Michigan State University
For receipting transactions involving cash or checks, departments should use a prenumbered receipt form which can be obtained from Stores, stock order #14024830.
All large or unusual overages/shortages or reconciling problems must be reported to the Manager of the Cashier's Office and the Director of Internal Audit on a timely basis.
Daily records should be kept of the inclusive receipt or ticket numbers and total amount for which the receipts were written or tickets sold. Departments are responsible for reconciling the total amount of receipts or tickets with deposits made to the Cashier's Office.
The maintenance of a numerical file of all receipts is the responsibility of the department. Since all prenumbered receipts must be accounted for, all original copies of voided receipts should be stapled together and must be retained by the department. Copies of receipts are to be retained by the department and attached to copies of completed eDocs that record the corresponding revenue..
Funds should not be left unlocked or unattended and should be concealed from general view. Receipt records should not be kept with the funds received. The University has a contract with an armored car service that will make scheduled pick–ups of departmental deposits from a department on a per trip fee basis and deliver it to the Cashier's Office in the Administration Building. For further information, contact the Manager of the Cashier's Office, Hannah Administration Building, 426 Auditorium Road Rm 110, 355–5023.
THE USE OF CHECKING OR OTHER BANK ACCOUNTS BY UNIVERSITY PERSONNEL FOR THE DEPOSITING OF UNIVERSITY FUNDS IS STRICTLY PROHIBITED.
Refunds from vendors or individuals – Occasionally, departments receive whole or partial refunds of payments made by MSU. Such refunds from vendors or individuals could be due to erroneous payments, the return of merchandise, unfulfilled services, etc. In such cases, departments can have the refund check deposited into the account from which the original MSU payment was issued in one of two ways:
Canceling a Check – Checks drawn on a MSU account may be canceled by sending the check, a completed Cancel Checks Form, and a copy of the document authorizing the original MSU payment to Accounting in Hannah Administration Building, 426 Auditorium Road Rm 360. (See below for checks pertaining to purchase order payments). The Cancel Checks Form must be signed by an authorized departmental signer. Valid reasons for cancellation are:
Checks pertaining to a purchase order payment can be sent to Accounts Payable/Invoice Audit, Angell Building, 166 Service Rd Rm 103, accompanied by a note stating the reason for the cancellation. The note must be signed by an authorized signer. Valid cancellation reasons are the same as above.
Checks cannot be canceled where there still exists a legal obligation to pay for services rendered. No refunds or cancellations will be credited to General Fund accounts in the current fiscal year for payments made or checks drawn in a previous fiscal year.
Upon receipt of any payment, departments should put forth a reasonable effort to verify whether or not the payment relates to their operations. If a payment cannot be identified as belonging to the department, the unidentified payment is to be sent to the Controller's Office, Hannah Administration Building, 426 Auditorium Road Rm 305, for handling and disposition. Departments should forward an unidentified payment, and any related correspondence, to the Controller's Office within 10 business days of receipt of the payment if possible.
Upon receipt of an unidentified payment, the Controller's Office will follow a set of procedures in a further attempt to identify the payee, including contacting the payor. If attempts to identify the payee are unsuccessful, the Controller's Office will deposit the payments into the "Unidentified Checks" clearing account (AT023254). Once a payee is identified, the Controller's Office will contact the respective department and will process the appropriate paperwork to transfer the payment to the correct account (i.e. Distribution of Income and Expense if the payment was deposited).
Payments will be held in the Unidentified Checks clearing account and, if not identified after one year, will be transferred into a General Fund miscellaneous revenue account (GV010739).