The Controller's Office now offers a revenue collections training session twice per year. The purpose of this training is to:
- Help departments understand key points covered in the University Policies & Procedures and Campus Guidelines.
- Describe what internal controls are, why they are important, and the kinds of internal controls that should be in place.
- Review revenue collection best practices and resources available.
Training Overview (pdf)
To ensure effective internal controls are in place, the Controller's Office has developed the following questionnaire to assist departments in reviewing their revenue collections processes. Once completed, the questionnaire will serve as a control document which the department is to update as changes occur.
- Revenue Collection Questionnaire (xls) - instructions are included on the first tab. The questionnaire resides on the second tab.
Please download the document, complete the questionnaire, and return an electronic copy in Excel format via email.
The Controller's Office will provide each site with an assessment of the stated procedures and controls.
Collection Best Practices
- Read through University & Campus Policies and as necessary, ask questions for clarification.
- Review & document collection processes in place for cash, checks, and credit cards.
- Update the Revenue Questionnaire annually and submit to Controller’s Office.
- Segregate collection duties and establish mitigating controls when not possible.
- Monitor internal controls in place over receipts.
- Ensure receipts are safeguarded at all times.
- Reconcile collections to (POS) Point of Sale system/control documents.
- Process deposits daily.
- Complete transmittals properly and submit as soon as picked up – should be weekly.
- Reconcile deposit activity in PeopleSoft.
- Look for collection “Red Flags” or other unusual activities.
- Report losses > $50 to Controller’s Office monthly, report any fraudulent activity immediately.
- Keep Personally Identifiable Information safe; destroy after there is no longer a business need for its retention.
- Monitor access controls & staffing trends.
Collection “Red Flags”
- Collection/deposit trends up or down from expected volume.
- Collection variances occurring regularly with certain staff or shifts.
- Staff rarely takes time off/takes initiative to work unusual hours.
- Staff displays protective or defensive behavior regarding collection activities.
- Safeguarding areas, safes, boxes, or drawers are left unlocked.
- Lack of documentation for unusual transactions/records disorganized.
- Manually altered reports from POS system.
- Control documents/POS system reports that do not tie to deposits.
- Deposit reconciliations that do not tie to PeopleSoft revenue reports.
- Variances occurring with change funds.
- Unidentified receipts found in registers, safes, or other areas of the business.