Banking & Cash Management Specialist
Under the direction of the Bursar and Assistant Bursar, the Banking & Cash Management Specialist is responsible for opening and closing the cashiering module of Peoplesoft Campus Solutions (“PSCS”) system on a daily basis, performing daily and monthly reconciliations of bank accounts, cash receipts, and the unclassified account, and overseeing the policies and procedures for cash and credit card receipting, petty cash, and student financials. In addition, the Banking & Cash Management Specialist provides daily supervision to other staff members in the Bursar’s Office who process and post payments received by the University of Massachusetts Medical School (“UMMS”), to ensure compliance with the University policy, campus internal control measures, and generally accepted accounting principles.Responsibilities
Payment processing and treasury activities
- Responsible for opening and closing the cashiering module of PSCS system daily. Reviews cashiering receipts processed by other team members and serves as a backup to create payment receipts as needed.
- Provides ongoing training and daily oversight to team members in the Bursar’s Office on payment processing and treasury related activities including receipting and accurate identification of payments, depositing cash and checks to the bank, clearing accounts receivable for receipts of rental payments, disbursing Imprest checks, conducting front-end cash activities, transferring payments to other campuses, processing correction journals, addressing payment file posting issues, processing reconciliation of related general ledger accounts, and month-end and fiscal year-end activities.
- Assigns and coordinates above listed tasks to the appropriate team member to ensure segregation of duties and highest quality and productivity of work output.
- Provides oversight and assistance on account reconciliations including daily and monthly reconciliation of bank accounts (Depository, Imprest, UHS) with general ledger cash balances.
- Serves as primary liaison and UMMS contact with banks, payers, University of Massachusetts (“UMass”) Treasury Office, and invoicing departments on all bank system and payment related matters.
- Identifies emerging or recurring payment related issues and coordinates with stakeholders such as departments (payees), payers, banks, UMass Treasury Office, and office members to ensure timely and accurate resolution. Assists the Bursar in establishing and implementing new policies and procedures as needed.
- Enforces UMMS cash receipting policy and procedures by conducting annual reviews for departments approved to receive cash payments directly and assists with implementing appropriate procedures for new departments requesting such approval.
- Enforces UMMS petty cash policy and procedures by reviewing new petty cash account requests for appropriate approval and coordinating with the requesting department to establish the new account. Exercises supervision and provides support, as needed, in managing petty cash replenishments and reimbursements and conducts annual audits on departments holding petty cash accounts.
- Assists the Bursar and Assistant Bursar on credit card related activities as needed, such as reviewing merchant credit card payment reconciliations.
- Assists the Bursar in maintaining and updating non-student financial content on the Bursar’s Office website.
- Provides guidance and assistance to UMMS community in cash management, payment processing, PCI compliance, and any other non-routine inquires.
Student financial related
- Assists with processing student tuition and fee payments, distributing student refund checks and Mass Medical Society loan checks, and posting other transactions to student accounts as needed.
- Assists with student orientation, graduation check-off, and inquiries on student account transactions, tuition waivers, financial aid disbursement, refunds, and health insurance.
- Follows UMass and UMMS policies and procedures pertinent to all Bursar’s Office functions and ensures adherence by UMMS departments and employees.
- Performs other duties as assigned.
- Associate’s or bachelor’s (preferred) degree in accounting, business, or related major
- 3-5 years of progressive experience working in a business/accounting office of a higher education setting, with 1-3 years experience acting as a subject matter expert and exhibiting leadership potential.
- Demonstrated ability to perform cash management and treasury functions and interact with banking institutions on deposit related matters
- Demonstrated knowledge of accounting principles and ability to process journal entries, analyze and interpret financial documents such as system reports, and conduct account reconciliations
- Demonstrated skills in operating Microsoft Office programs such as Word, Excel, PowerPoint, and SharePoint. Proficient in designing and maintaining spreadsheets, databases, and custom reports, utilizing Excel
- Proficient in PeopleSoft or other accounting applications used in higher education institutions
- Excellent communication skills (oral and written) and professional interpersonal skills while interacting with senior administration, faculty, staff, students, and co-workers.
- Strong analytical and problem-solving skills in order to adequately research and accurately resolve questions as they arise
- Able to work independently but seek direction when appropriate
- Able to complete assignments with attention to detail and high degree of accuracy
- Able to establish priorities and manage multiple activities, including staff’s tasks, to meet deadlines