FAQ: BUS-49 Cash Handling Policy


Overview


This article will assist the University community with questions about the UC BUS-49 Policy.  More specifically, this article provides answers to common questions related to handling physical cash (currency and coin) and cash equivalents (checks).  Questions on credit cards payments and PCI are not specifically addressed in this article.

FAQ's


Q: Who needs to read and understand the requirements in the BUS-49 policy?

A: All employees and affiliates that handle University cash and cash equivalents.

Q: What constitutes cash and cash equivalents?

A: Cash and cash equivalents constitutes the following items:

  1. Physical cash (currency and coin)
  2. Negotiable instruments (checks and money orders)
  3. Card Payments (credit and debit cards)
  4. Bank transfers (wire and ACH)

Q: What is the difference between a sub-cashiering station and a cash handling department?

A: A sub-cashiering station is an operating unit form which collections are deposited to the Central Cashier's Office.  A cash handling department is an operating unit that collects cash and checks and deposits to either a sub-cashiering station or to the Central Cashier's Office.  The Central Cashier's Office is an operating unit from which collections are deposited directly to a University bank account.

Q: What is the Process for Transporting Deposits to the Cashier's Office?

A: According to Policy IX.17, cash handling departments will transport cash and cash equivalents to the Cashier’s Office using the following methods:

  1. by secure armored car service.
  2. by two employees (dual custody)
  3. through Campus Interoffice Mail for endorsed checks and cash equivalents only.

Employees transporting deposits to the Cashier’s Office unoccupied puts them at additional risk of harm, especially when currency is transported. We advise all employees to follow University policy and transport deposits with two employees at all times.

Q: What are the requirements for handling petty cash and change funds?

A: There are 3 requirements listed in the BUS-49 policy:

  1. Petty cash funds must be maintained separately from cashier change funds.
  2. Cash handlers must not exchange checks for currency to make change for each other.
  3. An unannounced cash count and verification of funds shall be performed at least quarterly.

Q: How does our office order a check endorsement stamp or request a check log template?

A: Please Submit a Ticket using the options below and we will contact you regarding the process:

  1. I want to: Ask a Question or Make a Request
  2. About: Financial Accounting
  3. Related to: Internal Controls
  4. More Specifically: Key Controls/Control Tracker

Q: Our office uses a safe to store cash and cash equivalents, how often should combination be changed?

A: According to Policy IX.11, a safe’s combination must be changed whenever a person who knows the combination leaves the employ of a cash handling unit.  In addition, the combination must be changed at least once a year.  Documentation must be maintained showing the date and the reason for the combination changes.

Q: Are faculty and staff required to have background checks in order to handle cash and equivalents?

A: Yes, all individuals who handle cash and cash equivalents need to have a background check completed to ensure they are properly vetted by campus administrators, to the extent possible. Please check with HR staff if you have questions on the background process or applicability.

Additionally, individuals with responsibilities outlined in the BUS-49 Policy need to complete the eCourse called BUS-49 Cash Handling Training on the UC Learning site.  Completion of this course is required annually.

Questions?


If you need any additional assistance, please submit a ticket here.