CASH POLICY
Where do I store collected funds?
Where do I store collected funds?
Schools can opt to open a cash box to receive cash/checks from parents/families.
Do I need to provide receipts for cash/checks received?
Do I need to provide receipts for cash/checks received?
Yes. A pre-printed carbon receipt must be issued each time funds are collected from parents/families. Carbon copies of receipts should be submitted to the school leader along with collected cash/checks within 24 hours of receipt.
What is the cash box reconciliation process?
What is the cash box reconciliation process?
The cash box must be reconciled on a weekly basis.
- Two individuals must be present when cash/checks are counted.
- Once cash is counted, each individual should initial the cash box reconciliation form.
How quickly do I need to deposit cash/checks at Citizens?
How quickly do I need to deposit cash/checks at Citizens?
Collected cash/checks totaling under $1,500 must be deposited at a Boston Citizens Bank branch within a week of receipt.
Total collected cash/checks exceeding $1,500 must be deposited at a Boston Citizens Bank branch within 72 hours of receipt.
Can the cash box act as petty cash?
Can the cash box act as petty cash?
Cash boxes should NEVER be used as a petty cash account.