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Section 5 - Revenue, Income, and Receivables

Section 5.2.1 - Recording of Operational Revenue

Date: 5/2/05 — Approved: Finance Board

All sales must be recorded at the time goods or services are delivered.  A cash register receipt, a pre numbered receipt, a pre numbered invoice, or other controlled evidence of the transaction is issued after each sale.  Alternatives to issuance of controlled evidence must be approved by the A.S. Controller.

AUDIT OF SALES RECORDS

All sales records are subject to audit by representatives of the CSU Trustee Office — Office of the University Auditor, by San Diego State University, by A.S. internal audits and by the certified public accounting firm retained by the A.S. to conduct A.S. audits.  Sales records are properly filed and maintained in good condition in a manner agreed to by the A.S. Controller for seven years to include the current fiscal year.

CASH/CHARGE CARD SALES

Authorization to make cash sales - Only those departments approved by the A.S. Controller or delegate are authorized to make cash sales and to collect or receive money for them.

Cash registers - Departments should use cash registers or other point-of-sale devices for recording sales.  The specifications for point-of-sale devices must be approved by the A.S. Controller or delegate before their lease or purchase to insure that the devices have the necessary and appropriate internal control features.

SALES/A/R

As a general practice, sales are made by cash. This does not apply to sales to A.S. Departments which are handled by journal entries.

Authorization to make charge sales - Only those Departments authorized by the A.S. Controller may make charge sales and, if so authorized, receive money in payment of accounts receivable.

Invoice forms - All invoice forms are numbered or controlled by their respective software.

FORMS ACCOUNTABILITY

All pre numbered sales invoices and cash receipt forms must be accounted for by the Department making the sale.  Spoiled forms are not discarded, but are voided and kept subject to the provisions of an audit of sales records.  The Department Director is responsible for ensuring that the number sequences of pre numbered forms are recorded for control purposes.

FORMS DESIGN

If the Department or delegate determines that cash receipt or invoice forms should be secured by the individual department, the Department Director is responsible for ensuring that the design of the form meets A.S. design standards and that the design is approved by the A.S. Controller.

SALES TAX

Departments selling tangible personal property and certain services at retail are to collect the California Sales and Use Tax on such sales from their customers. The A.S. Controller has been assigned the responsibility of issuing instructions for the collection of the tax. (See Section 5.3 - California Sales & Use Tax.)

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