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FSU / Controller's Office / Treasury & Cash Management / Frequently Asked Cash Management Questions
Frequently Asked Cash Management Questions
1. Does our department need to apply to be authorized as a cash collection point?
2. What is a “draft capture system” for approvals?
3. How can our department receive a copy of the dishonored check list?
4. How can our department obtain an endorsement stamp?
5. Can our department use a generic receipt book?
6. Is it necessary that our employees have a police background check?
7. How many employees does our department need in the cash handling process?
8. What information should we be recording in our department's check log?
9. Does our department need to use a secured bag when making deposits?
11. Are there additional requirements if our department plans to accept credit cards?
1. Does our department need to apply to be authorized as a cash collection point?
If your department collects more than $1,000 annually you must be authorized as a Cash Collection Point (and re-authorized every 3 yrs). The Cash Collection Point Application can be found in the Forms section of the Controller's website.
2. What is a “draft capture system” for approvals?
The “draft capture system” pertains to credit cards. It is the closeout process on your credit card machine.
3. How can our department receive a copy of the dishonored check list?
Contact Anne Wilkerson (644-9434) in Student Financial Services and ask to be added to the email list.
4. How can our department obtain an endorsement stamp?
Each site is assigned a deposit area number by Student Financial Services (SFS). Your department must be authorized as a Cash Collection Point before an area number will be assigned. The contact in SFS to order or reorder a stamp is Brenda Poole (644-9435). Please allow at least three weeks for delivery. Your endorsement stamp will include your campus department name and assigned area number.
5. Can our department use a generic receipt book?
No. All University departments are required to provide an official FSU pre-numbered receipt for each payment received. Official FSU receipt books can be obtained from FSU Printing Services (644-2794).
6. Is it necessary that our employees have a police background check?
Yes. University Policy OP-C-7-G12 states "pre-employment criminal history background checks shall be required for A&P, USPS, and OPS positions that handle cash (except petty cash), checks, or credit/debit cards."
7. How many employees does our department need in the cash handling process?
If there is a biller/invoicer, that person should have no other function in the cash handling process. Ideally, collections, deposits and reconciliations should be segregated as well. If there are insufficient personnel, a two-way segregation of duties can be used. In a two-way segregation the same person can do collections and deposits; however, the reconciliation must be completed by a different person.
8. What information should we be recording in our department's check log?
For checks received in person, please refer to section OP-D-2-B4 of the University's Cash Management Policy. For checks received through the mail, at a minimum the following should be recorded on a check log:
- Payer Name
- Check Number
- Amount
- Check Date
- Date Check Received
- Collector's Initials
- Date Deposited
- Deposit Slip #
- Depositor's Initials
Additionally, a Check Log Template is available to assist departments in properly recording the receipt of checks.
9. Does our department need to use a secured bag when making deposits?
University policy OP-D-2-B8 B states that "departments should ensure that appropriate security is provided when deposits are transported across campus or from off-campus sites." While this policy does not specifically require the use of secured bags, departments are encouraged to use these bags whenever possible. If your department needs to order deposit bags, contact Michelle Gaston (644-9460) in Student Financial Services.
10. Our department plans to make deposits directly to the bank, how do we go about obtaining armored car service?
You are encouraged to contact Mary Eichler (644-9030) in Student Financial Services to help arrange a quote for armored car delivery service.
11. Are there additional requirements if our department plans to accept credit cards?
Yes. If your campus department plans to accept credit/debit cards you will need to complete an Application for Credit Card Merchants, familiarize yourself with the University's Payment Card Policy, and complete the FSU Merchant Agreement. For additional information on the acceptance of credit/debit cards, contact Curt Caito (644-9475) in Student Financial Services.
Are there other questions that need to be answered here? If so, let us know.