- Each department should centralise the collection of cash, with preferably only two members of staff within the department taking responsibility for cash handling.
- All cash and where applicable, Petty Cash floats, should be held securely, either in a till or a locked cash box at all times. When using a cash box this should be kept out of sight at all times either in a locked cabinet or drawer. Where cash has to be held in a department for any length of time this should be stored in a safe.
- Where departments use tills to collect and store cash throughout the day then further detailed guidance is available upon request from Finance.
- All cash income should be held intact and under no circumstances should deductions be made or personal or other cheques be cashed from any cash collected on behalf of the University.
- Keys for the till, cashbox or safe should be given to a designated person who should keep the keys secure. Precautions should be taken to ensure that any room in which cash is stored is locked when unoccupied.
- Where cash is being counted by staff this should be done out of public view.
- All staff members responsible for collecting cash should issue a receipt confirming the cash received.
- All departments should reconcile cash received to supporting records on a daily basis. The department should then prepare the cash to be deposited with the Banking team per Finance guidelines.
- A member of staff not involved in the cash collection process should be made responsible for ensuring that all cash banked appears timeously and accurately on the departmental budget reports.
- The overriding principle is that in order to achieve an adequate separation of duties and to reduce risk it is necessary to ensure that no one individual is responsible for all activities that is cash collection, cash reconciliation, delivery to the Banking team and review of budget reports.
- Staff responsible for the reconciliation process should contact University Security to uplift the bag for delivery to the Banking Team in line with the University insurance policy requirements.
| Value | Security |
|---|---|
| Up to £2,000 | 1 Security staff member |
| Between £2,000 and £5,000 | 2 Security staff members |
| Between £5,000 and £8,000 | 3 Security staff members |
| Between £8,000 and £12,000 | 4 Security staff members |
| Over £12,000 | External security carrier as contracted by the University |