Cash Handling Policy

Units receive cash and checks for fines, lost book costs, duplicate book sales and photocopies, etc.. This income is referred to as "departmental income" by the University. Under no circumstance should this income be used as a petty cash fund. Library Accounting has a petty cash fund available for small items under $20.00 that are purchased at businesses that do not accept procurement card. The University requires that all income must be deposited within 3 days of receipt using the "Departmental Bank Account Deposit" form. If a patron requests a refund, an accounts payable voucher must be processed.

Any checks/cash received for gifts should be taken to Library External Relations. Gifts can not be processed by units on the standard deposit forms.

 

• Receipt of check
  • Must be payable to Cornell University only
  • Examine the check as follows:
    • Has it been altered?
    • Is it signed?
    • Does preprinted name agree with the signature?
    • Is there a drawee bank and address noted on the check?
    • Numbered amount should be the exact amount of the bill and agree with the written amount.
    • Do not return cash on a check.
    • Is the check Post-Dated? If yes, do NOT accept it!
  • Restrictively endorse the check as soon as you receive it. Proper endorsement should say "For Deposit Only to Cornell University for account number ____________"(your department's account number)
  • Date received must be stamped or printed on the back of each check.
  • Receipts must be given for all payments.
  • Payment stub must be stamped paid.
  • Should realize that foreign checks not drawn on a US bank can be accepted, however, these checks will be deposited differently and bank processing fees can range from $10 to $50. This charge is a departmental expense.
  • All receipts (cash/checks) should be deposited within 3 days. This is a University requirement.

Instructions for completing the "Departmental Bank Account Deposit" form:

• UPPER RIGHT
  a) Enter total cash amount in Input Column (upper right)
  b) Enter total of checks in Input Column (upper right)

• ACCOUNT BREAKDOWN
  a) Enter three digit Dept number (Lxx)
  b) Enter Subledger number (3XXX, 4XXX)
  c) Enter first digit of Object under "O"
  d) Enter last three digits in next column
  e) Enter description (will also be transaction statement description)
  f) Enter amount
  
• BOTTOM
  a) Complete Contact Person, phone number etc.

NOTE: If the total deposit does not equal the cash and check, a large "out of balance" will display in blank space just above description.

Print out deposit form for signatures.
Include original and two copies of deposit form with cash and checks.
Deposits can be hand carried or sent via Library Messenger using the deposit bags provided.
The person delivering the deposit must complete the Cash Receipts Log located at front desk in 234 Olin Library.