Financial Services Cash Handling Procedures for SSU Departments 1.

Salem State University (SSU) is obligated to follow Massachusetts State Finance Law, particularly Massachusetts General Law c. 30 & 27, which requires the DEPOSIT of CHECKS and CASH as well as PAYMENT CARD SETTLEMENT processing be done on a DAILY basis. All cash or checks received by any Salem State University department must be delivered daily to Financial Services, General Accounting staff, between 9:00 A.M. and 11:30 A.M each business day. Any deposit received after 11:30 AM will not be deposited until the following business day. Deposits will not be accepted after 4:30 P.M. If cash received by a department must remain in the department overnight, the sum of proceeds should be counted and documented by 2 staff persons and then secured and locked in a safe to which only authorized personnel have access and then submitted to General Accounting the next business day. All department deposits must be delivered in person to Financial Services, General Accounting staff, by a department employee, (not by intercampus mail). A fully and accurately completed Receipt Transmittal Form (located at http://www.salemstate.edu/assets/documents/finance/Receipt_Transmittal_Form.pdf) must be completed and include: a. PeopleSoft chart field string to be credited (Account, Fund, Department, and Program) b. Full description of the source and nature of receipts c. Signatures of two parties - One person completing the form and a supervisor indicating the information associated with the form is accurate, has been verified, and is legible. (Stamped names on the form cannot be accepted.) d. Two copies of the Receipt Transmittal Form need to be brought with the deposit. A copy of the Receipt Transmittal will be signed by Financial Services, General Accounting staff indicating the deposit amount is accurate and returned to the department personnel delivering the deposit. Two copies of the Receipt Transmittal form needs to be accompanied by: a. The cash and checks to be deposited b. A detail listing of the individual checks and cash forwarded totaled with a calculated tape or MS-Excel spreadsheet both equaling and supporting the total on the Receipt Transmittal Form. c. Back up information that further clarifies the business associated with the deposit attached (e.g. Honor Society). Departmental staff should obtain sequentially numbered plastic bank bags issued by Eastern Bank when available and arrange to have the deposit transported to Financial Services by Public Safety personnel. Per its own cash internal processing procedures, cash and checks received by Financial Services will be deposited daily. Any Credit Card transactions received by Financial Services will be posted daily. Prior to any planned shutdown of the University, departments are responsible for assuring any cash on hand is submitted to Financial Services, General Accounting staff for deposit with the accurate support as described as above by 10:00 A.M. of the morning prior to the scheduled shutdown.

2.

3.

4.

5.

6.

7.

8.

_________________________________________________________________________________________
Cash Handling Procedures for SSU Departments 1 of 2

Financial Services 9. By noon time on July 1st of each year or the first banking business day after June 30th, all deposits associated with the previous fiscal year are to be deposited. This is to comply with the State Comptrollers Procedures and State Finance statutes.

10. Any questions regarding cash processing procedures should be directed to Financial Services, General Accounting staff, the Director of Quality Assurance and Audit or the Controller.

_________________________________________________________________________________________
Cash Handling Procedures for SSU Departments 2 of 2