8.200 - Attachment A - Accounting Procedures for Campus Programs Operating Point of Sale Systems

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Campus programs shall be responsible for ensuring that all stand-alone Point of Sale (POS) systems used at their campus are fully capable of meeting the operational, financial and security information requirements of the University. The Vice Chancellor
for Administrative Services and the Fiscal Administrator of the Business Office shall review all POS Systems to ensure adequate financial information, cash handling, and access (prevent unauthorized access and track changes made in the system) controls
can be implemented through use of the system before allowing the purchase of the POS System and use at their campus.

The Business Office will be responsible for reconciling all campus program POS Systems with program account information (sales, cost of sales, A/R, purchases, inventory, etc.) in Kuali (KFS) on a monthly and annual basis.

The campus program shall be responsible for recording all cash/credit card/accounts receivables in their POS System on a daily basis.

  • Daily sales recorded in the POS System should be reconciled to the cash registers by campus personnel independent of sale transactions (cashiers should not be performing the reconciliation). Discrepancies should be resolved immediately.
  • Sales proceeds should be deposited daily with the bank. Bank deposit slips should be prepared by campus personnel independent of the sales transactions with a copy forwarded to the Business Office.
  • All sales adjustments (discounts, voids, etc.) must be approved by the Campus Program Department Head or their designee.
  • Campus program shall be responsible for recording all cash/credit card/accounts receivables in their program account(s) on KFS on a daily basis.

Billing External Customers of the University

The campus program shall be responsible for creating customer invoices for customers external to the University as accounts receivable.

Business/Cashier Office shall collect and process all external customer accounts receivable.

  • The Business/Cashier Office should prepare a deposit slip for daily cash receipts. Cash should be deposited daily with the bank.
  • On a daily basis, the Business Office should reconcile all deposit slips to cash deposited at the bank.
  • On a monthly basis, the Business Office should reconcile sales (cash and receivables) from the POS System to KFS. Discrepancies should be resolved immediately. The director of the campus program should review and approve this reconciliation monthly.

Billing Internal University Programs

The campus program shall be responsible for ensuring all internal University programs utilize Interdepartmental Orders (IDO) when booking services. It is recommended that the campus program that provides the services to be rendered require the requesting department to obtain Account Supervisor authorization on any IDO prior to accepting as a form of payment for services.

  • The campus program providing services through the IDO process shall be required to inform their campus Business/Cashier Office on all IDO accepted for services.
  • The campus program shall be responsible for working with the Business Office to ensure that account receivables in the POS System are reconciled with KFS on a monthly basis. All discrepancies shall be promptly investigated by the campus program to ensure the accuracy of information in KFS and POS System. The accounts receivable aging report should be reviewed monthly by campus program and Business Office personnel. Follow-up is required by the campus program on all receivables in excess of 30 days outstanding. Documentation supporting the follow-up procedures performed should be forwarded to the Business Office.

The Business/Cashier Office will be responsible for preparing Internal Billing (IB) e-Doc in KFS using accounting information entered on IDO form in order to transfer funds from the expense account to the income account. The IB e-Doc will route to the Fiscal Administrator on the expense account for approval. Following approval of IB e-Doc, Fiscal Administrator for requesting department shall liquidate any Pre-Encumbrance e-Doc (if utilized).

Inventory

Campus program POS Systems shall record all program-purchased inventory through a single receiving and central inventory control method and be able to reconcile all purchases on a monthly basis with KFS. POS Systems shall track the dispersed use of inventory by class/cost/revenue center, and reconcile all inventory dispersed for use back to a central inventory account created in the POS System and recorded in KFS.
Campus programs shall establish a centralized and secured inventory stockroom. Campus programs shall have written internal controls that clearly state responsibilities for persons allowed to purchase, a method of inspecting and receiving of inventory, and responsibilities for inputting inventory quantities and values into the POS System that also include a process to requisition inventory from the central stockroom.

  • The campus program shall be responsible for generating an inventory/cost of goods used report in their POS System.
  • The campus program should perform physical inventory counts on a regular basis. The counts should be compared to the on-hand inventory recorded in the POS System. Discrepancies should be documented, investigated and resolved immediately. Adjustments (shortage, spoilage, overages, etc.) to inventory in the POS System require written approval from the campus program director.

Campus programs shall standardize their POS System inventory valuation method using the first in, first out (FIFO) method of valuation.

The Business Office and program shall reconcile the POS System with regard to inventory control on a monthly basis.

On a monthly basis, the Business Office shall perform an inventory roll-forward calculation based on inventory dollar values in the POS System. The roll-forward should consist of the following:

(Beginning Inventory) + (Purchases) – (inventory sold or used) = (Ending inventory)

The calculated ending inventory should be compared and reconciled to the month end inventory physical counts.

Debit/Gift Cards

Campus programs purchasing a POS System shall ensure that such systems have the capability to properly account for and track the use of debit or gift cards. The Business Office shall be responsible for ensuring that such systems have sufficient cash handling and accounting controls in place.

The campus program shall be responsible for ensuring all debit/gift card transactions are properly recorded in their POS System on a daily basis. A monthly report of POS System debit/gift card transactions shall be made available to the Business Office.

  • The campus program shall be responsible to reconcile any debit/gift card balances unused in the POS System.
  • For short-term use debit cards the campus program shall reconcile all cards directly following the expiration date to determine remaining balances per card issued and report as revenue to the program with the Business Office.
  • Following acceptance of the information from the Business Office the campus program will zero out remaining balances in their POS System on short-term debit cards reported as revenue.

The Business Office will ensure that sold gift cards shall not be recorded as revenues until redeemed.

The Business Office shall ensure that campus programs impose an “account maintenance fee” on all outstanding debit cards with residual value that show no activity in a 90 day period. Such fee to be mutually agreed upon between the program and Business Office, but not to exceed $25.

The campus program and Business Office shall follow proper state and federal laws with regard to gift cards with residual value that show no activity beyond a one-year period.

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