Deposits and Transmittal of Funds

Owned by Johansen, Zachariah
Last updated: Oct 02, 2024 by Laurie Murphy
3 min read

Introduction

When a Department receives cash or checks, they must complete a Transmittal of Funds form to record the transaction. When the form is filled out, bring the transmittal of funds with all cash and checks to the Finance office at the Walls Advancement Center.

  • Never send cash or checks through interdepartmental mail

  • When carrying cash, never walk alone to help ensure your safety

  • When cash or checks are in your office, lock them up at the end of the day

  • Bring checks to Finance within a week of receiving the check

  • Make deposits between 9am-4pm

  • Departments are responsible for keeping their own records of who has paid them. Finance 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

Receiving Payment

As a business, we at Seattle Pacific University must do our part to ensure that all payments are received properly. To avoid fraud or being held liable, we ask you to take careful precautions when accepting payments and refer to the list below.

Examples of Proper Payment Methods:

  • Check addressed to Seattle Pacific University

  • Cash for the exact amount

  • Square terminal transactions

  • QuikPAY website links

  • ACHs sent to US Bank

  • Stripe

  • Converge

*Note - Checks should spell out Seattle Pacific University. The bank will not process checks addressed to SPU.

 

Examples of Improper Payment methods:

  • Checks made out to a specific person or a company aside from Seattle Pacific University

  • Money transfer apps like Venmo, PayPal, or Cash App

 

 

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Revenue

When receiving cash or checks from fundraising, grants, etc.:

  • Provide the reason for the revenue(s) in the “Payment from/for” field

  • Determine what Fund-Organization-Account-Activity (FOAA) match the received revenue(s), matching it with your specific department’s org

  • Count cash and checks separately and provide the totals for both on their respective lines

  • Write the description wanted in the General Ledger on the “Description” line

Square

If you are hosting a University-supported event, Finance has a Square terminal which can be loaned to you to process card transactions. Please reach out to treasury@spu.edu for more information.

Purchasing Card (P-Card) Reimbursement

When submitting reimbursement by cash, check (payable to Seattle Pacific University) or card to the University due to accidental misuse of a P-Card:

  • Complete a Transmittal of Funds form and bring with payment to the Finance Office

  • Provide the name and SPU ID of the P-Card holder in the “Payment from/for” line

  • Check box “This is a Refund/Reimbursement”

  • Match the FOAA to the P-Card expenditure on your P-Card reclass. Code the transaction to your default Fund/Organization/Account 71201 General Supplies.

  • Count cash, check and card payments separately and provide the totals on their respective lines

  • Provide any information about purchases on the “Description” line

  • Note - contact Finance if you prefer to repay an accidental misuse of a P-Card via card. Finance can take payment via Square; associated fees will be passed on to the user.

 

Table of Contents

 

Transmittal of Funds Form