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*OFFICE Central*
Receipts Category
Daily Deposits Required
By following the statutory requirement to deposit funds daily into a County-owned bank account, the County earns more interest revenue at the bank. Interest revenue begets more interest revenue AND more interest revenue begets less reliance on other revenue sources (e.g. property taxes).
Though the statutes mention a $250 threshold, we can find no evidence that our Commissioners have elected this threhold or any other threshold. If anyone is holding monies past 1p on the day after your receipt, please stop this practice. ALL monies must be brought to Finance Office daily.
Process
- Issue a computer-generated or hand-written pre-numbered receipt with every instance of collecting payment. Such a receipt needs to be issued each and every instance that payment is received.
- After collecting monies for the entire day, enter a cash receipt into the financial system. Print two copies of the system-generated cash receipt printout.
- To Finance Office, bring the monies and two copies of the system-generated cash receipt printout by 1p of the day after your receipt. We will re-count the monies and, if amounts match, initial your copy of the system-generated cash receipt printout and keep the other copy for our records.
- Finance Office will deposit all monies received into the local bank on the same day.
- Authority for this requirement is stated in NCGS 159-32 concerning daily deposits: "all taxes and other moneys collected or received by an officer or employee of a local government or public authority shall be deposited ... daily."
**Exceptions: Payments received after 3 p.m. may be included with other payments received on the next working day, but shall be secured overnight in a locked drawer, lockbox, locked safe, or similar locked item with very limited access.
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