BUS-49, Policy For Cash and Cash Equivalents Received

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BUS 49, Revised 11/28/07, replaces 08/16/07 Page 1 of 40 University of California Business and Finance Bulletin Office of the Executive Vice President Business Operations November 28, 2007 Number BUS-49 Policy for Cash and Cash Equivalents Received http://www.ucop.edu/ucophome/policies/bfb/bus49.html
Refer all general questions to: Jerome.Frantz@ucop.edu
Refer all campus questions to:
Campus Controller Business and Finance Bulletins Home Page: http://www.ucop.edu/ucophome/policies/bfb/ Table of Contents I. References............................................................................................................................3
II. Introduction..........................................................................................................................4
A. Accountability..........................................................................................................4 B. Separation of Duties.................................................................................................4 C. Physical Security and Data Transmission Security .................................................4 D. Reconciliation of Accounts......................................................................................5 III. Definitions............................................................................................................................5
IV. Roles & Responsibilities......................................................................................................7 A. Office of the President .........................................................................................8 B. Campus/Laboratory Locations.................................................................................8 Chancellor, Controller, Cash Handling Coordinator, Revolving Fund Withdrawal Designee(s), Credit Card/Internet Payment Gateway Coordinator V. Managing University Bank Accounts................................................................................10 VI. Obtaining Approval to Accept Credit and Debit Card Payments ......................................10 VII. Handling Currency, Coin and Checks ...............................................................................12 Reporting Transactions Over $10,000 ...............................................................................12 VIII. Payment Channels - Required Controls.............................................................................13 A. General Cashiering Policies for Receiving and Recording Cash and Cash
Equivalents.............................................................................................................13 B. Recording Cash and Cash Equivalents ..................................................................14 C. Point-of-Sale Equipment, Debit and Credit Card Processing................................17 D. Point of Purchase and Back Office Conversion : ACH Requirements..................17 E. Sale of Admission or Event Tickets.......................................................................18 F. Credit/Debit Card Batch Processing ......................................................................19 G. Accounts Receivable Conversion: ACH Requirements ........................................19 H. Credit/Debit Card Telephone Transactions ...........................................................20 I. Prohibition on Payment with Credit/Debit Card Via Fax Transmission ...............21 J. Payment with Credit/Debit Card Via the Internet..................................................22 IX. Physical Security................................................................................................................23 X. Preparing Deposits and Transfers to Banks .......................................................................25 XI. Recording to the General Ledger.......................................................................................26 XII. Returned Item Processing ..................................................................................................27 A. Cash Equivalents and Checks ................................................................................27 B. Automated Clearing House Debits ........................................................................28 C. Credit/Debit Card Chargebacks .............................................................................29 XIII. Contracting with Third Parties to Process Payments.........................................................30
XIV. Petty Cash and Change Funds............................................................................................31 Appendix A General Information on Accepting Payments........................................................32 Appendix B Data Security..........................................................................................................39 BUS 49, Revised 11/28/07, replaces 08/16/07 Page 2 of 40 I. REFERENCES University of California Accounting Manual chapter C-173 , Cash: Cash Controls
Accounting Manual chapter C-173-61 , Cash: Petty Cash Disbursements Business and Finance Bulletin IS-3 , Electronic Information Security Business and Finance Bulletin RMP-4 , Vital Records Protection: Business and Finance Bulletin RMP-5a , Records Retention Program for Financial Documents Pertaining to Federal Awards to the University - References, Introduction,
Records Destruction, Procedures, Responsibilities
Business and Finance Bulletin RMP-6 , Microfilm Guidelines Delegation of Authority-Revolving Fund Withdrawal s, effective June 3, 2002 WEB ACH Primer guidelines, September 23, 2004 Guidelines for Accepting Credit Cards as a Form of Payment for Education, Registration
or Other Fees , November 17, 2004 Internet Payment Gateway Guidelines for Payment Processing Model and Vendor
Selection , June 30, 2002 Federal and State
IRS Form 8300 , Report of Cash Payments over $10,000 Received in a Trade or Business
IRS Publication 1544 , Reporting Cash Payments of Over $10,000 California Civil Code

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