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Payment Processing & Cash Handling — Guidance for Departments & Student Organizations

Overview

All departments and student organizations that collect payments (cash, credit/debit, checks, or other funds) must comply with the standards set forth in System Regulation 21.01.02. These policies are designed to ensure safe, auditable, and transparent handling of revenues from the moment funds are collected until they are deposited.

At our institution, you have two options for how your organization can accept payments at events or sales — either exclusively through credit card terminals, or by accepting cash (with stricter documentation and controls). Choose the option that works best for you, and ensure all required procedures are followed.

Option 1: Credit Card Terminals Only (No Cash)

  • If you prefer to avoid handling cash, you may request use of credit card terminals.
  • Under this option, a receipt book and cash-handling procedures are not required (since no cash is collected).
  • Anyone operating the credit-card terminal must complete the required training.
    • Training: #2112477 – PCI-DSS for Cashiers (credit/debit card security training).
  • Credit / debit card transactions must still comply with credit-card security and data-protection standards, including appropriate receipt practices and safeguarding cardholder data.

Recommended when: You are expecting most, or all, payments via cards, want minimal paperwork, and want to avoid the overhead of cash handling and deposit logistics.

Option 2: Accepting Cash (or Cash + Card)

If you plan to collect any cash (even alongside card payments), you must follow the procedures below, in addition to compliance with System Regulation 21.01.02.

Petty Cash Box / Lock Bag (for change)

  • If you need to provide change during an event, you can request a petty-cash money box or lock bag.
  • To receive cash for change, complete an Advance Request Form specifying the amount and denominations needed.

Receipt Book — required for all cash transactions

  • We will provide an official, pre-numbered receipt book for documenting each cash transaction.
  • For each sale, a receipt must be issued or a POS (point-of-sale / register) entry made, unless an alternative system has been approved in writing by the CFO or designee. Policy and Regulation Library
  • Receipt forms must include, at a minimum: purchaser name, product or service, quantity, unit price (if applicable), sales tax (if applicable), total amount, and signature of person receiving payment. Policy and Regulation Library
  • Copies: one copy goes to the payer, one copy accompanies the funds to the fiscal cashier or deposit process, and one copy is retained in numerical order by the issuing department or unit. Policy and Regulation Library

Cash Handling & Internal Controls

  • Departments/organizations must maintain a full and true accounting of all funds collected,  from collection through final deposit.
  • Supervisory personnel (e.g. department head or designee) are responsible for ensuring proper procedures are followed, continuously monitoring controls, and reviewing any handling documents prepared by staff or student workers.
  • Separation of duties is required: the person collecting cash should not be the same person reconciling or depositing; if staffing is small, the supervisor (who doesn’t handle cash) must perform verification.
  • Funds must be kept secure at all times. This includes secure storage (vault or locked bag/box), restricted access, secure key/combination management, and limiting custody to authorized personnel.
  • Funds should be deposited within the next business day if over $500.00. If under $500.00, no later than 3 business days.

Deposit Process

  • When you’re ready to deposit collected funds, provide the account number designated for the Sales deposit.
  • Funds will be processed by the fiscal unit (e.g. Student Business Services or equivalent) and a receipt will be issued for your records.

Training Requirements

  • Anyone handling cash must complete cash-handling training before participating.
  • Training must follow the campus’s training system: for example, employees complete cashier training in SSO TrainTraq; students complete training via the external gateway:
    • Cash Handling Basics — #2111772
    • (If also using credit/debit card terminals) PCI-DSS for Cashiers — #2112477

Why This Matters: Compliance & Internal Safeguards

  • System Regulation 21.01.02 mandates that all funds (cash, checks, credit/debit) be fully and accurately accounted for from collection through deposit. This helps prevent loss, mismanagement, and supports transparency and audit readiness.
  • Implementing strict internal controls (segregation of duties, secure storage, timely deposit) reduces risk and protects both the university and the individuals handling funds.
  • Proper receipts and documentation support accountability and simplify reconciliation, auditing, and financial reporting.

How to Request Payment Method / Equipment / Training

  1. Determine which option you plan to use (Credit-Card Terminals Only vs. Cash / Cash + Card).
  2. If you need a petty cash box or lock bag for change, complete the Advance Request Form, specifying amounts and denominations.
  3. Request receipt book (if accepting cash).
  4. Ensure all participants receiving or handling funds complete required training before the event.
  5. After event: organize receipts, reconcile funds, complete deposit documentation, and deliver funds to fiscal unit for deposit using the designated deposit account number.

Contact Information / Support

If you have questions about these procedures or need help setting up payment handling (requesting a petty-cash box, receipt book, training access, deposit procedures, etc.), please contact: SBS@tamusa.edu