Reconciling Funds

Your department or student organization should complete daily reconciliation by comparing the following:

• Cash receipt records (e.g., cash register balancing records, pre-numbered receipts, batch settlement tapes, activity reports)
• Deposit receipts
• Completed cash sale in Workday instructions below

To Complete Your PNC Deposit and or External Credit Card Settlement

Visit the Canvas Workday System Preview Courses to follow step by step instructions. Scroll to the middle of the Workday System Preview Page and under Financial Transactions Training Materials select, "Departmental PNC Deposits & External CC Settlements - Workday Instructions."

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On a monthly basis, compare your deposits with the monthly reports you receive from Accounting.

For both daily and monthly reconciling, document and promptly resolve any differences you find. Include this documentation with your retained deposit records (and retain them for four years). Designate a member of management to take responsibility for reviewing and approving reconciliations in a timely manner. The designated member of management should also review the nature, extent, and resolution of overages and shortages.

Monitoring the Cash Receipt and Deposit Process

Periodically, management should do the following:

• Complete an unannounced verification of prepared deposits, comparing the deposits with cash receipt records.
• Ensure that sales tax is collected and accounted for (as required by the Tax and Compliance Coordinator).
• Review the internal controls in place to determine that they are carefully followed by all staff and sufficient to safeguard the cash collected.