OFFICE OF FINANCIAL MANAGEMENT
POLICY AND PROCEDURES FOR COLLECTING
AND DEPOSITING FUNDS OVERSEAS
Policy
Class B Cashiers are the final officials
responsible for collections received in the form of cash or checks. US&FCS
employees, as necessary, may be designated as Subcashiers, Alternate Cashiers,
or Receiving Clerks (for example, occasional money holders) to handle collections.
These employees are personally responsible and accountable for the custody
and safekeeping of all funds received until the funds have been submitted
to a Class B Cashier and a receipt has been obtained. The number of employees
entrusted with this function should be kept to a minimum, as consistent
with good management.
A. Key Terms
1. Refunds are collected
funds that are returned to an appropriation and allotment that has been
previously charged. These are immediately available for obligation if the
appropriation and allotment previously charged are still available for
obligation (for example, reimbursements to the US government for authorized
personal calls or outstanding travel advances).
2. Deposit Funds are funds
deposited without specific purposes, pending identification of those purposes
by the depositor (for example, Gold Key). These funds must be reported
and returned to Washington in order to be authorized for expenditure.
Note: Checks and cash may not
be deposited and/or disbursed in/from a bank account or any other financial
institution without specific authorization. Also, cashiers should use the
prevailing rate of exchange to determine the U.S. Dollar (USD) amount when
presented with local currency.
B. Collections and Deposits
1. Collections must be deposited
on a daily basis if the collected amount is $5,000 or more.
2. Collections of less than $5,000 may
be accumulated and deposited when the total reaches $5,000.
3. Deposits must be made by Friday or
the last workday of each week, regardless of the amount accumulated.
C. Acceptable Forms of Payment
The following are acceptable forms
of payment:
1. First party personal checks and
first party travelers checks must be made payable to the "American Embassy",
"Department of State", or "U.S. Treasury."
2. Third party checks; checks written
in the name of the cashier; and, checks written for "cash" may not be accepted.
3. All local currency and U.S. Dollar
checks must be immediately marked "For Deposit Only."
Procedures
1. Collections should be directed
to a designated Receiving Clerk, who will issue a pre-serialized receipt
to the person making the payment.
2. The Receiving Clerk should place the
collections in a cashbox under his/her exclusive control.
3. The Receiving Clerk should maintain
a copy of all pre-serialized receipts in their cashbox and prepare a written
log of daily collections and all pertinent information, including:
a. the local currency amount
b. the dollar amount
c. the date received
d. the name of the person making the payment
e. the type of payment (for example, check
or cash)
f. the purpose (for example, Gold Key)
g. the Participation Agreement number
(if applicable)
Note: Class B Cashiers can provide
information on the required prevailing rate of exchange to determine USD
amount when presented with local currency.
4. The office should designate a time
at the end of each day when the Receiving Clerk gives all collections for
that day and a copy of the receipts and/or the daily log to the Sub-cashier.
Note: Collections must be kept
physically separated from the cashier's operating cash advance (for example,
a separate cashbox) and separate accountability records must be maintained
for operating advances and collections.
5. The Sub-cashier should prepare a deposit
memo for the Class B Cashier, itemizing each deposit according to accounting
classification. The deposit memo should include the information needed
to prepare the General Receipt. Optional Form (OF)-158 (General Receipt)
is used to record all cash and check collections. It also serves as a receipt
for the person from whom the money is received. An OF-158 must be issued
at the time the transaction occurs. Appropriations, allotments, and other
accounting information must be entered on OF-158 for official collections.
Therefore the Sub-cashier should provide this data on the deposit memo
for the Class-B Cashier.
6. Once the Class-B Cashier has prepared
all OF-158s, the amounts and accounting data must be verified with the
deposit memo to ensure that collections are credited to the proper account.
7. The Sub-cashier should reconcile collection
records once a month at a minimum, and may do so more than once a month
if necessary. OF-209 (Accountability Record) is typically used by
the Class B Cashier to maintain consolidated control of all collections
received from the Subcashier. The Subcashier should obtain copies of these
forms from the Class B Cashier to verify that all collections have been
properly recorded and deposited.
8. An American Officer should verify collection
balances by making a physical count of:
a. All collections on hand
b. All OF-158s issued since the last reconciliation.
The account is in balance when
these two items match the collections recorded in the Receiving Clerk's
daily receipts or logbook.
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