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Maintaining an imprest checking account requires periodic replenishing of the bank balance, reconciliation and evaluation of the activities to determine the adequacy of the funding. The department should close the imprest checking account if the purpose for which the account was established no longer exists.
This procedure addresses how to request a cash advance, guidelines for maintaining supporting documentation at the department level, and procedures for reconciling and settling cash advance.
Payment card merchant accounts must be compliant with all applicable Data Security Standards (DSS) for their method of payment acceptance. Maintaining Payment Card Industry (PCI) compliance is a continual process.
This procedure explains how to request and establish an imprest checking account.
To establish a petty cash fund, the dean, director or department chair should submit a letter to the University Controller justifying the need, the types of expenses to be paid, the method of safekeeping, the source of funds, the amount needed and the individual responsible for the administration of the petty cash fund (petty cash custodian).
The University is required to report to the Internal Revenue Service (IRS) the receipt of cash in excess of $10,000 in a single transaction or two or more related transactions that are received in the course of the University's trade or business.
A foreign item is a check, money order or draft that is not drawn on a U.S. bank or payable in U.S. funds. These items must be sent to the bank for special collection.
It is the policy of the State of North Carolina that all agencies, institutions, departments, bureaus, boards, commissions and officers of the State, whether or not subject to the Executive Budget Act, Chapter 143, Article 1 of the General Statutes, shall devise techniques and procedures for the receipt, deposit, and disbursement of moneys coming into their control and custody which are designed to maximize interest-bearing investment of cash, and to minimize idle and nonproductive cash balances
To maintain appropriate fiscal reporting and ensure internal controls are met to prevent fraud, all imprest checking account, payroll account, accounts payable account, and petty cash account custodians must reconcile their accounts and report outstanding liabilities during the previous fiscal year at the conclusion of the current fiscal year to Cash Management.
The purpose of the Policy on Escheats is for the University of North Carolina at Chapel Hill to comply with North Carolina General Statute 116B, Escheats and Abandoned Property.
Cash advances are necessary for efficiency or because they are the only means acceptable to the payment requirements of the service rendered. This policy explains how to obtain the necessary funds to meet payment requirements, appropriate use and settlement of such cash advance funds.
To provide guidelines for managing imprest checking accounts, which are supported by a limited amount of University's unrestricted endowment income funds.
Petty cash funds or change funds are used by the departments for cash payment of minor items or to make change to customers. This policy provides guidance for the authorization, establishment and maintenance of petty cash funds, including appropriate uses, safekeeping, audit and annual confirmation.
Review outstanding deposits (those for which a deposit transmittal has been created, but the University Cashier has not yet processed) on a regular basis.
Check items received by the University must be endorsed with the following restriction either in writing or by stamp: For Deposit Only, To the Account of, The University of North Carolina at Chapel Hill.