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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
See also: Best Practices - Finance