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Handbook of Business Procedures

Date published: 
Last revised: 
Issued by: 

April 20, 2005
Nov. 25, 2009
Cash Management

 

Part 6. Cash Handling - Table of Contents


6.2. CASH COLLECTIONS

A. General Procedures

Do not permit interruptions while you are handling a transaction. If a customer tries to interrupt you while you are counting money, politely ask the customer to wait until you are finished. Treat the customer courteously; smile when you refuse to be interrupted.

Finish one transaction at a time.

Never allow yourself to become so confused by a customer's demands that you allow the customer to tell you what to do.

Give special treatment to large denomination bills:

  • Examine both sides.
  • Look for alterations, markings, evidence of counterfeiting.
  • If you encounter difficulties, call for your supervisor.
  • Do not argue or accuse the customer if you suspect you have a counterfeit bill.

If a counterfeit note is discovered, follow The University of Texas System Administration Policy 166:

All counterfeit currency must by law be confiscated and segregated immediately by the cashiers. If a counterfeit note is discovered subsequent to acceptance as tender for a transaction, then it must be segregated by the cashier and the account shall not be credited. A Counterfeit Note Report must be filed with the Secret Service within one business day. A complete description of the passer shall be made by the cashier immediately following the transaction in accordance with Secret Service procedures.

If a counterfeit note is discovered by the university’s banking institution, then the account credited with receiving the funds will be debited for the amount of the counterfeit note(s). The banking institution will maintain custody of the counterfeit note and will turn it over to the Secret Service.

When counting stacks of currency, hold bills in one hand and pass to the other. Place faces in the same direction, and look at them instead of numbers.

For additional information about security features in new money, please visit the United States Treasury web site.

United States Treasury

B. Counting Change

Change is counted three times: the first time by the cashier when it is removed from the cash register drawer; the second by the cashier when he or she counts it into the customer's hands; and the third time by the customer when it is counted into his or her hands.

Count change starting with the amount owed and ending with the amount tendered. State dollar denominations each time (example: if the count starts at $5.25, say "five twenty-five," not "twenty-five"). If you mention each new dollar denomination throughout, you are less likely to miscount.

If a customer hands you small change with paper currency, deduct the additional change tendered from the amount owed. Example: if a customer gives you five dollars and four cents to pay $1.24, subtract the four cents from the $1.24, leaving $1.20, and start counting the change from that amount.

Whenever possible, count change into the customer's hand.

Keep money received from the customer on the register above the drawer until the transaction is completed.

C. Overage and Shortage Procedures

All cash shortages and overages must be reported on the cash receipts voucher. Overages or shortages that are equal to or greater than $25.00 in cash receipts or petty cash must be reported to the Office of Internal Audits immediately upon determination.

Losses including theft or burglary should be reported to to the Vice President and Chief Financial Officer, The University of Texas Police Department, and the Office of Internal Audits before close of the business day. If a theft is discovered, the supervisor/custodian shall make a verbal report to The University of Texas Police Department and the Vice President and Chief Financial Officer before the close of business followed by a written report within one business day.

Office of Internal Audits
University of Texas Police Department

D. Security

Cash processing areas should be secure from entry by unauthorized people. Cash shall be stored in a safe when not in use or in a register, locked drawer, or locked box. Cash in unlocked drawers and boxes should never be left unattended.

 

 

Part 6. Cash Handling - Table of Contents