Cash Receipts

University Policy

  • Cash and check receipts are subject to misappropriation if not adequately controlled. Checks and check copies are High Risk Confidential Information (HRCI) under the University’s Enterprise Information Security Policy http://policy.security.harvard.edu/home since they contain name and bank account information. Accordingly, it is best practice to maintain checks in a secure location for a limited amount of time prior to deposit. Check copies should not be maintained by local units for reconciliation or other purposes. If there is a question about a particular check, the Cash Management Office in the Office of Treasury Management maintains check images in a secure location.

    Other cash and check receipts best practices include:

    • Separation of duties, employees receiving and depositing cash and checks should not approve Credit Vouchers
    • Maintain log of cash and checks received or copies of Credit Vouchers for reconciliation purposes 
    • Provide receipts to the payer, whenever possible
    • Restrictively endorse checks "For deposit only-Harvard University Local Unit Name" upon receipt
    • Establish a process for a supervisor to approve all Credit Vouchers
    • Safeguard cash and checks in a locked area prior to deposit
    • Make frequent deposits (at least weekly)
    • Obtain receipt for cash deposited directly with the bank
    • Review and reconcile detailed listings to copies of Credit Vouchers each month