Policy and Procedure Statement 3.4.9
Money-Handling Library Money
December 2000
Any
area handling money is responsible to the Library and the University for all money collected.
1. Checks
a) All checks should be payable to
b) No checks should be cashed for the
convenience of staff or students.
c) No checks should be in excess of the amount
to be collected.
2.
Receipts
a) Whenever funds are collected either a cash
register record of sales must be available or a numbered receipt given.
b) When funds are turned over to the Copy Center
Accounting Office, the area must receive a receipt. If a receipt book is used,
the receipt must bear the inclusive receipt numbers of the area's receipt book,
and equal the amount shown on those receipts. If a log book is used, the
Accounting Office staff will sign and date the log for cash and checks
received.
3.
Deposits
All areas that
receive funds must make regular deposits. Deposits should be made at least once
a week. If large amounts are collected, deposits should be made daily.
a) When depositing funds through the University
Business Office, the grid for "Description to be put on Ledger"
should be completed with information to identify the deposit when it is
reported on the fund ledger. All descriptions will include the date(s) that the
funds were collected.
b) To determine the sales tax on gross taxable
sales, divide the total taxable amount by 17.67, the result is the amount of
sales tax. Net sales can be calculated by subtracting the sales tax from gross
sales. This can be checked by multiplying net sales by 6%.
c) Fine money sent from branches to the Copy
Center Accounting Office should include list of receipt numbers written for
each fine received, including any voided receipts that were issued, (numbers
should be consecutive) name of library submitting fines, and date fines were
paid. The main Library will supply locked deposit bags for branch library
monies.
4.
Purchases
Under no
circumstances are purchases to be made from unit petty cash funds.
Reimbursement for authorized purchases may be obtained through the Library
Business Office upon presentation of a receipt signed by the person who made
the purchase. (Authorization for the purchase must be obtained before the
purchase is made.) The vendor should be given the University sales tax
exemption number in lieu of sales tax being charged.
5.
Petty Cash
Units with petty cash
funds are responsible to the Library and the University for control of these
funds.
a)
Daily, the unit petty cash funds should
be counted to verify the total. Any overage or shortage should be reported to
the Library Accounting Office.
b)
Any change in the distribution of unit
petty cash funds must be authorized by the Library Accounting Office promptly.
6.
Control
At no time should
funds be left in an unlocked desk or in a place not designated as a money
security drawer. Keys should be carefully controlled. Safe combinations should
be changed periodically and access to the combinations restricted.