. Departments are responsible for reconciling their accounts on a monthly basis to the statement of accounts report to ensure proper credit for all deposits. This function must be performed by an employee who has no cash handling responsibilities. Proof of reconciliation must be maintained by the departments for three years plus the current year.

Last Revision: 01/15/09