General Cash Collections

Transcription

1 General Cash Collections Presented by Internal Accounts Support Staff Accounting Services Top-performing urban school district in Florida 1

2 Overview of Process for Collecting and Depositing Money There are two ways to deposit funds into an Internal Account Payments can be processed online with a credit/debit card through School Cash Online. Payments made by cash or checks collected on campus must be processed through recording it on a Monies Collected Report. -The Monies Collected Report (MCR) functions as a deposit slip to the account number(s) listed on the document -Each collection, in most cases, must be listed by student The MCR is an official District document; only District employees can sign an official document -All MCRs must be retained, along with the corresponding official School Cash receipt and turned over to the School Secretary at the end of the school year 2

3 How to Complete the Monies Collected Report (MCR) 1. Enter date of collection 2. Enter account name 3. Enter account number 4. Enter the total amount to be deposited into each account 5. Replicate 2-4 if a second account will be used if more than two accounts are involved, summarize the collections for each account by listing each account name/number/amount in the body of the form 6. Enter the reason for the collection this should be a school event, classroom activity, extracurricular program, fundraiser, etc. 7. Enter the student name or the check maker s name for non-student related collections by check describing the source of the deposit 8. Enter the check number(s) collected leave blank or draw a line if depositing cash 9. Enter the amount collected remember, if the check is over the District s threshold, based on the policy of the check collection agency, the MCR must be approved by the principal prior to depositing 10. Total the deposit if more than one MCR is needed, write CONT instead of entering the total until you reach the last page, then enter the grand total of all pages use the COMMENTS section to label each page number by noting the page number and total number of pages (Page 1 of 3, Page 2 of 3, Page 3 of 3) 11. Print name and sign the MCR form(s) Confirm that the deposit total on the form agrees with the actual cash/checks to be deposited Retain the yellow copy of the MCR to be matched with the Official School Cash Receipt and turned in at the end of the year to the school secretary Record the deposit on the Drop Safe Log Deposit the funds and the white copy of the MCR in the school s drop safe 3

4 Which of the following data elements does NOT appear on the Monies Collected Report (MCR)? A) Account name. B) Account number. C) Reason for the collection. D) The name of the person(s) making the payment(s). E) Student identification number. F) Check number received for deposit. G) Deposit total. H) Sponsor's signature.

5 A Few Additional Pointers Monies Collected Reports are 2-part MCR forms, and should be completed in ink (no pencil, crayon, or felt tip markers) Only District employees can sign official documents which includes an MCR Don t use correction fluid to correct mistakes on the MCR or Drop Safe Log instead, cross out the error, make the correction, and initial the change When making a deposit, turn the safe s hopper handle firmly and double check to make sure the deposit actually dropped into the safe the hopper mechanism should be empty The drop safe is the most secure place to store funds overnight deposits have been stolen from file cabinets, glove compartments, and car trunks, but the security of the drop safe has not been breached, despite several attempts 5

6 Deposits To Be Determined In situations such as where there is a late night activity and a deposit can t be reconciled to an MCR it can be put in the school s Drop Safe for safe keeping. Put entire collection in a locked bag Recorded on Drop Safe Log with amount TBD no actual dollar amount Must be picked up on the next business day and signed for on the Drop Safe Log 6

7 Which option below is the recommended method for securing funds collected after normal school hours? A) Secure the deposit on campus in a locked file cabinet. B) Secure the deposit in the glove compartment of the sponsor's vehicle. C) Secure the funds in the school's safe. D) The sponsor should take the funds home and bring them back to school the next day.

8 Some Cash Collections Require Advance Approvals or Additional Paperwork Fundraising must be approved in advance by the principal and the Teacher/Sponsor must complete a Fundraising Application/Recap form before collecting any money. The Teacher/Sponsor Fundraising Training in elm must be completed prior to beginning the process. When admission is charged, schools are required to use pre-numbered tickets if collections will exceed $500 at the elementary level or $1,000 at the secondary level ticket sales require their own special paperwork and procedures. The Teacher/Sponsor Fundraising and Pre- Numbered Ticket Training in elm must be completed prior to beginning the process. Field trips must be approved in advance at various levels of the organization, depending on the destination in addition, there are numerous forms and procedures that apply to field trips. The Teacher/Sponsor Field Trip Training in elm must be completed prior to beginning the process. All requests for payment must be in accordance with School Board Policy 2.21, School Requests of Payment from Students 9

9 Which of the following cash collections require additional paperwork or advance approvals? A) Fundraising projects. B) Field Trips. C) Ticket Sales. D) All of the above.

10 Example Collection From Students Field Trip The account name, number and amount to be deposited is listed at the top of the form The REASON includes the field trip destination the more specific the better Each person s name, payment method, and amount is listed individually on the form Since the name of the check maker is listed on the MCR, it is advisable to write the student s name in the Memo field of the check to cross reference the student and the check maker in case the check is returned for collection at a later date 11

11 Example Collection from Students Candy Fundraiser The demographic information at the top of the form is complete Each person making a payment is listed by name If payment is made by check, the check number is listed Each person s payment amount is listed The total on the form should agree with the actual funds being submitted for deposit 12

12 Example - Collection from Students Yearbook Sales with Classroom Receipts In this example, the teacher/sponsor issued each student an individual Classroom Receipt (PBSD 0196) for their yearbook purchase The white copy of the receipt goes to the student, the yellow copy is attached to the MCR and the pink copy stays in the receipt book Because the receipt includes the payment details, it isn t necessary to list each student s name on the MCR - list the receipt numbers and attach the yellow copies of the classroom receipt to the MCR in lieu of listing the individual names The amount collected can be listed in a lump sum on the MCR As with all collections, the amount on the MCR should match the actual total of cash/checks submitted for deposit 13

13 When individual classroom receipts are issued to students, which of the following statements is TRUE? A) The yellow copy of the receipt is attached to the Monies Collected Report. B) Each payment name and amount must be listed on the C) Monies Collected Report. The sponsor is not required to sign the Monies Collected Report since they signed each individual classroom receipt. D) It is not necessary to complete a Monies Collected Report when classroom receipts are used.

14 Example Collection from Students School Dance Tickets not Required This was a general cash collection from students and it was not practical to list all the names Instead, we listed the cash breakdown in the body of the MCR Note the breakdown includes the currency denominations, the number of bills, and the dollar value for each denomination of currency the more specific, the better In the Comments section, the Teacher/Sponsor noted the number of students attending and the amount per student, providing additional details about the dance 15

15 Example - Collection from the Public Concession Sales With cash sales to the general public, it isn t practical to list individual names on the MCR In this example the cash breakdown is detailed in the body of the MCR Note the breakdown includes the currency denomination, the number of bills, and the dollar value the more specific, the better 16

16 Example - Collections for Athletics Basketball Gate Receipts with Tickets The reason is very specific, listing the names of the competing schools the more specific, the better The total ticket sales are listed as a lump sum because in our example, a copy of the ticket seller report attached to the MCR provides more detail of the amounts collected If the game is after normal school hours, the funds can be dropped in the safe in a locked zipper pouch then on the Drop Safe Log, list the amount as TBD and note that the deposit needs to be returned to Sam Thompson The next business day, Mr. Thompson can retrieve the locked bag and complete the ticket seller reports and MCR, listing the final deposit on the Drop Safe Log as usual 17

17 Example Collection from Lessee Facility Lease Payment Since this collection will be deposited into more than two accounts, we entered SEE BELOW at the top of the form where the account name and number would normally be entered The REASON includes the lease number the more specific, the better The name of the lessee, the date of the service, the check number, and check total are listed The account names are listed in the body of the form instead of at the top of the form The deposit total should agree with the total of the accounts, and it should also match the actual cash/checks being submitted for deposit 18

18 The cash and checks turned in with the Monies Collected Report should be counted by the sponsor to assure the amount agrees with the total listed on the MCR form. A) True B) False

19 Completing the Drop Safe Log The Drop Safe Log is used to track deposits from the Teacher/Sponsor to the Treasurer and confirm that computerized receipts are issued back to the Teacher/Sponsor Each MCR total must be individually listed on a separate line on the Drop Safe Log The Teacher/Sponsor should confirm the computerized receipt they receive after the deposit is made in School Cash against their yellow copy of the MCR to make sure the funds were deposited into the correct account Since the Drop Safe Log is a pre-numbered document, the school is responsible for tracking every single page and must explain any missing pages 21

20 Drop Safe Log PBSD 240 A District employee should complete the form in ink Don t use correction fluid cross out the error, enter the change, and initial the correction List each MCR deposit amount individually on the form do not combine the collection totals for different MCR forms Fill in all the blanks in Section 1 of the form If the funds will be collected the next business day record the amount as TBD 22

21 With regard to the Drop Safe Log, which of the following statements is FALSE? A) Sponsors must list each MCR total individually on the Drop Safe Log. B) Sponsors are permitted to add more than one totaled MCR form together and enter the combined total on one line of the Drop Safe Log. C) Drop Safe Logs are prenumbered forms so every page must be accounted for and missing pages must be explained. D) The sponsor is responsible for completing the first section of the Drop Safe Log when making deposits in the school's drop safe.

22 Parting Reminders on Cash Collections Deposit funds on the day of collection Checks should have contact information name, address, phone number Use ink on the MCR and complete all the information only District employees can complete official District forms The REASON should be a school event, fundraising project, classroom activity, field trip, etc. List each person s payment individually on the MCR whenever possible The amount shown on the MCR should agree with the amount of cash/checks submitted for deposit Log each MCR total on the Drop Safe Log individually Confirm that the hopper mechanism is empty when you leave the safe Retain the yellow copy of the MCR and compare it against the computerized receipt given after the deposit has been processed this shows the funds were deposited into the correct activity account per your directions Monitor your account activity on a regular basis to ensure all deposits are properly recorded Turn all of the MCRs and receipts in at the end of the year to the school secretary 24

23 Common Audit Findings Related to Cash Collections Monies Collected Report not completed properly incomplete demographic information, names not listed, check numbers missing, totals not calculated correctly Funds not deposited timely teacher/sponsors not depositing funds on the day of collection Yellow copies of Monies Collected Report unavailable lost, discarded, or not turned into front office, not being compared to the computerized receipt so accounting errors can be detected and corrected Non-District employee signing Monies Collected Report or Drop Safe Log Only District employees are permitted to sign official District documents. Volunteers and internal PTO/PTA s are not permitted to sign documents; a faculty or staff member must be listed as the sponsor of the account and sign the official documents. Inconsistent use of Drop Safe Log deposits not listed by teacher/sponsor, missing information on the form, Drop Safe Log numbers have gaps and pages are missing 25

24 The yellow copy of the Monies Collected Report should be: A) Retained by the sponsor as a temporary receipt until the official computerized receipt is issued. B) Compared against the computerized receipt to confirm that funds were deposited into the correct activity account(s). C) Submitted to the front office at the end of the year and retained for audit purposes. D) All of the above.

25 Which statement is TRUE with regard to collecting funds and making timely deposits? A) Funds should be deposited during the same week they were collected. B) Funds should be deposited daily. C) Each campus is permitted to establish their own timelines for depositing cash collections. D) Funds must be deposited by sponsors within three business days.

26 Thank You We encourage teacher/sponsors to work closely with the treasurer throughout the cash collection cycle to avoid common mistakes and reduce the number of audit findings Next step: Launch the District Survey and complete the questions to finalize this training session We appreciate your time and attention and hope this information has been helpful 30