Cash Receipt and Collection
- Department assign designated person(s) to collection incoming cash transactions
- All cash transactions must be recorded in a cash receipts journal log or accounts receivable system.
- A receipt should be provided to all cash (money) payment made in person.
- All Checks must be endorsed immediately with a restrictive endorsement as Deposit Only-Payable to Stonehill College.
All cash collected must be deposited through the Stonehill College Controller's Office. No department is authorized to have an outside bank account for purposes of depositing College funds.
- Count money and complete Deposit Form
- Hand deliver the deposit to the Controller's Office
- All cash deposits should be re-counted by the Cashier at the time of delivery and a receipt received at that time.
- Cash receipts should be delivered to the Controller's Office on a daily basis if the department do not have a Safe (especially all cash transactions). Departments who own a Safe should make a weekly deposit by Friday 3:00 PM.
- Deposit all funds intact. The entire amount of receipts collected must be deposited so that all receipts are posted as receipts to the department. For example, a department can not use $10 of its cash receipts to purchase postage and then reduce the amount of its cash deposit by the $10 used.
For any credit card payments, please use the Credit Card Authorization Form.