For proper segregation of duties in cash disbursements, the person who signs checks also:
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Strong internal controls are necessary to prevent mishandling of funds and safeguard assets. They protect both the University and the employees handling the cash. No one person should be allowed to
collect, handle or transport and deposit checks/currency without some additional control feature to ensure that all funds are accounted for. Examples of such controls are as follows: Related SU
policy: Gift Acceptance Policy Fees and other Revenues LinkUse an accounts receivable account to process billing and collection for routine revenue activities. If you are unsure if a cash receipt should be recorded as revenue or an offset to an expense, contact General Accounting in the Comptroller’s Office for assistance. Internal controls surrounding this type of activity include:
Related SU policy: Revenue from Transactions with External Parties Bank Accounts LinkThe opening of any University bank account requires proper approval.
Related SU policy: Bank Accounts |