Cash Handling Handbook - Western New Mexico University
Contents
1. o Peak infrequent volume of receipts is so great that existing staff cannot meet the next business day requirement o A department s staffing is severely limited with only one or two staff members o Under no circumstance should deposits be held for longer than one week e Ifa department finds isolated events where it is unable to comply with the next business day deposit requirement due to unusual circumstances beyond its control it is encouraged that the department document the reasons for the occurrence and retain the documentation in department files as this may prove beneficial to the department in the event of an audit Draft Copy 2 2009 Cash with Deposits Guidelines for sending currency and coin to Cashier s Office for deposit e Bills should be faced all facing front and right side up This allows for more accurate recounts e Bills should be sorted by denomination and if the number of a denomination is enough clipped or banded into the following bundle amounts o Ones 25 or 25 Fives 20 or 100 Tens 20 or 200 Twenties 25 or 500 Fifties 20 or 1 000 o Hundreds 10 or 1 000 e Coin can be accepted rolled if in shot gun type rollers that ensure the exact count of the coin Hand pinched rolls have to be recounted by the Business Office Please bundle tightly or envelope any bills and paperwork if sent in the same bag as coin e If sending multiple bags as one deposit the Departmental Deposit must list the2. EFT payments for WNMU are processed through the University Operating Bank Account Endorse endorsement The act of writing or stamping usually upon the back but sometimes on the face of a check or other negotiable instrument by which the funds or property therein are assigned and transferred Draft Copy 2 2009 Monies used throughout this handbook Money in any form currency coins and bills check wire transfer credit card charge ACH direct deposit other electronic funds transfers etc Receipt A written acknowledgment that a sum of money or specified article has been received the paper that provides the audit trail of the monies Wire transfer Funds sent through the Federal Reserve Wire Network from one financial institution to another They can only be recalled with the permission of the recipient Wire transfers typically are used when large amounts are needed along with the ability to confirm receipt and when international payments are made Draft Copy 2 2009 Western New Mexico University Cash Handling Appointment Form The following named individual has been appointed as fund custodian for the petty cash change fund for the listed department Name Department Petty Cash or Change Fund established amount Department Head or Administrator Date PLEASE FORWARD this completed form and the Acknowledgement Form to Business Affairs All fund custodians are required to read Western New Mexico University policies
3. and procedures concerning cash handling and sign a statement acknowledging the duties and responsibilities of a fund custodian Business Affairs will enroll the above named individual into training to complete this requirement The training must be completed within 14 days of enrollment notice Approved Date Vice President Business Affairs Draft Copy 2 2009 Western New Mexico University Acknowledgement of Cash Policies and Procedures I do hereby certify that I have Please print or type name been authorized to serve as fund custodian for ___ department Check One L Petty Cash Account O Electronic Commerce e Commerce L Change Fund L Cash Receipts L Other specify I acknowledge receipt of the policies and procedures prescribing management of cash These policies and procedures have been explained to me in detail I agree to accept responsibility for the accounting and control of the cash in accordance with such policies and procedures I further understand that failure to comply with these policies and procedures or comparable component policies and procedures could result in disciplinary action up to and including termination and possible criminal sanctions Fund Custodian Signature and Title Date Departmental Head Signature and Title Date
4. and then Note You can scan up to 299 checks per deposit You may need to scan your checks in bundles Sri Cancel Draft Copy 2 2009 items To expedite the deposit when receiving a check write the student s ID or Misc on the top of each check depending on the transaction Review Now Review Options When reviewing checks always eateDopoat anitems H Reviewltema H review both the front and back of To review your scanned checks and balance the deposit now click Review Now To review and balance later click Review Later each check Verify Mote Vou must review each check and balance the deposit before you can submit the depost that the check amount is correct y Completely fill in information o Ifa check 1s for a student account enter the student ID WO0 number on the line for student number or MISC or Detail Code ex 590A o Itis not necessary to fill in the other lines once the information described above has been inputted tem 1 of 11 L Etem 1 of 11 View Frome E a T we a oe iS See SILVER CITY Mad G5057 Pay to the Onder gf fe Pooh Petes FL WO HSS OETI WR COKIN MIN ACH LITO H 8 ALSHJANN OF SM MSN WSL See WYE Does STS 20 HSI JHL L avd Reset Hide Zoom Check Mo JAux On Us RTH Check Account Check Ma tAus On ds RTH Check Account bas here See E Check Amount F amp 00 ry ea 4a Check Amount 8 00 STUDENT NUMBER STUDENT NUMBER STUDENT MAME
5. extension of the individual to contact in case of questions regarding the deposit Enter the detail code or accounting string fund org account program If the deposit should be split between multiple accounts please enter the amount on multiple lines Enter comments associated with the deposit as needed Be sure to attach all supporting documentation For e Commerce deposits attach required reports as determined Items Cashier Name Date Posted and Receipt fields are reserved for WNMU Business Office staff Westen New Mexico University Office Of Busmess Affairs Departmental Deposit for Check Name of person or company Amount Number Checks Travelers ks M oneywlrders Bank_ks who is paying Paid 2 Total ash f Total Checks Grand Total ff Two adding machine tapes required per deposit Date Denotunation Coin Count Amount po 2 00 po 5 00 Grand Total t J mm mm Lay mm mm Prepared By Verified By Dept Extension HIN Account Surman Total Beginning Rept Il Ending Rept Cashier Mame Date Posted Receipt Draft Copy 2 2009 Western New Mexico University Procedure for Cash Box Deposits Enter the name of the department making the deposit followed by the event description Enter the event date s Enter the check number Enter the name of person or company paying Enter the amount paid Enter the Beg coin count for each denomination Ente
6. issuing invoices that are not recorded as a part of an accounts receivable should notify the Business office so that incoming checks and transfers can be readily identified for deposit to the proper fund orgn account prog Accepting Monies And Payments Currency Payments All currency received from a walk in customer is to be receipted immediately on sequentially pre numbered cash receipts or through a cash register Currency should be counted in the presence of the person presenting it for payment A copy of the receipt should be given to a walk in customer No foreign currency is ever accepted Draft Copy 2 2009 Check Payments Checks of all types received in person or through the mail should be restrictively endorsed immediately Walk in customers should receive a pre numbered written or cash register receipt Documents enclosed with mail payments are to be date stamped by an employee opening the mail All checks made out to WNMU must be deposited to WNMU For checks made out to WNMU but intended as gifts or contributions see Monies as Gift or Donation below Every check or money order must be reviewed for completeness as follows Verify that Account holder s name address and phone number is included on the check A daytime phone number is preferred Verify that the check has a bank name listed and that the routing number customer s bank account number and check number are encoded on the bottom edge of the check Note the date D
7. A special account number will be provided for cash shortages and overages This account number will be available at interim or year end for review by the various remote site locations The accountability for these records is the responsibility of the remote site location Records should easily be made accessible to either internal or external auditors upon request AIl Off site remote locations will deposit monies on a daily basis to pre established bank accounts As needed these monies will be transferred into the University s regular operating account by Business Office personnel upon receipt of supporting documentation Approved by Policy Committee Date February 7 2000 General Information e Itis the policy of Western New Mexico University that departments handling cash shall comply with standards established in the New Mexico State Statute 6 10 2 NMSA 1978 Compilations e Monies include currency coins checks credit card settlement reports e Commerce and wire transfers All incoming monies should be acknowledged when accepted and forwarded to the Western New Mexico University Business Office for processing by using the WNMU Departmental Deposit form or other approved methods determined by the Business Office For help completing the Departmental Deposit form refer to procedures on the WNMU Business Office website e Monies may be payment for various charges rebates or refunds e Departments holding workshops conferences or
8. Check A non personalized encoded check that a person receives from a bank when they establish a checking account These are for the person s use prior to receiving encoded checks from the bank However they should only be accepted if the bank has encoded the routing number and account number on the bottom of the check Foreign Check A check written on a foreign bank Even if the check amount is written with USD following it it cannot not be paid in U S currency unless it states on the front of the check that it is payable through a U S bank If a foreign check is accepted make special note on the cash receipt so that the Cashier s Office can handle appropriately See also Foreign Currency and Checks Draft Copy 2 2009 Foreign Currency and Checks Only US currency coins and bills is accepted Checks drawn on foreign banks or issued in foreign currencies require special processing by the WNMU Business Office and the State Treasury Collection on such checks can take the Treasury several days or weeks to receive the funds The initial deposit to the department s fund will be the amount reflected on the check even though it is in a foreign currency The Treasury will process the item and negotiate the exchange rate Any exchange rate differences will be charged to the depositing department as a reduction of the deposit debit to revenue account listed on the original cash receipt Electronic Commerce Strict adherence to the Marketplace
9. Draft Copy 2 2009 Cash Handling Handbook Introduction The purpose of this handbook is to establish and document the flow of cash and cash receipts and provide guidelines for the proper management of monies for those employees responsible for receiving handling and safeguarding cash and cash equivalents The fund custodian of every cash fund is responsible for the integrity of the cash fund Employees should understand their accountability for all monies which are the property of the State These policies and guidelines are for the protection not only of the State monies but also those employees charged with cash handling Definition Monies money in any form including currency coins and bills check wire transfer credit card charge ACH direct deposit other electronic funds transfers etc Monies may also be referred to as cash or cash receipts Table of Contents e Remote Sites Cash Policy On amp Off Campus e General Information e Accepting Monies and Payments e Making Deposits e Accounting on the Cash Receipts Record e Returned Items e Approval Procedure for a Fund Custodian e Definitions e Additional Sources of Information Remote Sites Cash Policy On amp Off Campus WNMU adopts as its policy the New Mexico State Statute Section 6 10 2 NMSA 1978 Compilations that requires the deposit of public monies within twenty four 24 hours or one business day of receiving the monies In order to comply with t
10. STUDENT NAME DESCRIPTION End Review Re scan ltem Delete DESCRIPTION Lisi Re scan ltem Delete Draft Copy 2 2009 After each check has been reviewed click once Errors that may occur during the deposit process t When a check amount cannot be read the screen will require check amount to be entered before you can continue Please enter the amount The scan did not capture the amount DTD4074 Jltem 9 of 11 A OM ioveno State of Nem Mexica Hp EROS a DREN YOUTH AND FAMILIES DEPARTMENI THE TREASURER OF THE STATE OF NEW MEXICO 0154810 WILL PAY THROUGH HIS FISCAL AGENT akkaRKARHRE VE THOUSAND SIX HUNDRED SIXT AND SIX CENTS RRAAKAKARARARAERAEAARKR ARK WESTERN NM UNIV THE GROWING TREE P O BOX 680 SILVER CITY NM 88061 ae Kathrine B Npe wary Dep of Finance and Admisiraiion Reset Hife Zoom Check Mo J amp ux C RTM Check Account He sats ie care five Were es eee ESI Check Amount STUDENT NUMBER STUDENT NAME DESCRIPTION Once is it entered proceed filling in information as described above When Scanner cannot read MICR re scan message comes up re scan until desktop deposit page returns You may need to re scan several times make sure checks are placed in the machine correctly If MICR can t be read log out of Wells Fargo contact Silver City Jody Josh or Cynthia and fax copy of the check to 575 538 6188 as it will need to be entered manually TA After corre
11. User s Manual will be required for Colleges Departments who engage in e commerce activities including the acceptance of electronic checks credit cards or bank debit cards through a university developed or third party vendor website Departments desiring to establish a Cash Collection Center to engage in E commerce activities must first complete and submit all necessary paperwork to the Business Office If approved departments are responsible for complying with the procedures outlined within this Handbook and the Marketplace User s Manual Making Deposits Safeguarding Monies Departments receiving any monies are responsible for safekeeping and timely deposit Departments should do the following e Endorse checks with a restrictive endorsement immediately e Deposit all monies with the Business Office within one business day e Deposits should be made more frequently if the department lacks secure safekeeping for holding funds e All monies held overnight should be in a secure area e A reasonable longer period for the deposit of specific monies or categories of monies 1s permitted if a department or unit documents a valid business reason for using a longer period between receipt of monies and deposit of monies A reasonable longer period must be no longer than necessary to satisfy the business reason Examples of valid business reasons for not meeting the next business day deposit requirement include but are not limited to the following
12. bags separately and the dollar amount included in each bag O O Deposit of Credit Card Batches Credit card payments are completed when a batch settlement is transmitted All credit card payments must be settled and submitted for deposit on a daily basis A Settlement Report must accompany a completed Cash Receipts Record The Settlement Report goes by various names depending on the credit card reader or machine used for processing is a Summary of transactions for a specific date or date range and lists the total number of transactions and the total dollar amount Most Settlement Reports will subtotal by types of credit cards used and by charges versus credits refunds Deposits Made Directly to a Bank Branch t Before you begin the desktop deposit please verify that your check deposit total matches your check total on the front page of your Daily Cash Reconciliation Report Also verify that all cashier sessions involved with the deposit have been closed t Sign onto https wellsoffice wellsfargo com portal signon index jsp Sign in using company ID which is wnmuniv followed by your user name and password Your password will change every 60 days Commercial Electronic Office Company ID gt Firsttime user Read sign on tips UserID Password gt Forgetyour password Change password online gt Need help with your Token Passcode Security System Requirements Not yet enr
13. ction is made with the MICR then log Pending Deposits back in and click on Pending Deposits mage at left Pending Deposits Make sure to select by clicking on radio button Select a deposit and click View Deposit or Submit Deposit Create a Deposit Display 10 50 100 tems Per Page Fage 1 Viewing 1 ta 1 af 1 tems Created By Created On Deposit Deposit Account Ho of hems Location ID Bag No Status 50 951 08 2300006211 14 Laura Adcock 034 2 2008 Reviewed 031 2085 estern Mewe hhexicoa UJ Wiew Deposit Submit Deposit Delete Deposit Wiewsing 1 ta Display 10 2 of 1 tems 1 00 tems Per Page 1 D 1 5 Draft Copy 2 2009 If needed you can edit a balanced deposit prior to submitting it To review a deposit check the box next to the deposit and click View Deposit You have reviewed all items and balanced this deposit DTD8002 Select the desired items and click Review Or select the Review Incomplete items link to review all incomplete items and exceptions When all items show a Reviewed status and the depositis ready click Submit Deposit or Deposit Later Submit Deposit is displayed nnie when all items have a Reviewed statis Scan More tems Display 10 25 20 100 tems Per Page Page 12 Viewing 1 to 10 of 11 tems O Previous Page Mest Page O Check Ho kem IDa Check Account Aux 0n Us 031205245561631 Reviewed 0312052455015641 Reviewed 195 00 A 2 a
14. eview each check for deposit amount check number and account number Then choose Complete Deposit on the Submit Deposit Verify page to finish submitting the deposit Submit Deposit Verify Sabet peposit To complete your deposit verity the information below and click Complete Deposit Deposit Account 3000062 11 Western New Mexico U Deposit Mame 0312088 Location ID Deposit Amount 50 951 08 Number of tems 11 Bag Number Deposit Date 03 12 2008 Ee Deposit Later Edit Deposit Draft Copy 2 2009 Q Your deposit has been submitted Please follow your internal procedures for storing the original paper tems and print this page for your records DTD8004 Confirmation Number 080312106953583 Deposit Name Location ID Deposit Amount Bag Number submission Date Effective Date Deposit Account Mo of tems Created By Deposited By View a PDF Copy Print 0312088 50 951 08 03 12 2008 02 49 31 PM 03 12 2008 23000062 11 107002192 Western New Mexico U 11 Laura Adcock Laura Adcock Express Repor with Imac W view Mote You will not be able to view images for deposits containing more than 50 tems Once the deposit has been submitted the page with the final figures Staple the check total tapes normally attached to the checks to this deposit sheet and attach the sheet to the daily cash report Draft Copy 2 2009 Accounting On the Departmental Deposit or Cash Box Forms T
15. he Departmental Deposit form is used for departments that deposit funds on a regular seasonal basis for example conference or workshop registrations non credit classes childcare payments etc The Cash Box form is used for events where a Business Office cash box is utilized These cash boxes must be requested with at least 24 hour notice Typically this form is used for athletic events club activities fundraising etc Each cash box is assigned a box number and money is verified and signed off by the person picking up the funds When funds are returned the cashier will verify the amount return the cash box funds and then deposit any excess into the appropriate detail code or FOAPAL string The detail code or accounting string will be input into the box as shown below on the form ACCOUNT SUMMARY a Draft Copy 2 2009 Western New Mexico University Procedure for Departmental Deposit Enter the amount paid Signature of the deposit preparer Signature of the deposit verifier oe ot or ee as Enter the beginning customer receipt number n NO Enter the ending customer receipt number e WwW by the Marketplace Administrator Enter the name of the department making the deposit Enter each check number list each check individually Enter the name of the person or company who is paying Enter the quantity of each coin in the corresponding space by denomination Enter the phone number or
16. his regulation WNMU requires the following from its ON and OFF Campus Sites NO remote sites either On or Off Campus may collect cash in any form without PRIOR approval from the Director of Fiscal Services or designee This requirement will enable the Business Office to assess the need for such collections and to review the Cash Policy Procedures with the entity should the remote site cash collection be warranted Requests for an On Campus cash box must be pre approved by the Director of Fiscal Services or designee If a cash box is approved for weekend or holiday use ALL monies must be deposited back to the Business Office within 24 hours or the NEXT WORKING BUSINESS DAY All other monies received in remote areas must also be deposited within 24 hours or next Draft Copy 2 2009 available business day to the Business Office Cash is the responsibility of the holder at all times and must be kept in a secure fire proof environment locked cash box safe or vault ALL remote site locations both On and Off campus must use prenumbered receipt books to record the collection of monies A copy of the receipt should be given to the customer and a copy must be retained in the receipt book for university records For On Campus sites the dated Business Office receipt received after monies are deposited should be attached to the last appropriate receipt in the receipt book Any cash shortage or overage will be noted on the receipt
17. ne O31 208245551645 Reviewed ay am 0312052455015645 Reviewed Feviewed ay uel Os 208245581 031206445501763 Reviewed 300 00 peA 031200245591797 Reviewed 2126 15 E s r a a amit 031205445561769 Reviewed 36 045 97 031208445501555 Reviewed 5 667 06 24 ol 031200445501557 Reviewed 3676 13 c i at J y If all items have been reviewed and the deposit is in balance the status is balanced and the deposit is ready to be submitted y Click Savel The following screen should be displayed Deposit Submit terms in ihis depasi OT DOD my Click on Deposit Later To submityour depasit now cirk Sanni Dapeall To submit lates click igat Laser Siti i Lacjeicat Live Draft Copy 2 2009 Pending Deposits Pending Deposits Click on Create Reports Create a Deposit Create Reports Deposit Status Reviewed amp T Specify ine SUDMISSION date Of range of submission dates my Choose Reviewed from the Submission Date HE couch iiin drop down on Deposit Status Deposit Repor Click on the radio button for Deposit Report with a Express Report with All tem Images Item Details Format 2 HTML z y Click on Create Report C Choose individual deposits to include in report EnG LILS Clear Type of Report 2 0 Deposit Report with Item Details St The review page will open and then click Print at the bottom of the page Another cashier will need to r
18. o not accept a post dated check a check with a date in the future or agree to hold the check for future deposit Verify that amount written in numbers matches amount written in words If different make special note on the cash receipt so that the Business Office can handle appropriately In general banks will honor the written amount over the numerical amount Conditions for Acceptance of Checks There are several different categories of checks They should all be handled as checks Cashier s Check A check purchased at a bank for any amount the bank completes all information on the face of the check with a bank officer signing as the maker Certified Check A personal check that is written by the account holder and then stamped and signed by a bank officer on the front of the check Money Order An item purchased at a bank post office or other business establishment for any amount up to 1 000 00 The bank completes only the amount information Traveler s Check A special check supplied by banks or other companies for the use of travelers these checks already bear the purchaser s signature and must be countersigned and dated in the cashier s presence Personal Check A written order payable on demand drawn on a bank by a depositor a personal check is written against an individual s checking account as opposed to a cashier s check certified check money order or traveler s check all of which are written against bank funds Starter
19. olled in our commercial Internet services Discover the power of the CEO business portal today View Our Online Solutions Contact Us Draft Copy 2 2009 Once signed in click Desktop Deposit then Create a Deposit Create a Deposit rneview lem Enter deposit details and click Continue You can edit details or enter non required details atte Mote The Control Total will be required before you can complete the deposit Required Field EJ For More Information Location corresponds with Account Number RTM Account Name the campus EE EE EA eA AEE aa a a Deposit Account 2300006211 107002192 Western New Mexico U Deming Select Account Fitter uh Filter Reset 2 Gallup 3 Silver City Location ID Location Mame 4 TorcC l To views locations first select a Deposit Account Location ee a n O U 9 3 Silver City v Control Total is Select Location F iter Filter Reset the total amount to SSS SS be dep osited Control Total 2 eA Deposit Name 1S Deposit Name the transaction s date of the cashier Bag Number 2 session ex 022509 EAER cancel Then click Scan Can NECKS erie Checks After the screen at left pops up organize checks to i a be deposited from 3 7 smallest to largest Scan Items Scanner On insert checks facing P J Load your checks into the scanner Click Scan to begin toward the right side of the scanner
20. ome Monies may be deposited to e An operating fund by using a fund orgn account prog string o The account code should be selected from the 5xxxx series e A general ledger fund account string o The general ledger account code should be selected from the 1xxxx series e A pre designated detail code Monies as Gifts or Donations A gift is defined as a donation other than an endowment with no legal consideration imposed by the donor 1 e nothing is expected by the donor in return for the gift This money should not be commingled with general funds or self support funds These funds are spent in accordance with university regulations and must not be overdrawn Check with the Business Office on proper allocation of gifts or donations Typically gifts and or donations must be handled through the WNMU Foundation Monies as a Reduction of Expense Cash receipts which may be deposited as a reduction to expense are very limited Vendor refunds may be the result of overpayment returned prepayment returned defective merchandise credit for early payment etc Deposits which result in credits to account codes beginning with 6xxxx or 7xxxx should e Be credited to the fund and account code to which the original purchase was charged e Show the invoice number and or check number of the original payment or Accounts Payable approval for refund rebate or overpayment e Include in the description the reason refund overpayment e Refunds of worksho
21. p conference registrations o Should be recorded using a 7xxxx account code o Include a copy of the original payment documentation as noted above Returned Items Non sufficient funds NSF checks are checks that are returned from the bank to Business Affairs due to lack of funds in the individual account to cover the item Business Affairs will route the check back to the bank a second time to attempt to recover the amount as written If the check is returned to Business Affairs a second time to record the lack of funds available for the department deposit a JV will be processed to reverse the payment debit to department revenue account The depositing department will be notified and can pursue re collection of the funds as they see fit Draft Copy 2 2009 Approval Procedure for a Fund Custodian To be approved as a fund custodian you must fill out the Cash Handling Appointment Form and submit it to the Vice President of Business Affairs for approval Once approval has been given the fund custodian must be informed of the policies and procedures through training by the Director of Fiscal Affairs or designee Once this training is complete the Acknowledgement of Cash Policies and Procedures Form must be completed and submitted to the Business Affairs office Definitions Advices Notification regarding wire transfers ACH transfers and bank corrections Automated Clearing House ACH An ACH transfer is an electronic item that is p
22. r the End coin count for each denomination Signature of the deposit preparer Signature of the deposit verifier 10 Enter the phone number or extension of the individual to contact in case of questions regarding the deposit 11 Enter the detail code or accounting string fund org account program 12 Enter the amount If there are multiple accounts for the deposit please include each on a separate line If selling pre numbered tickets enter the following 1 the ticket price 2 Beginning Ending 3 of items sold 13 Enter deposit comments as needed 14 Be sure to attach all supporting documentation For e Commerce deposits attach required reports as determined by the Marketplace Administrator The Cashier Name Date Posted and Receipt fields are reserved for WNMU Business Office Staff ONLY So et ee Westen New Mesaco University Oce Of Busmess Affairs Cash Box Deposit for Check Hame of person or company Amott Hinmnb er who is paying Paid D ernotirnatior Checks TrarelersCks h oner Orders B ank ks Co d Grand T otal Tuwo adding machine tapes required per deposit Prepared By Werfied By Dept Extension ACCOUNT SUMBAIARY Detail Code andlor FOAPAL String 11 Ticket Price Begin End of Items Sold Gross Total dilt a a _ _ J eitudent LIA Account Summary Total Cross Total Cashier blame Date Posted Receipt Draft Copy 2 2009 Monies as Inc
23. rocessed through the Automatic Clearing House established as a clearing and settlement facility for financial institutions ACH transfers take 2 to 4 business days to reach their destination and can be recalled or returned for a variety of reasons Cash Currency coins and bills It is also used for all cash equivalents such as checks Often used in the plural cash receipts or monies Cash receipts used throughout this handbook Money in any form currency coins and bills check wire transfer credit card charge ACH direct deposit other electronic funds transfers etc Electronic Commerce Commonly known as ecommerce is a type of industry where buying and selling of product or service is conducted over electronic systems such as the Internet and other computer networks Electronic commerce draws on technologies such as mobile commerce electronic funds transfer supply chain management Internet marketing online transaction processing electronic data interchange EDI inventory management systems and automated data collection systems Modern electronic commerce typically uses the World Wide Web at least at one point in the transaction s life cycle although it may encompass a wider range of technologies such as e mail mobile devices social media and telephones as well Electronic funds transfer EFT Generic term for any movement of funds by non paper means can be an Automated Clearing House ACH or a wire transfer All incoming
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