Check out the monthly recent updates here!

Funds Handling

What are "funds"?

Funds include coins, currency, checks, money orders, traveler’s checks, credit cards, Hokie Passport and electronic funds transfers provided to the university, whether in exchange for goods or services or as agent for approved organizations.

Visit the Bursar's Office webpage and review policies and procedures for faculty/staff.

The purpose of policy Funds Handling and Deposit of State and Local Funds is to define the requirements for all departments involved in funds handling activities and to address the following key elements:

Establish the minimum internal controls required for the funds handling process to ensure proper safeguards and to minimize the risk of loss of funds due to theft or mishandling.
Define minimum standards for the collection, deposit, recording, and reconciliation of funds.
Establish clear roles and responsibilities in the funds handling process and for opening and managing university depository account(s).

Training

Use the registration links provided to register for Accounts Receivable Training!

Ask to see your department's Funds Handling Plan.

Funds Handling Vocabulary

Select the arrow to learn more about fund handling vocabulary

Accounts receivable - monies due to the University which have not yet been received. Examples include tuition and fees, sponsored projects, student loans and notes receivable, travel loans, library fines, parking tickets and fines, pharmacy charges, petty cash loans, etc.
Bursar - an officer in charge of funds
Cash collection point - an authorized area of the university community in which a service or product is provided and funds are accepted. Based on activity levels, cash collection points are defined as handling funds on a regular basis (3 or more times per week), casual basis (less than 3 times per week, less than 100 receipts annually, or less than $20,000 per year) or one-time (as implied, less than 10 receipts annually).
CashNet (Transact) - the university’s web-based application to receipt funds and record deposits.
Credit Worthiness - the ability of the person or company to pay for the good or service under negotiation
Decentralized receivables - are due for specific services provided by specific areas; these include CNS, EMC, Parking, Electric Service, Vet-Med, etc.
Delinquent receivables - receivables that are past due 91 days and beyond
Electronic funds transfer (EFT) - (EFT) is a generic term for any movement of funds by non-paper means including Automated Clearing House (ACH) or a wire transfer. All individual incoming EFT payments for the university are processed by OUB.
Form 8300 - published by the U. S. Treasury Internal Revenue Service is to be completed when cash is received in trade or business activities in excess of $10,000 in a single or in multiple transactions from a single customer.
Funds- include coins, currency, checks, money orders, traveler’s checks, credit cards, Hokie Passport and electronic funds transfers provided to the university, whether in exchange for goods or services or as agent for approved organizations.
Funds Handling Accountant in the University Bursar’s Office conducts periodic reviews of funds handling procedures for the university. The accountant advises departments and areas of funds handling policies and procedures as well as assisting with implementation and the approval of departmental Funds Handling Plans.
Funds Handling Plan - a document used by departments to obtain authorization to become a cash collection area.
Name of the university - includes the university’s formal name Virginia Polytechnic Institute and State University and the university’s official nickname Virginia Tech.
Past Due receivables - receivables that remain unpaid from 1-90 days beyond initial due date
University approved bank account - generally refers to the university’s depository account or approved Virginia Cooperative Extension (VCE) local bank accounts and may include transmittal to the Virginia Tech Foundation for contributions, gifts or other non-gifts as described in Policy 3630, Definition and Deposit of Private Funds and Policy 12110, Handling Virginia Tech Foundation Funds.
University receivables - are all pertinent to general university functions; these include general, student, petty cash, travel loans, short term loans, etc.
Write-off of receivables - removes an account that management has determined to be noncollectable but does NOT discharge the debt owed to the University.
Void and Corrections Logs - are used to record voided and corrected transactions and provide adequate internal controls of receipts.