- the reconciliation should be subject to a formal review, evidenced by way of the reviewer's signature and the date of review, and
- the completed reconciliation should be submitted to the Vice President of Finance and Business Affairs for a cursory review. Any differences found to be inadequately researched and resolved should be returned to applicable staff for further investigation.
- ✓✓ Returned payments should be recorded on the student's account immediately. This should be done to ensure student account balances are current and accurate for management analysis.
- Appropriate personnel should consider applying a return check fee for returned payments which originated online with our third party service provider (Touchnet). A policy which would prohibit persons to pay with checks that have been identified as repeat offenders regarding returned payments should be explored. This should be done in an attempt to deter students from intentionally making payments from a bank account that has insufficient funds.
- ✓✓ The daily reconciliation of cashier's register should be performed in the presence of two persons (dual control) at the end of each work day. Consider the following in performing the reconciliation:
- any differences identified between the Cashier Check-Out Forms and cashier detail reports should be researched and resolved, and
- the reconciliation preparer should sign and date the reconciliation upon completion, and
- the reconciliation should be subject to a formal review, evidenced by way of the reviewer's signature and the date of review. The reviewer should be ensuring the appropriate documentation is included (e.g., Banner and credit card machine receipts) and the appropriate forms are accurate and complete, and
- any exceptions to the policy and procedures should be documented and included in the support documentation.
- ✓✓ Appropriate personnel should determine whether the Banner system has security features to prohibit cashier access to receipt information / activity reports. If so, these controls should be activated. In the absence of these security features, compensating controls (e.g., unannounced cash counts by supervisor) could be performed to help ensure the accuracy of revenue receipts.
Bursar Office's Corrective Action Plan
The Bursar Office concurs with and will implement the recommendations related to cash management activity.
Page 13 of 17