SEED Home  |  IFAS Home  |  News  |  Events Calendar  |  Maps  |  IFAS Topics

Internal Management Memoranda

EFFECTIVE DATE: December 1, 1993

INTERNAL MANAGEMENT MEMORANDUM NUMBER: 6C1-6.40-13 (Revised)

SUBJECT: IFAS; Cash Receipts

1. IFAS Cash Receipt (Form 2615, Rev. 12-1-77 or Rev. 8-83, prenumbered) must be issued at the time and point of initial receipt in all areas where cash is received, including Incidental Sales except as noted in 1(a) and 1(b) below. Receipts must be issued for each sale regardless of the amount. Cash is defined as cash, checks, or money orders. Funds received on behalf of the University of Florida Foundation, Inc. (SHARE) should be deposited in accordance with Foundation procedures.
   1. A Cash Receipt need not be issued for cash (cash, checks, or money orders) received in the mail if an approved log is being used (see Paragraph 7).

   2. A Cash Receipt is not required if a cash register receipt or validated receipt is issued.

2. Numbered receipts are to be written at the point of sale and the money turned in with copy of the receipt and a Report of Sales form to IFAS Accounting, 2029 McCarty Hall. The amount will be verified and an unnumbered receipt will be issued releasing the bearer from further responsibility. If the total of the cash and checks do not equal the total amount shown on the Report of Sales, the entire transaction will be returned to the unit for verification.

3. When cash is received by any of the units having a revolving fund, it may be deposited in the unit's revolving fund for transfer by check to IFAS Fiscal Services.

4. Distribution of the three copies of the cash receipt is as follows: (These instructions are printed on the cover of the receipt book.)
   1. The Payer copy (white) is given to the payer. If a copy is voided, it should be attached to the back of the Accounting copy (pink).

   2. The Accounting copy (pink) must be submitted with appropriate deposit, including any voided receipts, to IFAS Fiscal Services, 2039 McCarty Hall.

   3. The Unit copy (yellow), including voids, must remain in the receipt book.

5. All checks and cash must be forwarded promptly to IFAS Accounting, 2029 McCarty Hall, for deposit. Under no circumstances may any cash/check under $500 received by any IFAS unit be held more than one week unless there is some question about it that requires further action. Any cash or check held more than a week must be accompanied by a note of explanation when it is forwarded for deposit. Any cash/check collected in excess of $500 must be deposited daily, or in the case of units outside Gainesville, the deposit must be sent no later than the next business day. Any explanation must accompany these desposits if held beyond these limits. If cash or check(s) has been received by a unit and the information on the account to which it should be deposited is not clear, the item(s) can be sent to IFAS Accounting, 2029 McCarty Hall, for deposit into a holding account. The deposit into the holding account will meet the timely deposit requirements, assuming the deposit is made in a timely manner.

6. The State University System of Florida is required to comply with insurance company procedures which necessitates all checks be endorsed immediately upon receipt for deposit only to the account of the insured. The restrictive endorsement format is as follows:

   FOR DEPOSIT ONLY
   (NAME OF BANK)
   Board of Regents of the State of Florida
   University of Florida
   (UNIT NAME & ACCOUNT NUMBER)
   A payment of an obligation to an
   agency of the State of Florida
   No Protest - Remit at Par or Return

   To comply with federal standards, the endorsement area must not exceed one and one-half inches from the trailing edge of the check. Any unit not aware of the restrictive endorsement requirements should contact IFAS Accounting, 2029 McCarty Hall, for assistance.

7. When a log is used to record the receipt of cash or checks, the following information must be entered promptly into the log upon receipt of the cash or check:
   1. Date Received.

   2. Payer.

   3. Date of Check.

   4. Check Number and Date.

   5. Amount Received.

   Include any other information on your log you may want for your records, e.g., deposit date, deposit receipt number, or date when check was sent to IFAS Accounting.

8. The supply of Cash Receipt Books will be kept by IFAS Publications in Building 440 and can be obtained by contacting the Publications Office (392-1897). The book will be sent to the ordering unit with a three part acknowledgement form identifying the receipt numbers, indicating date issued, and receiving unit. The unit administrator or his/her designee will sign and date the card and return all copies of the form immediately to IFAS Publications Office.
   1. IFAS Publications Office will maintain a log of all receipt books, used or unused. Units that have partial or completely unused receipt books and no longer have a need for them must return them to the Publications Office. Other than to write receipts as appropriate, under no circumstances are the Cash Receipt Books to be disposed of by the unit to which issued except to return them to IFAS Publications Office. The unit will be given a release and the unused book returned to inventory.

   2. The IFAS Accounting Office will keep a log of used and voided receipts and verify these against the record of original issue as furnished by IFAS Publications Office. Completely used books must be returned to the IFAS Publications Office. A release will be sent to the unit to acknowledge receipt of the used book.