Procedure

CashCollectionandHandling ProcedureNo.: 2009PR1

PolicyReference: N/A
Category: FinanceandSupply
Management
DepartmentResponsible: VicePresidentFinance&
Administration
CurrentApprovedDate: 2010July30

Objectives

Thisproceduredescribestheproceduresforcollecting,handling,recording,anddepositingcash.

TableofContents

Objectives 1
WhoDoesThisProcedureApplyTo? 1
OtherInformation 1
Procedure 1
1. GeneralProcedures 1
2. MailOpening 2
3. CashieringandBalancing 2
4. RecordingandDepositing 3
5. MiscellaneousCollections 3
6. TrainingofStaff 3
FormsAssociatedWithThisProcedure 3
AmendmentHistory 3

WhoDoesThisProcedureApplyTo?

BCITEmployees
BCITBoardofGovernors

Procedure

1. General

Allcash,cheques,andchargecardreceiptscollectedbyBCITmustbeprocessedina
mannerthatensurestheyareaccuratelyrecorded,safeguardedagainstlossortheft,and
promptlydepositedintoanInstitutebankaccount.

Inordertoachievethesegoals,thefollowingrulesmusttobefollowed:
1. Approvedequipmentandformsmustbeusedinanyareathathasalargedailyintake
ofcash.
2. Approvedcashhandlingproceduresmustbeadheredtobyallpersonnelhandling
cash.
3. Dutiesmustbeadequatelysegregatedbetweencashhandlingandrecording.
4. TheSupervisorisresponsibleforensuringthatallpersonshandlingandrecordingcash
areadequatelytrainedintheirdutiesandresponsibilities.

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CashCollectionandHandling2009PR1 Procedure

Procedure

SupervisorsofeachcashhandlingareamustbefamiliarwithProcedure2009andmust
ensurethatallstaffinvolvedintheprocessunderstandtheirresponsibilityformaintaining
theaccuracyandsecurityofthecashcollectedanddeposited.

Ifclarificationofthefollowingproceduresisrequired,pleasecontacttheManager,Revenue
andFinancialAccountingServices.

Ifproceduresneedtobechangedtoreflectuniquesituations,thedetailsofthese
proceduralchangesmustbesubmittedtotheManager,RevenueandFinancialAccounting
Services.

2. MailOpening
Amailopeninglocationistobepermanentlydesignatedwherepaymentsareexpectedto
arrive.Thelocationshouldberestrictedfrompublicviewandaccess.

Wherepossible,twopersonsshouldbeinattendancewhenthemailisopened.Anymonies
orcreditcardauthorizationsthatarereceivedbymailarerecordedandacopyofthelist
senttoRevenueandFinancialAccountingServices.Openingandrecordingthemailshould
bedonebysomeoneotherthanthecashier,thecashiermustnothaveaccesstoincoming
mail.Incomingchequesshouldbestampedwiththeendorsement"fordepositonly."

3. CashieringandBalancing
1. Accesstothecashregistershouldbelimitedtothecashieronduty.
2. Nodisbursementsaretobemadefromthecashregister.
3. RefundsaretobeapprovedbytheSupervisoronduty.
4. Incomingcashandchequesreceivedbymailaretobeprocessedthroughthecash
registerduringthesamedayasreceived.Thedailyreceiptsshouldremainintactand
processedasabatch.Anyitemsthatcannotbeprocessedaspartoftheoriginalbatch
mustbedocumentedastothereasonforthedelay.
5. Chequesmustbereviewedtomakesurethattheyarenotpostdatedorstaledated.
Secondpartycheques(i.e.,notpayabletoBCIT)arenottobeaccepted.Cheques
shouldnotbemadepayableforanamountgreaterthantheserviceorgoodsbeing
paidfor.Changeisnottobedisbursedforpaymentsmadebycheque.
6. Voids,overrings,etc.shouldbeapprovedbysomeoneotherthanthecashier
operatingthecashregister.VoidedslipsshouldbeattachedtotheCashReporteach
day.
7. Attheendofeachday,thecashieristotallythecashreceivedandpointofsales
transactionsfortheday,deductthefloat,preparethechargeslip,addtheCash
Report,signit,andturnthecashovertotheSupervisor.
8. TheSupervisormustbalance/reconcilethetallytothesystemtotals.Onagreementof
thetotals,theSupervisorsignstheCashReport.
9. TheCashReportandmoniesshouldbedepositeddirectlytothebankordeliveredto
RevenueandFinancialAccountingServicesonadailybasis.Itisrecommendedthat
regularcashhandlingdepartmentsusethedirectdepositprocedure.Those
departmentswithinfrequentcashcollectionsshoulddeliverthemoniesdirectlyto
RevenueandFinancialAccountingServices.
10. InthecaseoftheBurnabyCampus,anymoniesthatarenotdeliveredtothebankor
RevenueandFinancialAccountingServicesby4:30p.m.aretobekeptinasafe.The
numberofpeoplewithaccesstothesafeistobekepttoaminimum.
11. CashistobedeliveredinpersontothenightdepositortoRevenueandFinancial
AccountingServicesbywayofsecuritypersonnel,prearrangedwiththeManager,
SafetyandSecurity.
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CashCollectionandHandling2009PR1 Procedure

Procedure

12. Inthecaseofsatellitecampuses,anymoniesnotdeliveredtothebankaretobekept
inthecampussafe.Thenumberofpeoplewithaccesstothesafeistobekepttoa
minimum.

4. RecordingandDepositing
AllcashreceivedbyRevenueandFinancialAccountingServicesistobedepositedinan
Institutebankaccountonadailybasis.

Thedutiesofpreparingthedepositforthebankandpreparingtheresultingaccounting
entriesshouldbesegregatedwheneverpossible.

5. MiscellaneousCollections
Departmentsthatcollectsmallamountsofmoneyinfrequentlyanddonothaveacash
registermustadequatelydocumentthenatureofthefundsandensurethemoneyis
deliveredpromptlytoRevenueandFinancialAccountingServices.

Receiptsmustbeissuedforcashcollectedandnotprocessedthroughacashregister.

6. TrainingofStaff
Acurrentproceduremanualshouldbeavailabletoallstaffthatareinvolvedinthecash
collectionandhandlingprocess.Themanualmustgivestepbystepinstructionsofduties
andresponsibilities.Cashiersandotherstaffthatareinvolvedinthecashieringprocess
mustbefamiliarwiththecontentsofthemanual.

TheRevenueandFinancialAccountingServicesDepartmentisavailabletoofferadvicein
thedevelopmentofacashier'sproceduremanual.Ageneralizedcashier'smanualisalso
available.

FormsAssociatedWithThisProcedure

None

AmendmentHistory

1. Created 1988Jun28
2. Revision1 1998Mar16
3. Revision2 2003Jun19
4. Revision3 2010July30

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