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Cash Handling

Cash handling requires strict accountability and timely deposit to ensure its security. Departments must receive authorization from the controller's office before engaging in any business activities that involve cash handling. This authorization ensures proper custodianship and adherence to financial protocols.

What is Cash?

Cash includes but is not limited to:

  • Currency
  • Checks
  • Credit/Debit Cards
  • Electronic Funds

Internal Controls

The cashier’s office oversees cash handling and ensures that authorized departments have adequate internal controls in place to protect and secure the University's assets. To maintain a robust system of internal controls, departments authorized to handle cash are subject to audits at any time.

Key Cash Handling Practices:

  • Timeliness: Deposit all cash collected for the University daily with the cashier’s office or weekly if the total amount is $200 or less.
  • Receiving Checks: Ensure all checks must be made payable to Pepperdine University.
  • Safeguarding Personal Financial Information: Protect and keep confidential all customer personal financial information in line with the University's Information Classification and Protection Policy.
  • Documentation: The department must establish written procedures describing its cash handling practices. 
  • Cash Handling Responsibility: The cash handling responsibility is to be assigned to a single individual, the Cash Custodian. 
  • Separation of Duties: It is critical that the responsibility for the physical security of assets is separate from the responsibility for related record keeping. There must be a separation of duties between the staff responsible for receiving and depositing cash versus the staff responsible for the accounting records.
  • Recording Cash Received: A system must be in place to record cash receipts at the time they are received.
  • Balancing: Reconcile cash receipts daily with sales records.
  • Cash Security: Physically protect cash at all times. Report any theft immediately to the public saftey department and the cash custodian’s supervisor.
  • Routine Reconciliation: Routine reconciliation is required monthly, at a minimum, to ensure that all cash sales are recorded properly.

Please review the PowerPoint presentation for a brief overview of cash handling practices, "Don't Lose the Lettuce."