Financial Services

Financial Services

site header

Cash

Handling Cash

The handling of cash carries a risk of loss of the asset as well as a risk to the individual handling and transporting the cash.

We recommend that the handling of cash be minimized wherever possible. Some suggestions for eliminating the receipt of cash resulting from the sale of goods and services are:

  • Use the Campus Bookstore whenever possible for sale of course related material
  • Accept debit and credit cards. Financial Services can help get you set up this process - contact General Accounting for more information.
  • Accept payment by personal cheque from faculty and staff. All cheques should be made payable to Queen's University.

If cash still must be accepted please:

  • Use pre-numbered cash receipt slips (available from Financial Systems or a cash register when cash is received).
  • Ensure that access to the cash is limited to the person responsible for the cash.
  • Ensure that cash is stored in a secure location before it is transferred to Financial Systems or the bank. Use fireproof safes rather than filing cabinets and desk drawers.
  • Ensure that a person who does not have access to the cash reconciles deposits to the cash receipts or cash register tape on a daily basis.
  • Do not send cash to Financial Services in the mail
  • Ensure that cash is deposited intact on a daily basis (i.e. do not use cash received on account of sales etc. for petty cash purposes.)

Cash deposits made in person at Financial Services must be done prior to 11:45 and you must wait for the receipt

Funds received by a department in respect to the sale of goods or services, reimbursements, etc. must be deposited with the Senior Accounting Clerk in the General Accounting or directly at the bank using our "concentrator service".


Additional Information

Bank Accounts

To ensure proper control and accountability over University resources, departments are not permitted to open external bank accounts. University units and individuals in receipt of funds which have been provided to them to carry out any University-related activity (including research funds obtained from granting agencies), must use the correct PeopleSoft ChartField, assigned to the department to manage these funds.

All transactions, including deposits, payment of invoices etc., must be conducted through the designated PeopleSoft ChartField.

Records Retention

The University is obliged to comply with federal and provincial statutory requirements relating to the retention of records.

Records relating to the previous year are stored in Financial Services while those relating to years prior to that are stored at an off campus University owned location.

Each year the Administrative Manager, Financial Services seeks written permission from the Department of National Revenue Taxation to destroy certain records. Once permission has been granted the Administrative Manager, Financial Services supervises the destruction of those records.

The following is a schedule of records and their retention period:

  • Cash receipt registers
  • General cheque vouchers
  • Accounts payable invoices
  • Payroll registers
  • Canceled cheques
7 years
  • Cash receipt records
  • Payroll notices
3 years
  • Tuition fee receipts
  • Trial balances and statements of account
1 year

As the originals of those records required to be are held centrally there is no legal requirement for departments to retain copies also. However departments may choose to retain copies for short periods of time, for reference and analysis, after which they may be destroyed.