Cash Receipts

University Policy

  • Cash and check receipts are subject to misappropriation if not adequately controlled. Checks and check copies are High Risk Confidential Information (HRCI) under the University’s Enterprise Information Security Policy since they contain name and bank account information. Accordingly, it is best practice to maintain checks in a secure location for a limited amount of time prior to deposit. Check copies should not be maintained by local units for reconciliation or other purposes. If there is a question about a particular check, the Cash Management Office in the Office of Treasury Management maintains check images in a secure location.

    Other cash and check receipts best practices include:

    • Separation of duties, employees receiving and depositing cash and checks should not approve Credit Vouchers
    • Maintain log of cash and checks received or copies of Credit Vouchers for reconciliation purposes 
    • Provide receipts to the payer, whenever possible
    • Restrictively endorse checks "For deposit only-Harvard University Local Unit Name" upon receipt
    • Establish a process for a supervisor to approve all Credit Vouchers
    • Safeguard cash and checks in a locked area prior to deposit
    • Make frequent deposits (at least weekly)
    • Obtain receipt for cash deposited directly with the bank
    • Review and reconcile detailed listings to copies of Credit Vouchers each month