Accounts Receivable/Cashier
Student Payments:
All payments on student accounts for tuition, rent, parking tickets, etc. are made at the Business Office. Payments can be made in person by cash, check, or credit card. Payments can also be sent through the mail by check or credit card or by telephone with a credit card.
Payment plans are available for students who are not able to pay their bill in
full at the beginning of the semester. Payment plans are established and managed
by Student Financial Services.
Check Cashing Policy and Procedures:
The Business Office will cash payroll and personal checks for the students, staff
and faculty of Cornerstone University. The amount of the check is limited to $75 ($100 on pay day only). A one- to two-day advance notice
is needed for cashing an amount greater than $75.
Accounting for Student Organizations:
During the first week of each month, statements are sent to each treasurer for
activity during the previous month. Each treasurer is responsible to review his
statement and verify that all transactions were recorded correctly and the balance
is accurate. Questions concerning these statements should be addressed to the
Business Office.
Deposits for Student Organizations are made at the Business Office during normal
business hours.
Check request are due on Tuesday by 4:00 p.m. for the Thursday check run. The form must be completed in full including account numbers and signed by both the treasurer and president of the organization.
Cornerstone University
Policy and Procedures
On Handling Revenue and Cash Receipts
I. Policy
Effective internal controls will be implemented to assure that remittances tendered
by students and customers of Cornerstone University are credited to their account,
deposited in the University's bank account, and are reflected in the appropriate
control accounts of the general ledger. The objectives of this policy are to:
Prevent loss or theft of University assets;
Maximize protection of employees or volunteers to be accused of embezzlement or theft; and Provide information to accurately report University activities.
II. Scope
The University receives remittances for tuition, room, board and other billings,
sales of goods and services, and gifts. These remittances may be in the form of
cash, check, credit card, and electronic funds transfers at locations on and off
campus.
Employees in the departments that have been authorized to receive such remittances
are responsible for 1) the safeguarding and accurate accounting for these assets
while in their possession, and 2) for adherence to this policy and its accompanying
procedures.
The Controller's office is responsible for 1) providing authorization to departments
and employees for the handling of these assets and related cash funds, 2) evaluating
and approving all procedures, and 3) controlling the receipting and bank deposits
for all remittances.
III. Departmental Remittance Handling Procedures
A. Physical control of remittances
1. Checks must be made payable to Cornerstone University, but may also include
the name of a University program or department. Checks drawn on banks outside
the continental United States should be made payable to Cornerstone University
in U.S. funds payable through a U.S. bank. Fees or exchange rate adjustments charged
to the University due to a check drawn on a foreign bank will be charged back
to the respective customer and/or department account accordingly.
2. When received, checks must immediately be restrictively endorsed in ink (stamp
or pen) with the words, "For Deposit Only - Cornerstone University".
3. In the event that checks have been inadvertently made payable to persons or
departments and has been determined that they should have been made payable to
the University, they must be immediately endorsed by the payee or department head,
further restrictively endorsed, as in 2. above, and then included in the deposit.
The remitter should be contacted if at all possible and advised that the payee
name is incorrect and of the action taken.
4. A check cashing service for students and employees is offered at the Business
Office. Checks shall not be cashed out of department cash receipts for
the accommodation of any University employee or students. Persons handling University
cash shall not cash personal checks from these funds.
5. Expenditures shall not be made from departmental cash receipts. Purchases
must be made in accordance with the Accounts Payable/Purchasing Policy and Procedures.
6. Receipts must be safeguarded during operating hours and locked in a secure
fireproof file drawer or safe overnight.
7. Receipts must not be left unattended or within reach of the general public
or of any University employees that are not directly responsible for remittance
handling activities.
8. Secured (seal-able or zippered) envelopes or pouches are to be used when transporting
cash, checks, and credit card remittances to the Business Office.
9. Cash and check deposits must be transported to the Business Office when the
accumulated daily receipts exceed $500. If daily receipts total less than $500,
they must be transported to the Business Office no less frequently than the last
business day of each week, and no later than the last business day of each month.
Exceptions to this direction must be endorsed by the Controller and approved by
the respective department head.
10. Credit card terminals must be closed out and balanced daily. Consequently,
a deposit slip must be prepared, attached to the day's batch report, and sent
to the Business Office daily for each day's total credit card receipts. Since
this material is non-negotiable, it may be sent to the Business Office through
inter-campus mail.
11. Campus Safety should be contacted for advice or assistance if there is concern
regarding the amount of the receipts being transported to the Business Office.
B. Reconciliation and accounting for remittances
1. Remittance mail should be opened in a timely manner at least once each business
day. An accounting of all cash, checks, and credit card remittances received must
be prepared by an employee who does not have update access to the accounting records.
2. Sales invoices or cash register receipts must be used to record retail sales
transactions. Retail sales must be controlled with a cash register or other point
of sale device.
3. Control totals from cash registers must be verified to remittance receipt totals
by an employee who does not have access to the remittances.
4. A deposit form is to be prepared to batch cash, checks, and credit card slips
when they are transported to the Business Office. Supplies of this form may be
obtained from the Business Office. The deposit form should contain the following
information:
a. A description of the nature of the deposit. This description is for the department's
reference and will appear on the general ledger transaction detail.
b. An account number (XX-X-XXXXX-XXXXX) and the dollar amount. If there is more than
one account number, a total of the two or more amounts must also be shown.
c. The total of each of cash (coin & currency), checks, and credit card remittances
and a deposit total.
d. The approver's signature.
5. Deposit forms must be compared to cash, checks, and credit card receipts and
initialed by an employee that does not handle remittances.
6. Deposits must be delivered to the Business Office by an employee who cannot
update the detail accounting records.
7. The Business Office will record all receipts in the accounting system after
verifying the information on the department's submitted deposit form.
8. All detailed documentation supporting billings, receipts, and deposits must
be maintained by the department for at least two years.
IV. Suggested forms
Attached are sample forms that could be used to follow the above procedures. If
different forms are used, they first need to be approved by the Controller.
A. Deposit form – should be used when delivering remittances to the
Business Office.
B. Service Fee Revenue Transactions form – should be used daily to
record detailed information on the revenue collected. This form does not need
to be turned in to the Business Office, but should be available for review by
the Controller or the auditors.
C. Service Fee Reconciliation form – should be used to support the
deposit form. This form will show the actual cash and checks being deposited in
accordance with the revenue received.
D. Daily Sales Report form – should be used in departments where
the sale of products takes place. This form will help reconcile the day's sales
to the actual cash on hand.
