Deposits

Please adhere to the following procedures for depositing money into the University Cashier’s office. Failure to comply with deposit procedures can result in losing cash collection privileges for your area. These guidelines assist departments in developing specific procedures to account for, report and manage deposits of receipts properly. Please review your current procedures to verify that your collection area conforms to university policy.

The following procedures are widely accepted best practices for receiving, storing, reconciling, and depositing cash, checks, and credit cards in your area. Several things must be remembered to ensure that all cash is handled securely.

Safeguard all cash; restrict access.
Accept and receipt payments; immediately stamp checks with a restrictive endorsement.
Reconcile change fund.
Balance and reconcile receipts daily.
Prepare deposits for the Cashier’s office following policies and procedures.
Be mindful of the separation of duties when handling cash.
Have dual controls where possible.
Record all overages and shortages in daily close-out.
Transport deposits safely.

The Deposit Transmittal Form below should be used to record and submit all deposits to W&M:

Deposit Transmittal Form (doc)
Deposit Transmittal Form (xlsx)

Instructions for Submitting Deposits to the Cashier’s Office

Complete the Deposit Transmittal Form.
Attach all related correspondence to the Deposit Transmittal Form. Keep a copy of all for departmental records.
Submit the Deposit Transmittal Form and related correspondence to the Cashier’s office for processing with the funds to be deposited; this should be done in person.
Credit Card transactions can only be submitted to the cashier’s email address for processing: [[cashier]]
Once the deposit has been processed and the receipt sent/given, please verify Banner to ensure the transmittal was entered correctly.
Please deposit FOUNDATION checks received from any of the College’s foundations on a separate deposit transmittal to facilitate processing by the Cashier’s office. You may have multiple Index/Account activity lines on a deposit transmittal for Foundation check deposits. Still, please do not include any non-foundation checks on the same deposit transmittal.