MEMORANDUM

CENTRAL FINANCE DEPARTMENT

 

To:                  M. Barlex

                        Campus Finance Managers

                        I. Duncan

                        R. Quesnel

                        Cashiers

                        A. Morris

                        S. Barnard

                        Recreation

 

From:              P.D. Curnow, Chief Accountant

 

Date:               21 April 2004

 

 

 

 

 

 

The following procedure must be strictly followed in relation to areas which use tills as a means of recording income:

 

1. All income must be recorded by entering relevant details on the till, eg cash, cheques.

 

2. At a particular point, preferably daily but in all cases not to exceed 5 working days, a final Z reading must be taken from each individual till.

 

This Z reading will show the total income recorded on the till within the period since the last final Z reading was taken.

 

3.         The cash/cheques in the till must be counted and entered on a daily cashing-up sheet (example attached) and float held must be deducted from the count and returned to the till.

 

4. The total of the cash/cheques must be reconciled (ie compared) to the final Z reading from the till and any discrepancies noted.  If a discrepancy is in excess of £10 this should be brought to the attention of Central Finance (Connell Francis Ext: 5742) immediately.

 

6.  The details of the cash/cheques as shown on the daily cashing up sheet, must then be recorded exactly the same on a bank paying in slip.  All cheque details (name and account) must be entered in the space provided on the bank paying in slip.  All cheques must have the department and paying-in slip number written clearly on the back before being banked.

 

7.  The banking must take place within one working day of the final Z reading.

 

8.  A copy of the paying in slip must be retained and attached to the daily cashing up sheet.  Also a copy of the final Z reading from the till roll must be copied or stapled onto the back of the daily cashing up sheet.

 

9.  The person posting the daily cashing up sheet to the financial management system must be different from those who prepared and signed the sheet when reconciling to the till roll final Z reading.  Therefore the completed sheets with attachments must be sent to a designated University cashiering site.

 

10.The daily cashing up sheet must then be used to post details of the income to the financial management system, ie

 

      Debit                Bank    A300002         A500

      Credit               Various income nominal codes

 

(or debtor's code in case of payments received re an invoice issued)

 

11. Should the daily cashing up sheet not agree to the paying in slip or the paying in slip not agree to the final Z reading on the till roll, this matter must be brought to the attention of Central Finance (Ext: 5742).

 

12. Spot checks, to ensure the above procedure is being strictly followed, will be invoked by Central Finance and, of course, inspections may be made by external or internal auditors.