All discrepancies are to be reported immediately to the Bursar or the Director of Finance and Accounting. Any exception to this policy must be approved by the Vice President for Business and Finance. All collections, receipt books, reconciliations, and other documentation are subject to audit. Periodic reconciliations must be performed by the department receiving the collections. Reconciliations should be performed by a person not responsible for accepting payments or making deposits.
All reconciliations are to be reviewed and initialed by the department head.
Reconciliations shall include, at a minimum, a comparison of deposits to both official monthly accounting reports and to internal documents showing the purpose and source of the collections. Any exception discovered during the reconciliation should be reported to the Bursar or to the Director of Finance and Accounting. Replacement receipt books can be provided upon giving a three-week notice. Receipt books issued by the Bursar's Office contain three-part numerical receipts. Upon accepting payments, the white copy will be issued to the customer, the yellow copy returned to the Business Office with the daily collections, and the pink copy retained in the receipt book.