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CASH MANAGEMENT

ALDAR University Policy Library

STANDARD 9. FISCAL SOURCES, FINANCIAL MANAGEMENT AND BUDGETING
CASH MANAGEMENT

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  1. A cashier prepares the receipts voucher of tuition and other fees. Copy of the voucher is given to the student. 
  2. The accounts department reconciles all cash, POS machine, online, and cheque receipts at the end of every working day. 
  3. All cash and cheques received are kept in a fireproof safe at the ADUC 
  4. The ADUC cashier deposits all cash in the bank account on the same working day. 
  5. Students can pay by cash, by cheques, Visa / Master card online transfer, bank deposit, or wire transfer. 
  6. ADUC Bank accounts are maintained with a licensed UAE bank. Bank accounts are opened and closed only with approval by the Board of Trustees.

 

Based on the forecasted Budget, the Finance and Administration director prepares a cash flow forecast, breaking down the forecasted Budget into monthly allocations. 

In case the cash flow forecast becomes inaccurate due to an unexpected increase/decrease in the revenues or expenses, the forecasted Budget has to be adjusted accordingly. The President must present the adjusted Budget to the Board of Trustees for approval.