Responsible Office: Financial Affairs Responsible Executive: Assistant Vice President for Financial Affairs
Effective Date:December 8, 2017 Last Updated: December 8, 2017
Deposit Dos and Don'ts
The list below, although not an all-inclusive policy or a step-by-step procedure, will prevent many potential problems related to departmental deposits:
Checks, bankcard information, and cash received by your department should be submitted to the Finance Office within 24-48 hours. Deposits must be hand delivered in person to the A.A. in Finance. While the deposit is in your department, ensure that it is securely locked up.
In order to be PCI compliant, you may not keep any part of a bank card number. This includes electronically or on paper. Keep records of the cardholder's contact information, though, in case questions arise.
Count and verify your deposit before you bring it up to the Finance Office. It should be counted in the presence of another employee in your office, and the total should be recorded on the transmittal of funds form.
Departments are responsible for keeping their own records of who has paid them. The Finance Office keeps no record of individual payments submitted for deposit other than what departments write directly onto the transmittal of funds form. Before submitting a transmittal, make sure your department records the details of the individual payments.
For any transmittal form that lists several account codes, please ensure that your department keeps records of how each check/bankcard was allocated in that deposit.
Roll your coins, face your bills the same way, and band your bills as follows. If you do not band your bills, the Finance office may request you return to your office to do so before bringing your transmittal. Paper rolls may be acquired from US Bank or the Finance Office.
Don't walk by yourself if you're carrying large amounts of cash.
Carry your deposit in a closed bag, box, or envelope.
Bring your deposits up before 2pm, especially on Fridays and before holidays.
Ensure all funds are deposited by the last day of the month so it can be recorded in the month it was received. At the fiscal year end, all monies must be deposited before June 30th.
Send up both sides of the transmittal with the deposit (including the one labeled "copy".) We'll send back the copy with the deliverer.
Don't send deposits through campus mail or leave them in inboxes or anywhere else unattended. They should be handed directly to a Finance Office employee, preferably the administrative assistant. (We are signing ALL transmittals with "received by" initials.) Your transmittal must be initialed by a Finance Office employee.
Don't attach deposits to AP forms. They should be brought up separately with a transmittal. When the Finance administrative assistant processes the deposit, she'll send back a Banner receipt through the mail. That Banner receipt should then be attached to the AP form (if applicable) and sent to the payments lead.
Definition of Terms
Please see our Policy Glossary for definitions of terms used in this policy.