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Revenue and Cash Receipts 

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7.1     POLICY

          The University will accurately and timely record payments received by the University for all services and related fees.  All receipts will be accurately recorded and accounted for in accordance with all University and state policies, rules, and regulations.


7.2     PURPOSE

          To safeguard cash received including checks, currency and Credit Card payments by the college. Also, to accurately record payments on student accounts and to insure that the proper revenue source is credited for all payments received.  Additionally, to deposit all payments received by the college as soon as possible.



          All payments received by the University are processed through the cash receipts module in the Colleague system.  Staff in the Bursar’s Office are responsible for processing all receipts for the college.  The College accepts payment in the form of check, money order or credit card.  Payments from the Commonwealth of Massachusetts come in the form of Electronic Fund Transfers directly into the University's General Fund bank account. 

          All receipts must be classified into a specific revenue source before being processed.  These sources are listed as specific Cash Codes.  These cash codes are tied into specific General Ledger Account numbers so that the correct revenue source can be credited when amounts are collected.  Receipts cannot be processed in the system without a Cash Code.

          The Bursar’s Office is the central office for cash receipt processing.  Some receipts for specific fees are received initially by other offices on campus.  These include the Residence Halls for Dorm Deposits, Admissions for application fees and the Registrar’s Office for transcripts.  These payments are forwarded to the Bursar’s Office for processing and deposit.

          Additionally, the Student Activities Office receives revenue generated from student sponsored activities.  The department deposits these receipts directly into the bank via courier and forward receipts to the Bursar’s Office for cash receipt processing.  Copies of the bank deposit slips are received from the bank and used for the bank reconciliation.


7.4     CASH CODES

          As mentioned earlier, all receipts processed are classified according to source.  These sources are reflected by a Cash Code.  A listing of these codes and the accounts debited and credited when entered is constantly reviewed for accuracy and any changes in General Ledger Account Numbers.  The Bursar’s Office Personnel are responsible for classifying receipts into the appropriate Cash Code.



          Students may pay by check or Credit Card payment.  Payment by check can be received in person or by mail.  Charge card payments can be made in person, by mail, through facsimile or Online.  For internal control reasons, the College’s policy is not to accept cash for payment.

          Payments on a student’s account are processed through Colleague’s Cash Receipt Module.  Payments made by check are segregated from Credit card payments.  Credit card payments require further processing.  Section 7.6 will describe procedures for credit card payments.

          When payments are made by check, the cashier identifies the student’s college I.D. number and writes this number on the check.  The cashier also notes which semester to apply the payment.  Additionally, the cashier notes the cash code of any specific fee being paid such as an application fee or dorm deposit.  Checks are sorted by type of payment prior to processing.  The cashier then utilizes the Cash Receipt Module in the Colleague system to process these payments.  This process generates a Cash Receipt number for each student payment.  The cashier records this number on the check.

          When processing these payments is completed, the Cashier prepares the bank deposit slips for those payments and restrictively endorses the checks for deposit only to the University's General Fund.  The total deposit is checked against the Cashier’s Cash Drawer total in the Cash Receipt User Menu to ensure accuracy.



          The College also accepts MasterCard/Visa, Discover and American Express as payment types on accounts.  Processing these payments involve utilizing a third party online system for approval. Credit card payments for Continuing Education courses can also be processed Online. 

          A message appears on the screen for any transaction not approved.  These include whether the transaction has been declined, the operator needs to call the center, a duplicate transaction occurred or an interruption occurred in the transmission.  In those cases the operator corrects the problem and retries to process the transaction or if the problem cannot be corrected request an alternative form of payment.

          An approval email is sent to the student and or payer when the transaction is complete.  The approved transaction automatically populates the Cash Receipt screen in Colleague.  The next morning, all transactions that were processed either in the office or online for the previous day are reconciled and posted to the General Ledger System.          It is the college’s policy not to retain cardholder data.  All data received Online Additionally, all data received through facsimile is kept in a secure location and shredded at the conclusion of the semester it was pertaining to.         

              At the end of each month the Batch Closing reports are checked to the detail reports provided by the bank to ensure that they are in balance.  All credit card transactions are then filed by batch number and date.





          Under the pre-arranged payment plans, the external agency contracting with the students forward payments collected to the Bursar’s Office monthly.  An itemized list detailing the payment amount for each student included in this check is also forwarded.  The cashier in charge of the payment plan posts a credit to the student account when the plan is started.  A weekly reconciliation is done to ensure payments are received.  If a payment plan has been cancelled, a debit for the difference is posted on the student account. 



          In addition to the sources of revenue previously described in this Section, the College receives revenue from various miscellaneous sources.  These include donations, grants, workshop receipts, transcript income, payroll refunds and vendor refunds.  The Bursar’s Office also processes these receipts through the Cash Receipt Module using the appropriate Cash Code.  Items not having a specific Cash Code assigned are processed as an unclassified receipt and then a Journal Entry is completed in the Business Office allocating the receipt to the proper account.

          The Office of Development and External Relations initially receives all gifts, grants, and donations.  Donations or gifts of $1,000 or more are credited to the appropriate fund and a copy of the check is submitted to the Development Office.  Workshop Receipts are collected by the Graduate and Continuing Education Department and forwarded to the Bursar’s Office.  Transcript fees are collected in the Registrar’s Office and picked up daily by the Bursar’s Office.  The Registrar’s Office does complete individual receipts for income received in cash.



          The University also collects payments to be applied against student accounts directly through Electronic Fund Transactions (EFT).  All payments made to the University from another state funded agency processing the payments through MMARS are handled electronically.  These amounts are deposited into the University's General Fund bank account.  Notice of the EFT comes to the University indicating the amount of the transaction and a Source code which represents the agency sending the University the payment.

          Bursar’s Office personnel research the source of the funding and enter the receipt into the Cash Receipt Module under the Cash Code which represents the funding source.  The Cash Receipt number generated after entering the receipt is then noted on the EFT notification sheet.  These forms are then filed by Cash Code in the Bursar’s Office.  These receipts from the Commonwealth of Massachusetts include payments for student A/R balances as well as financial aid funding and other non A/R receipts.  If payment is to be used to credit a specific student’s account, the student’s I.D. number is also noted on this form.  This usually occurs for payments received from the Massachusetts Rehabilitation Commission.





The majority of Stafford/PLUS loans are received electronically.  The Direct Loan agency prepares a roster which is downloaded electronically through Colleague after a financial aid transmittal process is run.  If the amount of the loan matches the amount indicated in the student’s financial aid award, the loan posts automatically through this process.  If an unlike amount is received, the loan does not post until an adjustment is made to the financial aid award screen by the Financial Aid Office.


After verification of the student account, a refund is processed to the student in the case of a Stafford Loan, or to the parent in the case of a Plus Loan.  A notification of the loan proceeds received is also sent to the student/parent with an indication that they have the right to cancel or return all or part of the loan proceeds within 14 days, per Federal Regulations.


If a student loan is received in check form, the check is made payable to the student and Worcester State University.  The office staff copies each check and indicates the Student ID number and type of loan on the face of the check.  A notification then goes to the student to come to endorse the check in the Bursar’s Office.  Loan checks which have not been processed within 45 days of receipt must be returned to the lending agency. 


After verification of the loan amount, the check is applied through cash receipts. A review of the outstanding balance is completed and the student is informed of any remaining outstanding balance after this receipt is applied against any balance owed.  A student having a credit balance is then issued a refund.



          When a check previously received and deposited is returned by the bank for “insufficient funds” or “account closed”, the Bursar’s office recharges the original payment in the student’s account and a NSF charge of $25.00 is added to the student’s account.  A letter with the bounced check is mailed to the student stating that they must either submit a certified check, cashier’s check or a money order for the amount of the returned check plus the $25.00 returned check fee. A hold is then placed on the student account.

          In addition, a bad check logbook is kept in the Bursar’s Office in order to track repayment of bad checks.  This logbook records the bank date, name of the student, ID number, amount, date payment was removed from our system and the date the letter is mailed to the student.  The logbook is also updated when a replacement check is received from the student, and the hold flag is removed.



          After processing payments all checks processed are tallied and checked against the total recorded in the Cash Receipt Module.  At the end of each day, the cashiers print a “C.R. Session Reconciliation” report to prove out their day’s postings to the student accounts.  This report is used to verify the bank deposits.  When the deposits prove, the “Cash Receipts  G/L Register” is printed.  This lists all receipts in chronological order by receipt number.  The supervisor reviews the totals to see that they match the bank deposits, and then updates the register to put the transactions into a holding file prior to posting to the general ledger.  Each cashier records each deposit in the bank depository logbook.  When the monthly bank statement is received, the postings per the general ledger are traced to the bank statement, and the depository logbook is reviewed as well, to trace the bank deposits.


7.13   OTHER REVENUE SOURCES             




7.13.2                   ATHLETIC GATE RECEIPTS

          At the current time the athletic department charges admission to all home football, men’s and women’s basketball, and ice hockey games.  All cash is collected by a paid alumnus of the college and deposited through the Bursar’s Office.  Listed below is the policy and procedures currently in place within the Department of Athletics.

          1.  A numbered ticket will be exchanged for all cash admissions.

          2.  A record of all tickets in numbered order will be used.

          3.  At the conclusion of the game, the ticket numbers will be reconciled with the cash taken at the gate.

          4.  A gate receipt form will be completed after the game and signed by the ticket seller and athletic director or her designee.

          5.  After completing the receipt form, all cash will be deposited in a safe located and built into a locking file cabinet located within the athletic director’s inner office.  This office is only accessible by full time members of the athletic staff.

          6.  All money collected will be deposited on the next business day with the Bursar’s Office, unless the gate is under $50.00.  Gate receipts under $50 will be deposited with the receipts of the next game.


7.13.3                   STUDENT CENTER





A.         DEPOSITS

There will be an accounting each day and deposits of all funds on a weekly basis.



          A.  PRINT CENTER

The Print Center accepts OneCard for print center transactions.  The OneCard is processed and at the end of the month, all transactions are posted to the Print Center Revenue account.


          B.  GAME ROOM

1. Pool Receipts:   Each Living Room staff person fills out an individual tally sheet at the beginning and end of each shift. Money is collected and recorded by vending company representative and taken to company.  Figures are recorded by the Clerk.  Statement from vending company recorded and accompanying check deposited in General Purpose Trust Fund by the Clerk.


2. Video/Pinball Games Receipts:  Cash removed from machines, meters read and recorded and money counted by vending company representative.  Recording, etc., same as for Pool Receipts.





Ticket Sales:  The Information Desk staff records all sales on a daily sales sheet.    The Information Desk accept OneCard transactions for all sales.  The total sales, as well as a breakdown by type of ticket sold, is entered on the Daily Cash Report by the Information Desk staff person at the end of the day.  Procedures for ticket sales are outlined in the Information Desk Manual.  Receipts are given to the organizations when the money is deposited.  The deposit slip has receipt number(s) recorded on them.






Student Treasurers are instructed through a training session and via SYNERGY (a student leaders handbook) that all money collected must be given to a clerk.  When the money is deposited with the Student Activities clerk, a receipt is written and given to the student organization.  A copy is maintained in the Student Activities Office.  Bank deposit slips reference the original receipt number.


Receipts are given to organizations when deposits are made.   Bank deposit slips reference the original receipt number.



7.13.4           PARKING FINES AND FEES


          A.  PARKING FEES

1.  The Director of Public Safety and Security shall disseminate the official rules and regulations for the lower campus annually.  All matriculated students will be mailed this brochure at the beginning of each semester. 

2.  Full time faculty, staff and selected residence hall students shall register their motor vehicles at the beginning of the Fall semester at the Campus Police Department.

3.  Faculty members receive a hangtag.   Adjunct faculty may receive a decal (“C”)  and park in designated parking areas.

4.  Staff may register their automobiles and park in designated “Staff” (“E”) parking areas on campus.  Staff reserved parking areas are enforced Monday through Friday, 8 a.m. to 5 p.m.,or otherwise noted and shall be enforced daily.

5.  Resident student decals shall be issued based on total credits completed and accepted by the University.  Preference given to Seniors then Juniors.  Underclassmen are allowed under “special circumstances” if spaces are available.  An eligible resident student is allowed to purchase one decal.  The cost of a decal is $175.00. 

6.  Parking violation books shall be issued to each individual officer by a supervisor.  The supervisor will record on the “Parking Ticket Book Summary” form the same of the officer receiving the ticket book and the ticket number to insure compliance with audit procedures.

7.  Officers will maintain control of the ticket books at all times.  No Other Officers Shall Use The Ticket Book Of Any Other Officer.  Officers will be responsible for the maintenance and accountability of their ticket books.  Officers will not destroy any citations in the book.  Voided, warning, etc. tickets will be submitted with actual violations on a daily basis as issued.


          B.  PARKING FINES

1.       Complus Data Innovations Inc., Inc 245 Saw Mill River Road, Hawthorne, New York, 10532 has been retained by the College to receive all proceeds from the issuance of on campus parking violations and the Massachusetts Registry of Motor Vehicles Non-Renewal  Program.

2.       Complus is the official keeper of the record related to the functions of the Office of the Parking Clerk.

3.       A parking ticket that has been issued has three copies.  One copy is placed on the vehicle, a white copy is forwarded to Complus and a yellow copy kept with the clerk.

1.           Violators can elect to pay their fines by mail.  The mailing address is that of Complus.  These payments are accepted and recorded by Complus.


2.           Fines can be paid at the Office of the Parking Clerk during stated business hours. A receipt shall be given to a violator for any payment. 

3.           A Parking Ticket Payment form shall identify violators who have paid their tickets on campus.  This form shall identify the date paid, name, plate number, ticket number(s) and total amount paid.  The Parking Ticket Payment form shall be faxed to Complus on a daily basis and the original retained by the Parking Clerk.

4.          All payments received  are deposited daily by campus police.  A copy of the  deposit slip is forwarded to the Bursar’s office for entry.

5.           Registry Receipt forms shall be prepared by the Parking Clerk and his/her designated assistants only.  Payment of fines and fees related to laws affecting the Registry of Motor Vehicles shall be restricted to either a certified bank check or a money order.  All related information will be forwarded to Complus with copies retained on file with the Parking Clerk.

6.          The fine associated with a ticket increases by $5 every 21 days after the infraction to a maximum of $35.00 above and beyond the original fine.

7.          Hearings are scheduled regularly by the Chief of Campus Police.  Any fines that are dismissed are properly noted (see #6) and forwarded to the Parking Clerk.  He/She then faxes this information to Complus to clear the ticket in their system.

8.         Each month Complus supplies the Clerk with a diskette outlining all payments received and tickets waived.  The list of waived tickets is compared to those supplied by the Deputy or his or her designee for accuracy.

9.         Complus forwards an email when any proceeds are forwarded to the Parking Ticket Fund (Sovereign Bank).  These emails are the source document for the Bursar’s office to enter a cash receipt.  This account is reconciled by the Accounts Payable Supervisor monthly.





          The division of Graduate/Continuing Education encompasses a number of smaller units and programs.  This manual will speak to the larger units (Intensive English Language Institute, Center for Business and Industry, Department of Graduate and Continuing Education and Center for Effective Instruction.




1.  All new students fill out a registration form in which they indicate their form of payment (cash, check, credit card, or payment plan).

2.     The program does not receive cash.  Students are directed to the Bursars office with cash payments, receipts issued by the Bursars office are then brought back to the department and the students accounts updated.

3.     All other payments are forwarded to the Bursars office (Cash code M34) in a lump sum.

4.  All registrations and balances are accounted for (via spreadsheet) by the department and reported monthly to the Dean.




  The Center for Business and Industry offers workshops and non-credit courses for various companies and organizations.

1.         All workshops have a contract agreed upon prior to the start of the workshop.

2.         Organizations are billed immediately after the commencement of the workshop with the balance due within 30 days.

3.        All cash reciepts are forwarded to the Bursars office for deposit.

4.        All billings and balances are accounted for (via spreadsheet) by the department and reported monthly to the Dean.





  The Center for Effective Instruction offers workshops and non-credit courses for various school systems  and learning organizations.

1.  All courses are taught after an agreed upon contract is executed.  Billing takes place according to the terms of the contract (i.e. after the class/ workshop has commenced, when a roster is deemed full etc.)

2.       Payment is made according to contract terms through either a P.O. or direct payment by check.

3.       All cash reciepts are forwarded to the Bursar’s office with the Cash Code of M25.

4.        All billings and balances are accounted for (via spreadsheet) by the department and reported monthly to the Dean.





The Department of Graduate and Continuing Education offers a wide range of non-state supported evening and day classes and workshops  as well as the Ed 2 Go program.

1.  All students must register with the department prior to the course being offered.

2.     Payment is due at the time of registration.

3.     Payments are received in the form of check or credit card (which is recorded on the registration form).  Any students wishing to pay cash are directed to the Bursar’s office where a receipt is issued, in which the student forwards with the registration.

4.     All registrations (with payments attached) are forwarded to the Registrar’s office, which then ensures the students are registered on the Colleague system.

5.     The Registrar’s office is responsible for all payments forwarded from the DGCE, ensuring all payments are forwarded to Bursar’s office.

 6.  All payments are recorded as cash code M18 by the Bursar’s office.




Last modified at 1/11/12 by Julie Carmel 

Version: 5.0 
Created at 7/2/2009 9:51 PM  by Vescio, Donald 
Last modified at 5/2/2013 1:59 PM  by Hoxha, Anisa