The reponsibilities
of this office include reconciling the University's bank accounts,
approving and reconciling the petty cash/change funds and clearing
up the uncashed checks for payroll,
student
refunds and accounts payable. This
office is also responsible for contact with National City Bank concerning
cash/charge transactions.
Tracie Sherburn
1014 Seibert Administration Building
Mail Stop 5207
(269)387-4238 phone
(269)387-4297 fax
tracie.sherburn@wmich.edu
You would contact this office for the following assistance:
- To see if a check over 30 days old has cleared the bank. When
placing a stop payment on a check with National City Bank, the
bank can only access 30 days of history. If a check has cashed
prior to the 30 days the bank will accept the stop but it will
not be valid as the check has already cleared the bank. If a
refund is then issued against this stop, we will pay a student
twice.
- For assistance with a new change fund or to close an existing
fund.
- For assistance with JES's relating to cash transactions.
- To obtain a copy of a check that has cleared the bank.
- For assistance with items to be corrected on the Bank Reconciliation.
- For assistance with missing/incorrect deposit/charge transaction
questions that can not be answered by the Cashiering
department
|
When do I use a
change fund?
A change fund is used to faciliatate the collection
of cash from customers. (See University
Cash Receipts Policies and Procedures, a PDF file) A change
fund should always balance to its total and should be counted and
compared with documentation at the close of each business day.
Can I borrow money from my change fund for personal use?
The change fund is to be used solely for business
purposes. The Accounting Services
office or Internal Audit may count the fund at any time. If any
questionable discrepancies (such as IOU's or personal checks) are
discovered they will be formally reported to the operating unit's
supervisor and the appropriate vice president.
How do I establish a change fund?
To establish a fund, complete a generic
voucher (PDF file) naming yourself as the payee.
What should I do if my change fund is stolen?
If your fund is stolen, contact the Public
Safety office immediately. The Accounting
Services office will determine whether your fund will be replenished.
Circumstances sometimes warrant your department or unit to cover
any losses.
What should I do if my change fund is over or short?
Your own department's fund/cost center will be used
to correct small errors. It is debited when there is a shortage
and credited when there is an overage. If you are short an amount
include a 4990 or and 8990 to reconcile to the total. If the actual
balance is ever different from the amount that should be in the
fund, the discrepancy should be noted as "cash over" or
"cash short."
What are the duties/responsibilities as custodian of a change
fund?
As custodian of the fund your duties and responsibilities
are to maintain the balance of your cash fund. Your unused cash
plus the documentation should equal the balance of your fund. It
is important for you to reconcile the fund and be able to account
for the cash balance.
What should I do if the custodian changes?
Close out the fund by formally verifying the balance and having
the "old" custodian sign off. Notify Tracie
Sherburn .
To whom do I refer questions regarding my change fund?
Please call or email
Tracie Sherburn any time for assistance. (269)387-4238 |
