Texas A&M University-Kingsville

Departmental Deposit

Receipting Methods
A. Cash Register Receipt
B. Sundry Receipt
C. Numbered Tickets

Sales Tax

Cash Drawer
A. Cash Drawer Request
B. Deposit Preparation

Balance Sheet

DEPARTMENTAL RECEIPTING

PURPOSE:

The Texas A&M University System has detailed regulations regarding the Receipt, Custody, and Deposit of Revenues. For information about the regulation go to: http://finance.tamu.edu/fmo/wf/docs/how-do-i-receive-the-funds.pdf. Regular audits are held throughout the university to insure that the regulations are being upheld.

Each department must account for all funds they receive. When funds are received by the department, some type of receipt must be given to the customer. In the following section, three methods of receipting will be described and procedures given.

NOTES:

Revenue should relate to the expenses they are reimbursing. For example, fees for workshops, conferences, productions, etc., must be receipted to the account where expenses are recorded to host the event.

Each type of revenue should be receipted to the related object code. For example, expense reimbursements should not be recorded with the same object code as revenue for fees. For confirmation of which object code is appropriate to use, check with the Business Office. Once an object code has been designated for a particular type of revenue, do not receipt other types of revenue into this object code. Instead, check with the Business Office for the correct object code to use for the other revenue.

When depositing receipts as refund of expense, the department must supply information about the expense. If the University has made payment for the expense, the voucher number or purchase order number should be provided at the time the deposit is made.

RECEIPTING METHODS

There are three primary methods of receipting funds. The method a department should use depends on the type and frequency of receipting done. The description and procedures for each method, including balance sheet and deposit preparation are detailed in the following sections:

A. CASH REGISTER RECEIPT

B. SUNDRY RECEIPT

C. NUMBERED TICKETS

D. MARKETPLACE

If uncertain of which procedure is most suitable, consult with the Business Service Representative III in the Business Office for clarification.

A. CASH REGISTER: 

A cash register is recommended for frequently recurring charges.

The cash register is set up with codes that identify receipts. Refer to the operating manual or the manufacturer for instructions to set up the codes. At the end of each day’s receipting, totals are printed out and monies are balanced to the totals (referred to as "Z" reading). A balance sheet must be prepared for any day in which monies were receipted.

To prepare the balance sheet and the monies for deposit:

1. Count all money denominations and enter appropriately on balance sheet.

 Strap currency and roll coins according to the following denominations:

Denomination

Strap/Wrapper

20's, 50's, 100's

$1000.00

10's

$500.00

5's

$250.00

1's

$50.00

Quarters

$10.00

Dimes

$5.00

Nickels

$2.00

Pennies

$.50


The Business Office can supply straps and wrappers as needed. All straps and rolls must have initials, account number and date on them.

  1. All checks must include the Banner ID number (if from student or TAMUK employee), the department account number, and an endorsement on back "For deposit to TAMUK" (Note: checks must be endorsed immediately upon receipt). An endorsement stamp may be purchased for this. An example of wording is:

PAY TO THE ORDER OF

ANY BANK, BANKER OR TRUST CO.

FOR DEPOSIT ONLY

TEXAS A&M-KINGSVILLE

  1. Run two calculator tapes on the checks, making sure the totals match. Enter this amount on the balance sheet. Attach tapes to checks.

NOTE: At this time Wells Fargo Bank (our local deposit point) may not accept credit card checks for deposit. These checks are only good if account holder has not reached their maximum credit limit. For this reason the checks are often returned due to over credit limit.

  1. For those departments using the VeriFone onsite credit card machines, all charge slips must include the name of the charge card owner and the person receiving the credit (if other than card owner) as well as the Banner ID number (if from TAMUK student or employee).

  2. Run two calculator tapes of all credit card charges, making sure totals match. Enter on balance sheet.

  3. After entering all cash, checks and charges on balance sheet, run total and enter on sheet.

  4. If starting money is part of cash total, take out starting money and subtract from total. (Note: if cash drawer money is being returned with this deposit, do not subtract it.)

  5. Enter each receipt type on line(s) designated on balance sheet. Do not forget to enter any cash drawer money that is being returned.

  6. For sales taxable receipts, if cash register separated the tax, enter register amounts on balance sheet. If not separated, use formula on balance sheet to figure tax and enter on sheet.

  7. Total all receipt types.

  8. Receipt total should match ending cash, check and charge total. Sheet should be in balance.

  • If Total Cash is more than Total Receipts, money is over.

  • If Total Cash is less than Total Receipts, money is short.

  • If money is over or short, enter that amount on designated line and include explanation.

The balance sheet, Z reading and monies must be deposited daily at the Business Office if the funds total $200 or more, or within three business days regardless of amount. We highly recommend daily deposits.

B. SUNDRY RECEIPTS: 

For events that occur only a few times a year, hand written sundry receipts may be more suitable than a cash register.

When issuing hand written receipts you must use the sundry receipt books that are available through the Business Office. Any other receipt books are strictly prohibited. Each sundry receipt book must be returned to the Business Office once all receipts have been issued or when no longer needed for regular use. A new sundry receipt book will not be issued until the previous book is returned. An exception may occur if there are only a few receipts left in the old book and a large number of receipts are expected to be written. A new book will be issued and the old book must be returned with the next deposit. Procedures for using sundry receipts are:

A. Complete receipt as follows:

  1. Date

  2. Received of - person or company making payment

  3. Written Amount

  4. Numerical amount

  5. For - description of goods sold, services provided, or fee charged

  6. Department - include department name and account number including the four digit object code (The object code designates the type of funds received; call the Business Office if uncertain of which object code to use)

  7. By - signature of person writing receipt

  8. In the top left hand corner of receipt - type of funds received; i.e. ck #2345, cash

  9. Endorse all checks immediately for deposit to TAMUK

  10. Give original white receipt to person making the payment

NOTE: If an error is made on a receipt, write VOID in large letters across the receipt and keep all copies together. Write a brief explanation of void reason on receipt. The original and the pink copy must be attached together and sent with the other pink receipts to the Business Office. A correct receipt may then be written.

B. A balance sheet must be prepared for any day in which monies were received.

Prepare balance sheet and deposit:

1. Count all money denominations and enter appropriately on balance sheet. 

 Strap currency and roll coins according to the following denominations:

Denomination

Strap/Wrapper

20's, 50's, 100's

$1000.00

10's

$500.00

5's

$250.00

1's

$50.00

Quarters

$10.00

Dimes

$5.00

Nickels

$2.00

Pennies

$.50


The Business Office can supply straps and wrappers as needed. All straps and rolls must have initials, account number and date on them.

  1. All checks must have the Banner ID number (if from student or TAMUK employee) the department account number, and an endorsement on back "For deposit to TAMUK." An endorsement stamp may be used. See example of endorsement stamp wording in cash register procedures. (Note: Checks must be endorsed immediately upon receipt.)

  2. Run two calculator tapes on all checks, making sure the totals match. Enter this amount on the balance sheet. Attach tapes to checks.

NOTE: At this time Wells Fargo Bank (our local deposit point) may not accept credit card checks for deposit. These checks are only good if account holder has not reached their maximum credit limit. For this reason the checks are often returned due to over credit limit.

  1. For those departments using the VeriFone onsite credit card machines, all charge slips must include the name of the charge card owner and the person receiving the credit (if other than card owner) as well as the Banner ID number (if fro TAMUK student or employee)

  2. Run two calculator tapes on all credit card charges. Attach tapes to charges and enter total on balance sheet.

  3. After entering all cash, checks and charges on balance sheet, run total and enter on sheet.

  4. If starting money is part of cash total, take out starting money and subtract from total (Note: if cash drawer money is being returned with this deposit, do not subtract it.)

  5. Remove pink copies from book and separate them into same account number and object code groups , keeping in numerical order within the group.

  6. Run two calculator tapes on each receipt group, making sure the totals match; attach tapes to each group.

  7. Enter each receipt group total on line(s) designated on balance sheet. Do not forget to enter any cash drawer money being returned with this deposit.

  8. Total all receipt groups and enter on sheet.

  9. For taxable receipts, use formula on balance sheet to calculate tax.

  10. Receipt total should match ending cash, check and charge total. Sheet should be in balance.

  • If Total Cash is more than Total Receipts, money is over.

  • If Total Cash is less than Total Receipts, money is short.

  • If money is over or short, enter that amount on designated line and include explanation.

The balance sheet, receipts and monies must be deposited daily at the Business Office if the funds total $200 or more, or within three business days regardless of amount. We highly recommend daily deposits.

C. NUMBERED TICKETS: 

For events such as athletic events or theatrical productions where admission is charged, numbered tickets must be used to determine how many individuals paid (or received complimentary) admission. For certain events special ordered pre-numbered tickets may be needed.

For an event where admission is charged at the door and there is no particular seating or need for special tickets, rolls of numbered tickets may be used. Rolls of numbered tickets must be picked up at the Business Office within three business days prior to the event. Unused tickets must be returned to the Business Office at the time the deposit is made. Based on the ticket numbers, the amount collected should tie to the number of tickets used. An audit of all unused tickets will be done. All tickets must be used in numeric sequence (either the exception of blocks of tickets that are consigned out). The following procedure is used for numbered ticket rolls:

A. University issued ticket rolls:

  1. Acquire roll(s) of tickets for each ticket sale type (ex. adult, student, non-student, etc.)

If certain individuals will be given complimentary entrance, acquire a separate roll of tickets to be keep track of complimentary tickets given. The Business Office will make every effort to issue different ticket colors to the department for each ticket type.

  1. Before each day’s use, note starting ticket number(s) on balance sheet as well as date(s) and description of event. If more than one roll is being used, note all starting numbers and type of sale (i.e. adult price, etc.) for each.

  2. Upon receiving payment, issue appropriate ticket(s) to the individual(s). If individual is to receive complimentary entrance, issue them the complimentary ticket. (If a check is received from a TAMUK student or employee, please note the last four digits of their social security number on the check. Driver’s license number and date of birth are also highly recommended for collection purposes.)

B. Special pre-numbered tickets:

  1. Special tickets can be ordered or generated by the department, as long as the tickets begin with number "1" and are numbered sequentially as they are printed (No hand numbering allowed after printing)

  2. All tickets must be presented to the Business Office to be counted prior to the sale of any tickets

  3. All unsold tickets and a final overall report of ticket sales must be presented to the Business Office within three (3) working days of the event so they can be audited

  4. All requirements for daily accounting of tickets still apply.

C.  Consignment of Tickets:

If tickets are released out of the department to another person or vendor to sell, the following must be documented:

  1. Date of release

  2. Name and signature of responsible person (and organization if applicable) along with telephone number

  3. Name and date of function for which tickets sold

  4. Number of each type of ticket (note starting and ending numbers)

Any remaining consigned tickets and payment for tickets sold must be returned to the department within one business day following the related event. (An exception may be allowed for tickets consigned to an out of town vendor.) Immediately upon return of consigned tickets and/or money, add the following to the original release documentation:

  1. Date of return

  2. Person returning tickets/money

  3. Number of each type of ticket returned (note starting and ending numbers of tickets returned)

  4. Amount of money (amount in cash, amount in checks, ect.) received - this should tie to the number of tickets that were sold and not returned; see instructions to prepare deposit

D. A balance sheet must be prepared for any day in which monies were received.

To prepare balance sheet and deposit:

(NOTE: Before the event, make sure your balance sheet has enough ticket sales sections to accommodate the number of ticket types you will be issuing. If not, contact the Head Cashier to revise the master sheet and provide a copy for you. If an alternative method has been agreed upon by the Business Office and your department for reporting ticket sales, this may be used and the report attached to your department balance sheet.)

  1. At close of business for the day, note on the balance sheet the next number available for each roll being used. (For special tickets, attach ticket sales report and go to step 4.)

  2. Subtract the starting number from the next available number to determine how many tickets of each type were sold.

  3. Multiply number of tickets sold by the rate for each type of ticket and enter on balance sheet.

  4. Total all ticket sales and enter total on balance sheet. If cash drawer money is being returned with this deposit, note the amount separately and add it in the total.

  5. For taxable sales, use formula on balance sheet to calculate tax.

  6. Count all money denominations and enter appropriately on balance sheet.

Strap currency and roll coins according to the following denominations:

Denomination

Strap/Wrapper

20's, 50's, 100's

$1000.00

10's

$500.00

5's

$250.00

1's

$50.00

Quarters

$10.00

Dimes

$5.00

Nickels

$2.00

Pennies

$.50


The Business Office can supply straps and wrappers as needed. All straps and rolls must have initials, account number and date on them.

  1. All checks must have the Banner ID (if from student or TAMUK employee), the department account number, and an endorsement on back "For deposit to TAMUK." An endorsement stamp may be used. See example of endorsement stamp wording in cash register procedures. (Note: all checks must be endorsed immediately upon receipt)
  2. Run two calculator tapes on the checks, making sure the totals match. Enter this amount on the balance sheet. Attach tapes to checks.

NOTE: At this time Wells Fargo Bank (our local deposit point) may not accept credit card checks for deposit. These checks are only good if account holder has not reached their maximum credit limit. For this reason the checks are often returned due to over credit limit.

  1. For those departments using the VeriFone onsite credit card machines, all charge slips must include the name of the charge card owner and the person receiving the credit (if other than card owner) as well as the Banner ID number (if from TAMUK student or employee).

  2. Run two calculator tapes of all credit card charges, making sure totals match. Enter on balance sheet.

  3. After entering all cash, checks and charges on balance sheet, run total and enter on sheet.

  4. If starting money is part of cash total, take out starting money and subtract from total. (Note: if cash drawer money is being returned with this deposit, do not subtract it.)

  5. Receipt total should match ending cash, check and charge total. Sheet is in balance

  • If Total Cash is more than Total Receipts, money is over.

  • If Total Cash is less than Total Receipts, money is short.

  • If money is over or short, enter that amount on designated line and include explanation.

The balance sheet and monies must be deposited daily at the Business Office if the funds total $200 or more, or within three business days regardless of amount. We highly recommend daily deposits.

SALES TAX 

Certain items sold and admission charges are taxable.

Examples of taxable receipts are:

  • sales of books, brochures, diskettes, videos, programs and T-shirts

  •  overnight guest fees

  • parking fees

  • museum sales

  •  entertainment tickets (professional performers)

  •  movie tickets

  •  guest passes (ex. swimming pool).

This list does not include all taxable receipts. For clarification of any sales tax issues, please consult Staff Accountant/Auditor in the Business Office. You may also review the Sales Tax FAQ page provided by the Texas State Comptroller’s Office.

If your cash register separates sales tax, continue to show sales tax separately on the balance sheet. Otherwise, use the formula on the balance sheet to calculate the tax. The Business Office will verify the calculation before the deposit is receipted. If no taxes were collected for taxable items, the taxes will be calculated at the cashier window and taken out of the revenue being deposited. Please call the Bursar 361-593-3007 or Head Cashier 361-593-2439 if a permanent adjustment needs to be made to your current deposit sheet.

NOTE: Even though the university is a Tax Exempt Organization, we must still collect taxes on our own sales. If another tax exempt organization wants to purchase our products or services, the tax exempt form must turned in at the time of purchase. A coop of the Texas Tax Bulletin which contains helpful information about tax exemptions can be found at http://www.window.state.tx.us/taxinfo/taxpubs/tx96_1045.html. Further information about sales tax is available by calling the Texas Comptroller's Office at 1-800-252-555

CASH DRAWER 

Departments may retain petty cash drawers for routine receipting,fund raisers or events where a cash drawer with starting cash to make change will be needed. Some of these events may be held normal business hours, so the department does not have the opportunity to immediately bring the funds to the Business Office for deposit. For such events where revenue totals $200 or more, the department must be prepared to take those funds to the local bank drop immediately following the event. Through advance request, the Business office can supply a locking cash drawer, a locking bag. and bank drop key, a cash change fund and (if needed) bank deposit slips. If a department determines that a cash drawer, a temporary money change fund, and other related supplies are needed for a particular event, the following procedures are used to request funds and prepare the deposit

A. Cash Drawer Request:

To request a cash drawer for a university event, a requisition must be prepared and include the following:

  • amount and denominations of requested money

  • event date(s) and money pickup date

  • request for locking cash drawer (if needed)

  • responsible person

Present requisition to the Assistant Vice President for Finance and Administration at least one day prior to the pickup date. Locking bags will automatically be provided for deposit(s). If unable to deposit to Business Office on day of event and deposit is expected to be $200 or more, the Wells Fargo Bank night drop must be used. A key to the night drop will be provided. Locking bags and cash drawer monies must be returned to Business Office upon completion date of event (by 4:00 p.m. on regular business day or by 9:00 a.m. on next business day if weekend or evening event).

B. Deposit Procedure: 

Deposits should be made no later than 4:00 p.m. on regular business days at the Business Office. If the event is held on a non-business day follow the appropriate instructions given below:

1. For deposit of $200 or more:

  1. Follow deposit preparation procedures for Departmental Receipting. (Note: If cash drawer money is no longer needed, note the amount as a "return of advance" on Receipt lines and include the money in the deposit.)

  2. Fill out bank deposit slip in duplicate for deposit, including department account number on the deposit slip.

  3. Place the deposit slips, along with endorsed checks and cash in the locking bag. (Only one deposit per bag)

  4. Place starting money (if needed) in a separate bag to be kept in a secure location until next day's use.

  5. Request University Police escort to Wells Fargo Motor Bank to deposit locked bag.

  6. Next business day, bring balance sheet(s) and key(s) for locked deposit bag(s) to Business Office before 9:00 a.m..

2. For deposit of less than $200:

  1. Follow deposit preparation procedures for Departmental Receipting. (Note: If cash drawer money is no longer needed, note the amount as a "return of advance" on Receipt lines and include the money in the deposit.)

  2. If still being used, place starting money in a separate locked bag.

  3. Place balance sheet along with checks and/or cash in locked bag.

  4. Keep locked bag(s) in secured area until next business day.

  5. Bring locked bag(s) and key(s) to Business Office next business day before 9:00 a.m..

BALANCE SHEETS

Balance sheets are designed to assist in balancing. Each department will be provided a balance sheet with their payment detail codes. Departments should keep a master copy of the form and make copies from the master. If account numbers change, a new master balance sheet will be made by the Head Cashier.

If necessary, please contact the Business Office for further assistance.

This page was last updated on: July 24, 2012