How To: Review Checks Upon Receipt

Checks for a variety of transactions must be carefully inspected for accounting and tax purposes. Any oversight can have adverse repercussions on the processing of receipts.


Who does this?  School and Department Staff preparing checks for deposit

When?  Upon receipt of checks

How?  By ensuring that all information on and associated with the check(s) is complete and correct

 

Review Checks Upon Receipt (3 steps)

step 1

Receive a check:

  1. Made out to Stanford University.
  2. If not made out to Stanford University, and not replaceable, as a last resort, recipient should endorse check to Stanford.
Note:  To avoid complications in tax reporting, if a check is NOT made out to Stanford, please request a new check made out to Stanford University.
step 2

Upon receipt, checks should be immediately endorsed with For Deposit Only to Stanford University with the appropriate project, fund, and object code included.

Note:  To ensure appropriate segregation of duties, individuals who reconcile cash and check receipts should not be the same as those who receive and prepare them for deposit.
step 3

Ensure that the following information on the check is accurate and complete:

  • current address
  • valid date
  • amount written on the check
  • payer's contact information is complete
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What Happens Next?

The receipt is ready to be processed and deposited. See Overview: Processing University Receipts.


Questions?

Contact University Cashier's Office.


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