Cash Verification and Review

The MyReports Transaction Detail Report contains a record of all cash transactions that have occurred and can be filtered for specific a department(s). The University defines cash as currency, coins, checks, money orders, Electronic Fund Transfer (EFT), and e-commerce transactions such as credit card transactions.

The process of reconciliation confirms that the transactions on the ledgers represent activity that actually occurred (the department did receive the cash). During reconciliation, bank statements, credit card settlement tapes, departmental transaction systems, and/or source documents are used to match cash received to what appears on the ledger.

Best Practices

  • Compare receipts to deposit records
  • Record cash receipts when received
    • For sponsored project funds:
      • Departments can deposit payments, but they must not prepare and post a source code 320 cash receipt journal
      • Departments must send a copy of the check and deposit slip with complete chartstring (Account/Fund/Dept ID/Project Number/Activity Period) to the Contracts & Grants Accounting(CGA) Accounting Analysis Team. CGA will record the deposit and create journals for payment through the RAS system.
  • Count and balance cash receipts daily
  • Perform monthly reviews of General Ledger cash and credit card transactions to ensure accuracy and timeliness of revenue/expenses and recording in the correct chartfields

Potential Consequences if Reviews are not Performed

  • Errors, discrepancies, or irregularities will not be detected
  • Cash receipts may be lost or stolen
  • Cash receipts may be applied inaccurately to department chartstrings

Locating Missing Receipts

UCSF receives many incoming wires and ACH payments every day. Information received from the transmitting bank for these transactions is very limited. In many cases, there is not enough information for the wire/ACH to be appropriately booked. A list of Undistributed Wires/ACH Payments is maintained by the Cash and Controls Unit. Departments should review this list on a regular basis and contact Cash and Controls to claim items on the list.

Resources

References

Forms

Policies