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CRM 306 - Corrections and Adjustments

The policies on this webpage have been streamlined and reformatted, and are now available on the University Policies webpage. We ask that you use this new resource, as future changes, additions to or eliminations of these policies will only be made to the University Policies webpage, and policy manuals you may have used in the past will no longer be updated. 

Adjusting Credit Deposit Errors:

Made With Depository Bank - A discrepancy between a bank deposit slip and the funds for deposit is reported by the bank to the location making the deposit. The discrepancy is corrected by a debit or credit memo prepared by the bank with a copy sent to the depositing location.

Made With Campus Cashiers Office - A discrepancy between a Cash Receipts Report and funds for deposit is reported immediately by a Campus Cashiers Office supervisor to the supervisor of the unit making the deposit. The discrepancy is reconciled in accordance with the unit's instructions.

Bank Deposit Not to Be Delayed - If resolution of the discrepancy would delay making a deposit at the bank, the difference is adjusted on the Cash Receipts Report by indicating an "over" or "short" amount, and a written report is filed with the unit's supervisor.

Note - Shortages are reported in accordance with the standards set forth in CRM501 - Loss of Money and Securities.

Corrections of Reconciling Items :

The Controller's office will notify the Cashier via e-mail if the amount recorded for a cash receipt in the accounting system is different than the amount deposited per the bank's records. The Cashier will prepare a correcting entry to the accounting system within two working days to bring the bank and accounting records into balance. If the specific account(s) cannot be determined within this period, the correcting entry will be made to the first account on the CRR being corrected.

Rejected Credit Card Sales :

Any credit card sale that is charged back by the bank is routed first to the Campus Cashiers Office. The Campus Cashiers Office will contact the department regarding the rejected item.

Returning Checks to Fund From Which Drawn:

Checks are no longer endorsed for return to the fund from which drawn. These checks should be sent to the campus Accounting Services Office, which will verify check is still outstanding and void the check. If the check is not outstanding, the accounting office will check to see if the check paid or was returned to an escheat fund. If the check was returned to an escheat fund a JE should be processed to credit the account on which it was drawn, and debit escheat account. To verify the check was returned to escheat account, contact System Accounting Office.

Redeeming Bad Checks :

Checks which cannot be cleared and collected by the depository bank after the second attempt will be charged to the account and returned to the Campus Cashiers Office. The Campus Cashiers Office will prepare a memo voucher to transfer the amount to the campus Accounts Receivable - Bad Check account.

created: 06-29-99