This review shall be evidenced by the reviewers initials and date on those ROCRs reviewed.
PROCEDURE CR - ACCOUNTING FOR COUPONS AND GIFT CERTIFICATES
Unlike coupons, gift certificates are obtainable only at the location s of the area offering such a service. Once the request to sell gift certificates is properly approved, the offering department will take the necessary steps to have their gift certificates printed and available to customers upon request.
While appearances may vary, all certificates must possess certain "essentials" to insure proper processing and control Exhibit "B" displays a sample certificate, with key elements highlighted, as appropriate. Certificates must be printed in such a manner to deter forgeries, such as using a complicated design, safety paper, colored paper, etc.
To aid in the control and accountability processes, certificates must be pre-numbered. Additionally, a "Department Use Only" area will be designated for authorizations necessary in validating certificate issuance, redemption, and special situations, if applicable example: To minimize transposition errors as well as potential misuse, gift certificate values must be displayed in one of the following 3 ways:. Offering this service will require the establishment of a database or gift certificate log, against which each certificate must be checked prior to redemption acceptance.
Unissued gift certificates will be secured in a safe place as determined by management to minimize theft or misuse. Upon customer request, the attendant will obtain a gift certificate from the supply on hand and complete the certificate. The sale will be recorded as discussed in "Recording Issuance of Gift Certificates. An attendant will then obtain a gift certificate from the supply on hand and complete a certificate.
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Individuals employed by an area offering gift certificates may also purchase such certificates. However, at the time of purchase, employees must obtain the permission of the department manager. If redeemed by the employee, the employee must sign and date the certificate to acknowledge application of the certificate towards their purchase.
The specific methodology for recording sales involving the issuance of gift certificates will be dependent on the device being used to accomplish the record keeping.
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This may range from entry via cash register or computer terminal to the completion of a University Pre-numbered Receipt. The number of certificates issued and their corresponding values must be reflected on the register's terminal's summary tape report for reconciliation, audit trail and general reporting purposes. If such a capability does not exist, then a gift certificate log must be manually maintained to record such activity. Secondly, daily or shift-end reconciliation reports must include a line for gift certificates so that such activity can be reported and accounted for.
Lastly, the numbers and values of all gift certificates issued and any other pertinent information, as decided upon by management will be recorded to the a gift certificate log to provide an ongoing record of gift certificate activity, from the time of issuance until such time that they are redeemed or otherwise disposed of.
Secondly, the numbers and values of all gift certificates issued and any other pertinent information, as decided by management will be recorded via entry to the a gift certificate log to provide an ongoing record of gift certificate activity, from the time of issuance until such time that they are redeemed or otherwise disposed of. The attendant must verify the legitimacy of the certificate presented. If the amount of the purchase is less than the value of the certificate, the unspent balance will be given to the customer as change.
If the amount of the purchase is more than the amount of the certificate, the attendant will write the balance due on the back of the certificate, collect the amount from the customer, and record the amount as discussed in "Recording Gift Certificate Redemption. The gift certificate, in either case, is retained by the attendant. Each month, the redeeming department will forward a memo with this information to the ISSUING department s so that gift certificate records at those locations may be appropriately updated.
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Copies of these memos will be maintained by both the issuing and redeeming areas for accountability and audit trail purposes. The specific methodology for recording the redemption of gift certificates will be dependent on the device being used to accomplish the record keeping. This may range from entry via register or computer terminal to the completion of a University Pre-numbered Receipt.
If the amount of the purchase is less than the value of the certificate being redeemed, the difference will be reflected as "change" when entered by the attendant, and returned to the customer as change. If the amount of purchase is more than the value of the certificate, the difference will be recorded via proper keystroke to its appropriate sales category. At shift end, the number of redeemed gift certificates and their corresponding values must be reflected on the register or terminal's summary tape report for reconciliation, audit trail and general reporting purposes.
Lastly, the numbers and values of all gift certificates redeemed and any other pertinent information, as decided upon by management will be recorded to the gift certificate log to provide an ongoing record of gift certificate activity, from the time of issuance until such time that they are redeemed or otherwise disposed of. This will 1 document the redemption, and 2 provide support for changing the status of the redeemed certificate in the gift certificate log from "outstanding" to "redeemed. This difference will be returned to the customer as change see Exhibit "D-1". This difference will be collected from the customer.
In either case, gift certificates will be collected from the customer, attached to the YELLOW copy of their respective pre-numbered receipts, and retained by the attendant to facilitate the reconciliation process at shift-end. Gift certificates are a reconcilable item with respect to financial reconciliation. This review will be evidenced by the reviewing supervisor's initials and date on the documents reviewed. For further information regarding reconciliation of daily sales activity, including activity involving gift certificates, refer to the guidelines set forth in "Generic Cash Collection," Procedure CR Copies are available by contacting Systems and Procedures.
In the event that unsold gift certificates expire, or such a service is discontinued, the department supervisor will prepare a "Certificate of Disposition" see Exhibit "G" specifying the number of certificates being disposed of, the numerical sequence, the values of the unissued gift certificates being voided, etc.
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The unissued certificates will then be destroyed by the Department Manager, in the presence of one other employee. The Department Manager and the witnessing employee will affirm that the gift certificates were disposed of by signing and dating the Certificate of Disposition. Signed copies will be forwarded to the area's budget administrator and Financial Officer.
To minimize inadvertent or unauthorized redemptions after this event, the appropriate notations will be made to the areas gift certificate log, identifying the certificates destroyed. The Financial Officer is responsible for ensuring that procedures pertaining to the accountability and safeguarding of all cash receipts, cash funds, and other assets are established and followed in accordance with approved University policies and procedures.
Regular audits relating to advances, cash, travel, equipment accountability, and other expenditures provide a means to protect University assets. The Financial Officer is responsible for working with Internal Audit when audits are being performed in the administrative area. These retention requirements are the University's retention criteria, either derived or based upon federal, state, and local statute or regulations, industry standards, and business needs.
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