PCA Charter School
Cash Receipts Procedure
The Business Assistant receives all cash or checks for deposit. Deposits are submitted with a Funds Receipt Slip and the funds are deposited into the respective account.
All funds received for field trips and fund raising events are deposited into the Citizens Bank account and processed through FSF. All checks are stamped ‘For Deposit Only’ with the Citizens Bank account number prior to deposit. A deposit slip is required for this transaction.
Cafeteria funding received from the Federal Government is provided by a physical check. It is deposited into the school’s Citizens’ Bank Account, which will reflect in FSF. A deposit slip is required for this transaction.
The Business Assistant takes the daily cash (or checks) and deposit slips to the Citizens Bank for deposit.
The deposit tickets and bank receipts are attached to the Funds Receipts Slips and/or other documentation and filed in numerical order by Deposit ID.
Petty Cash Reconciliation
Business Assistant balances the Petty Cash account with PNC Bank on a daily basis. Petty cash reimbursements are prepared and entered in FSF by the Business Assistant as needed. Expenditures from Petty Cash are charged back to the appropriate funding source during the reimbursement process. The Finance Manager, reviews petty cash bank statements and reimbursements for accuracy.
Deposits are done on Tuesday and Thursday for amounts under $500, or daily for amounts that exceed $500. Funds collected after the daily deposit has taken place are locked in the Business Office.
The Business Assistant prepares the AR reconciliation reports, which are then reviewed and signed by the Finance Manager. The reconciliation report is then faxed and filed.
FSF Deposits
All funds for deposit are given to the Business Assistant along with a Funds Receipt Form, completed and signed by the depositor. The Business Assistant recounts the funds, resolves any discrepancies with the depositor, and initials the Funds Receipt Form. The Business Assistant prepares the deposit slips for the Citizens Bank Deposit. The deposit slips consist of 3 parts; white, yellow and pink. The deposit slips are copied, and given to the Business Assistant. The Business Assistant takes the deposit to the bank. The bank keeps the white copy, and the yellow and pink copies are attached to the Funds Receipts Form by the Business Assistant.
The Business Assistant verifies the amount and date stamp on the bank receipts reflects the amount of the deposit in FSF. The Business Assistant disburses the monies to the appropriate local account in FSF, and files the deposit information in numerical order by Deposit ID.
The Business Assistant verifies cash deposits to the FSF report “Monthly Budgetary Activity Report” on a monthly basis. If any discrepancies exist, the Business Assistant would resolve problems with the State of Delaware over the phone.
Café funds are collected, counted, and deposited into Citizens Bank by the Food Service/Cashier Employee. The Funds are recounted by the Administrative Assistant before the deposit is taken to the bank. The Food Service/Cashier Employee and the Administrative Assistant both sign off on the Funds Receipt Form. The deposit slip and Funds Receipt Form are given to the Business Assistant. The Business Assistant verifies the deposit and resolves any problems with depositor.
The Business Assistant prepares the cash receipt and follows the same instructions as in steps 2 and 3.
APPROVED BY THE BOARD OF DIRECTORS FEBRUARY 20, 2007
REVISED BY THE BOARD OF DIRECTORS SEPTEMBER 20, 2011
Page 2 of 2 Revised March 26, 2015