Depositing Funds
Responsible position(s):
Cashier
Bursar
Required documents and access:
Checks and cash from approved cashier sessions
Frequency and timing:
Daily
Steps:
Remote capture deposit checks (not currently in use).
Prepare deposit slips for checks, cash, and coins and scan a copy for with the cashier session documentation.
Secure cash and coin deposit in a lock bag in the safe until deposited at the bank.
Deposit cash and coin deposits daily.
Processing Returned Checks and Electronic Payments Responsible position(s):
Bursar
Required documents and access:
Notice of NSF checks or returned electronic payments from payment processors
Frequency and timing:
Daily, as returns are received
Steps:
Post return to student or grantor account.
Post charge for return payment fee to student or grantor account.
Place accounting a financial hold on student or grantor account.
Notify student or grantor of returned payment, fees charged, and appropriate methods of restitution – cash, certified/cashier's check, money order, credit card payment, or EFT.
Post restitution payments following procedures above for posting payments.
Release hold from student or grantor accounts.
Notify student that restitution has been received and hold has been released.