Daily Deposit Review Procedure

Purpose

The purpose of this procedure is to confirm that cash, check and credit card receipts are recorded in the POS and ISRS systems and are in balance, and to verify the cash/check deposits are completed accurately and reconciled to the bank deposit receipt.

Definitions

Missouri Book Services (MBS)

MBS provides hardware, software and support for the POS System used on each campus.

Point of Sale System (POS)

Inventory control/point of sale and cashiering system used in campus stores to record sales, cashiering transactions and inventory levels. The software is used to process bank cards and credit cards for payment of purchases, tuition and fees.

Integrated Student Record System (ISRS)

The College’s student record system that is used to record all student and financial transactions.

Cash Drawer

A cash drawer is assigned to a POS station and contains the cash for daily campus store operations to be used at that station. Each cashier has a unique login so transactions can be identified and reconciled.

Cash Drawer Report

Cash Drawer Reconciliation Report (ISRS – AR2505CP)

Closing Report

End of day report used to prepare the deposit for the day.

Procedure

1. Stores close out their cash drawers at the end of the day.
2. The POS Recap Reports from the MBS system is sent the following day and used to create Closing Reports that reconcile the deposit total with the cash drawer count.
3. Deposits are received and posted to ISRS by the accounts receivable team on the Moorhead campus and by each of the campus store coordinators who function as campus cashiers.
4. The deposit is prepared, taken to the bank and the bank deposit receipt is obtained. All receipts are deposited daily on the business day following the receipt activity.
5. Documents are loaded to a shared site, where they are available for review by business office personnel who do not have access to create cash sessions in ISRS to maintain separation of duties. A review template is used to enter data from each of the reports and reconcile the deposit amounts to the bank deposit receipts and confirm bank card receipts. The template is then signed and dated by the reviewer.
   1. Business Office Deposits - Bank deposit receipt is reconciled to the AR2505CP Cash Drawer Report with data posted to ISRS in the Central Accounts Receivable (CAR) Office.
   2. Campus Store deposits - For all campus store locations, bank card deposit amounts from the MBS Recap Report are reconciled to the ISRS AR2505CP Cash Drawer Report.
      • Online Bookstore - Bank deposit receipt is reconciled to:
        • AR2505CP Cash Drawer Report with data posted to ISRS
        • MBS InSite Balancing Report, which lists individual credit card amounts used for online purchases (Sales by Payment Type)
        • Closing Report completed by the store coordinator
      • Moorhead Campus Store - Bank deposit receipt is reconciled to:
        • AR2505CP Cash Drawer Report with data posted to ISRS
        • MBS InSite Balancing Report, which lists individual credit card amounts used for online purchases
        • MBS - POS Recap Report, which lists all cash, check and credit card amounts that are received in the campus store (Sales by Payment Type)
        • Closing Report completed by the store coordinator
      • Detroit Lakes, Fergus Falls and Wadena campus stores - Bank deposit receipt is reconciled to:
        • AR2505CP Cash Drawer Report with data posted to ISRS
        • MBS - POS Recap Report, which lists all cash, check and credit card amounts that are received in the campus store
        • Closing Report completed by the store coordinator
6. When there are differences between the supporting documents and the deposit amounts, the reviewer will determine what is causing the variance and work with the cashier to make corrections in their Closing Report and Cash Drawer Report to insure the actual deposit amounts match what is posted to ISRS.

Responsibility

Accounts Receivable Team and Campus Store Coordinators

Reconcile receipts to supporting documentation and prepare bank deposits.

Deposit Reviewers

Confirm that deposits are in balance with supporting documents and deposited daily.

Associated Policies and Procedures

DIN 7481-03-01: Bookstore End of Day Procedure