At the close of each day, departments accepting credit cards are required to batch out credit card terminals. As terminals are batched out, information is transmitted to the bank and amounts are recorded as deposits in the university's bank account. Receipts forms should be forwarded to OSA as terminals are batched out because the bank reconciliation process becomes complex if the dates do not match. Direct all questions regarding a credit card to Patti O'Farrell. In certain instances, it is appropriate to make refunds.
Refunds are never to be made from cash receipts .
Refund requests should include the account number credited on the original deposit, the number of the receipt form, and the number of the TF for the cash being refunded. Click here for a sample refund request memo. 6.Reconciliation Reports detailing IFR cash receipt activity are provided each month by the University Budget Office. The deposits listed on these reports should be reconciled promptly with the department's transmittals by someone not involved in any other aspect of the cash handling procedure. The separation of this responsibility from the other cash handling and reporting activities is most important.