Operating Procedures Manual

Chapter 2. Accounting Services
Section 2.8. Accounts Receivable
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2.8.6. Cash Banks

Definition

Cash Banks: Funds held by a unit (such as the Cashier’s office, Central Ticket Office, Memorial Union) to process normal business transactions.

Policy

A number of specialized cash banks for various functions may be established only when specifically authorized by University policy or by written approval of the controller. The various banks are refund bank, container bank, and petty cash. Refer to sections 2.8.1.1. Authorized Departments, 2.8.6.1. Refund Bank, 2.8.6.2. Container Bank, or 2.7.10. Petty Cash.

The amount of coins and currency required for authorized banks may be determined by the department head on an as needed basis.

Procedure

To establish a cash bank, do the following:

  1. Contact the controller for help in determining the type of bank needed.

  2. Have a request, made in writing by the department chair/dean/director, sent to the controller, with the following information:

    1. Name of cash bank custodian

    2. Department name

    3. Purpose of cash bank

    4. Dollar amount of cash bank

History
Adopted: 11/13/2001
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