• Financial Procedures Manual
• 1000 - General
• 2000 - Classification and Coding Structure
• 3000 - Financial Management and Control
• 4000 - Cash Management
  • 4105 - Deposits
  • 4110 - Petty Cash Change Fund
  • 4115 - Receivables
  • 4120 - Financial Aid Accounting
  • 4125 - Payment Card
  • 4205 - Expenditures
  • 4210 - Vendor Edit Table
  • 4215 - Travel
  • :: M&IE Rate Tables
  • :: Pers. Vehicle Mileage Rates
  • 4220 - Small Purchase Charge Card
  • 4225 - Revenue Refunds
  • 4230 - Internal Transfers
• 5000 - Payroll Services
• 6000 - Asset Control and Management
• 7000 - Procurement Services
• Corporate Travel Card Application
• Small Purchase Charge Card Application

Effective Date: July 1, 2009

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Table of Contents:

    .100 General
    .200 Control Responsibilities
      .210 Departments
      .220 University Business Office
      .230 Assistant Vice President for Finance
    .300 Processing Procedures
      .310 Departments
      .320 University Business Office
      .330 Assistant Vice President for Finance
    .400 Forms Preparation and Submission
      .410 Financial Information System Deposit Transmittal Form
      .411 Required
      .412 Where to Obtain Blank Form
      .413 Numbers of Copies 
      .414 Where to Send Completed Form
      .415 Form Preparation Instructions
    .420 Deposit Ticket (University bank Deposit Ticket)
      .421 Required
      .422 Where to Obtain Blank Form
      .423 Number of Copies
      .424 Where to Send Completed Form
      .425 Form Preparation Instructions
    .500 Deposit Reconciliation
      .510 Required
      .520 Who Should Perform the Reconciliation
      .530 Reconciliation Differences

.100 General

James Madison University is required to deposit receipts daily. Exceptions to this requirement may be authorized if amounts collected daily are typically less than $200. In those cases where exceptions are granted, deposits must be made whenever accumulated receipts exceed $200, but never less frequently than weekly. Payment card deposits must be processed daily regardless of the amount. Deposit corrections requested by the Department of Accounts must be prepared and submitted to Finance Support at the time of the request. This section outlines the responsibilities and procedures necessary to comply with that requirement. Procedures apply to those departments authorized by the Assistant Vice President for Finance to sell goods and services.

Procedures for depositing funds to Local/Agency Fund accounts are included in Section 3045, "Local/Agency Funds".

.200 Control Responsibilities

.210 Departments

• Comply with this procedure when authorized by the Assistant Vice President for Finance to sell goods and services.
• Comply with Virginia Retail Sales and Use Tax Collection requirements once authorized by the Assistant Vice President for Finance to sell merchandise or rent university facilities.
  • Contact the Finance Support Office for specific procedures prior to initiating any sales/rentals.
• Basic Controls for the Receipt of Funds
  • All new payment collection locations and/or changes in the goods and/or services offered for sale at existing locations must be approved by the Assistant Vice President for Finance.
  • All locations accepting payment cards must obtain written authorization from the Assistant Vice President for Finance prior to conducting business and will process these transactions in accordance with Financial Procedures Manual section 4125.
  • Ensure responsibility for payments received from time of receipt to time of deposit is clearly defined and documented within each authorized payment collection location.
  • Only the minimum number of employees should handle payments from receipt to deposit.
  • Ensure proper separation of duties exists.
  • Payment handling, record keeping, and reconciliations should be assigned to different people.
  • If the size of the department makes proper separation of duties impossible, a second person must verify reconciliations of funds received and accounts maintained.
  • Restrictively endorse checks immediately upon receipt with university approved stamp. (All copies of checks stored show blacked out account numbers and are marked "VOID" and/or "COPY".)
  • Issue a receipt for every cash transaction with either a university-approved, pre-numbered receipt or a cash register-generated receipt.
  • Do not mail currency or coin to the bank or to the university cashier (through U. S. Mail or campus mail.) If bags are needed for deposits, contact the University Business Office.
  • Do not make disbursements from undeposited receipts. Keep undeposited receipts intact.
  • Ensure the safeguarding of funds. Storage guidelines for funds received are as follows:
  • Access to undeposited items should be restricted to the minimum number of persons.
  • Deposit university funds only into appropriate university accounts, not into accounts such as: personal bank accounts or petty cash accounts.
  • Keep university funds and personal funds separate.
  • Deliver deposits directly to the university cashier (or bank if authorized). Intermediate stops, overnight layovers, and taking deposits home for next morning deposit are not allowed. Ensure employees are escorted when making large deposits ($1,000 cash or more).
  • All receipts must be deposited on the day received or no later than the next business day and any exceptions must be authorized, in writing, by the Assistant Vice President for Finance. These exceptions may be authorized if collected amounts daily are less than $200 and still require deposits to be made whenever accumulated receipts exceed $200, but never less frequently than weekly. All payment card deposits must be processed daily regardless of the amount.
  • Document the entire departmental procedure for handling funds received for clarity and training purposes
  • Note: all payment handling operations are subject to review and/or audit by Finance staff as well as the university's internal and external auditors. The Finance Support Office surveys university departments regularly to identify all payment collection points. If the controls are inadequate for the volume of funds handled, corrective action is required & monitored.

Amount Stored	Preferred	Acceptable	Unacceptable
Less than $100	Locked desk or locked file cabinet	Locked box inside locked room	Not secured
$100 to $200	Night depository or safe	Locked desk or locked file cabinet	Locked box or not secured
More than $200	Night depository or safe	Night depository or safe	Locked desk, locked file cabinet,locked box or not secured

• Prepare and distribute the FIS Deposit Transmittal form and, if depositing directly to the University bank, a bank Deposit Ticket in accordance with subsection .400 of this section.
• Request advance approval for an exception to the daily deposit requirement from the Assistant Vice President for Finance when appropriate.
• Prepare monthly written reconciliation of revenue amounts shown on University monthly FIS reports to departmental records.

.220 University Business Office

• Provide departments with forms and instructions for the daily deposit of receipts.
• Assist departments in resolving problems encountered in monthly reconciliation process.
• Prepare a documented daily reconciliation of revenue amounts shown on University monthly FIS reports to revenue transaction documents.
• Perform periodic analysis of all revenue line items to determine reasonableness to prior year data.

.230 Assistant Vice President for Finance

• Authorize departments to sell goods and services in accordance with commonwealth regulations.
• Approve exceptions to daily requirements as appropriate.

.300 Processing Procedures

.310 Departments

• Requests authorization from the Assistant Vice President for Finance to sell goods and services prior to any sales activity taking place. Specify additional request to accept payment cards if applicable and refer to section 4125 for payment card processing procedures.
• Ensures appropriate security controls are in place related to customer(s) personal information.
  • No customer personal information is stored on JMU server, workstation hard drives, or hardcopy form in departmental files. Such sensitive data includes social security numbers, payment card account numbers, etc.
  • All copies of customer checks show blacked out account numbers and are marked "VOID" and/or "COPY".
• Receives and secures monies from customers.
• Prepares and retains documentation supporting receipts and deposits.
• Prepares the Financial Information System (FIS) Deposit Transmittal Form in accordance with the instructions in subsection .410 of this section.
• Deposits receipts daily, using the appropriate deposit transmittal form, with the University Cashier.
• When authorized by the Assistant Vice President for Finance to deposit to the University bank:
  • Prepares FIS Deposit Transmittal Form and University bank Deposit Ticket in accordance with subsection .400 of this section.
  • Distributes the appropriate FIS Deposit Transmittal Form and University bank Deposit Ticket (if appropriate) in accordance with subsection .400 of this section.

.320 University Business Office

• Provides authorized departments with the appropriate deposit and transmittal forms and instructions for their use.

.330 Assistant Vice President for Finance

• Authorizes departments to sell goods and services in accordance with commonwealth regulations.

.400 Forms Preparation and Submission

.410 Financial Information System Deposit Transmittal Form

.411 Required:

This form is required to transmit deposit information and expenditure credit items for Treasurer of Virginia revenue items for input to the Financial Information System.

.412 Where to Obtain Blank Form:

Blank forms are available online.

.413 Numbers of Copies:

Original and one copy when depositing with the University Cashier. An original form when depositing directly to the University bank.

.414 Where to Send Completed Form:

When depositing with the University Cashier, the original and one copy of the form should be hand carried with the money to the Cashier's Office, University Business Office. Each person/department submitting deposits to the cashier must obtain a receipt for the deposited amount at the time of the deposit. If the deposit contains no cash and if the cashier is not available, the deposit may be left and a receipt will be mailed to the department.

When depositing directly to the University bank, the form must be delivered to Finance Support on the deposit day.

Deposit Transmittal forms prepared for corrections must be deliver to Finance Support at the time the correction is requested.

.415 Form Preparation Instructions:

Following are instructions for preparation of the FIS Deposit Transmittal Form. Enter information in the following categories ONLY.

DC #: (For direct bank deposits only.) Enter the deposit number of the University bank Deposit Ticket, recording this deposit. See subsection .425, "Form Preparation Instructions".

Prepared By: Name of the person completing the form, initial beside typed name.

Dep. Date: Enter the date the deposit is being made.

Date: Enter the date the form is prepared.

Phone/E-Mail: Phone number and/or e-mail address of the preparer.

Bank Code: Enter TV for Treasurer of Virginia deposits. (Consult Financial Procedures Manual Section 3045.300 Local/Agency Funds for deposits to Deptids# starting with an 8.)

MSC: Enter the MSC of the preparer.

Bank Acct.: Enter CH02 for Treasurer of Virginia deposits.

Amount: Enter the total amount of the deposit, if completed electronically this total is automatically calculated.

Line Count: Enter the total number of lines completed for the deposit.

Explanation: Indicate any additional facts related to the origin and/or the nature of the deposit.

Cash/Check, Payment Cards: Check the appropriate box to describe the deposit.

MasterCard/Visa: Check if the deposit is for MasterCard/Visa transactions.

Discover: Check if the deposit is for Discover transactions.

American Express: Check if the deposit is for American Express transactions.

Dept. ID #: Enter the six-digit department identification number. Refer to Section 2010, "Department Numbers" Numerical Listing.

Account #: Enter the six-digit revenue source code. Refer to Section 2020, "Revenue Account Codes and Definitions".

Description of Deposit: Indicate the origin and/or nature of the deposit.

Amount: Summarize the receipts by revenue account codes and deptID's and enter the amount for each code. For unidentified items, list each amount collected separately. Payment Card amounts must be recorded, by day, on a separate Deposit Transmittal form. These amounts should not be included with cash and check receipts.

D/C: Enter a "C" if the deposit is a credit to Dept. ID # ; enter a "D" if the deposit is a Debit to the Dept. ID.

Total: Enter the total amount of the deposit, if completed electronically this total is automatically calculated.

Cash: Enter the cash total for the deposit.

Checks: Enter the check total for the deposit.

Total: Enter the total amount of the cash and checks, if completed electronically this total is automatically calculated.

Exp Credit Voucher: Enter the Voucher Number of the original expenditure every time a deposit is made using an expenditure account code.

.420 Deposit Ticket (University bank Deposit Ticket)

.421 Required:

This form is required when deposits are made directly to the University bank.

NOTE: A separate form is required to process credit card deposits. (This deposit ticket will not be given to the bank) It should be clearly marked "Payment Cards" and submitted with a FIS Deposit Transmittal Form.

.422 Where to Obtain Blank Form:

Blank forms are available from the University Business Office.

.423 Number of Copies:

Original and one copy to be receipted and returned to department.

.424 Where to Send Completed Form:

If deposit is made directly to the University bank, present all copies to the bank teller for validation. The pink (3rd.) copy may be retained for department records. The first two copies must be delivered to Finance Support (with the FIS Deposit Transmittal form) on the day of the deposit.

.425 Form Preparation Instructions:

Following are instructions for the preparation of the Deposit Ticket (University bank Deposit Ticket). Enter information in the following categories ONLY.

Date: Enter the date the deposit is taken to the University bank or Credit Union.

Currency/Coin: Enter the amount of currency and coin if depositing directly to the University bank.

List each Check: Record the amount of each check presented for deposit. Add the currency/coin amount if appropriate. A calculator tape listing each check is necessary when each check is not listed on the Deposit Ticket.

Total Deposit: Enter the total of all currency, coin, and checks presented for deposit.

Location: Enter the department or location receipting the deposit.

Deposit Identification: Record the digits on the FIS Deposit Transmittal Form. (see subsection .415 "Deposit #")

.500 Deposit Reconciliation

.510 Required:

A written reconciliation is required comparing revenue deposited to University monthly FIS reports. Auxiliary Enterprises accounts (Nos. 3xxxxx) are reconciled by comparing the department's internal records to University monthly FIS reports. Educational and General Accounts (Nos. 1xxxxx) are reconciled by comparing revenue transaction documents to University monthly FIS reports.

.520 Who Should Perform the Reconciliation:

Auxiliary Enterprise Departments receiving revenue should reconcile their individual accounts. The University Business Office should reconcile or confirm reconciliation of Educational and General Accounts. The individual responsible for preparing the deposit should NOT be assigned this responsibility.

.530 Reconciliation Differences:

If differences other than timing differences are encountered, the department is responsible for documenting and resolving the situation in a timely manner. The department may contact the Finance Support Office for further assistance as necessary.