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Policies and Procedures

Procedure 302.1 – Receipting Funds

July 1, 1999
Last Updated
April 6, 2010
Responsible University Officer
Director of Student Accounts
Responsible Unit
Office of Student Accounts and Univ. Receivables

Procedure Statement

Below is the procedure for handling receipts on behalf of the University and transmitting them to the Office Student Accounts and University Receivables for processing.

Forms and Instructions

Receiving funds

1. Accept funds in person, by mail or electronically.

2. Provide a RECEIPT to any person presenting the funds in person.

3. Endorse any check items according to the procedure described in Restrictive Endorsements.

4. Store funds securely and neatly.

5. On a daily, or more frequent basis, collect all funds together and prepare the departmental deposit.

Preparing the Departmental Deposit

Log in to Finance Central and select Departmental Deposits. After entering the system, select the form you wish to complete, either Credit Card Deposits or Cash & Check Deposits.

I. Cash & Check Deposits

1. Provide the following information:

  • Name of the department or office making the deposit
  • Campus box number of the department or office making the deposit
  • Telephone number of the preparer
  • “For department use only” — the department or office making the deposit may enter a descriptor
  • Total dollar amount of currency and coin included in the deposit
  • Total dollar amount of checks included in the deposit
  • The date is entered automatically.

2. List each transaction separately, providing the following information for each row:

  • The account number(s) to receive credit for the deposit. All deposits to the general ledger should use General Ledger Account Controls. All deposits to subsidiary ledgers are strictly controlled and should use only those revenue subcodes (object codes) provided by Accounting Services.
  • The description desired by the department for each transaction listed, such as the name of the payor of the check. This description will appear on the monthly Financial Records System accounting reports, up to 20 characters/spaces (any information in excess of this amount will not appear on the report).
  • The dollar amount to be credited to each listed account number.
  • The debit/credit indicators for both FRS and InDEPTh.

3. Once the form is completed, click Submit only once. Pressing Submit multiple times creates multiple deposit entries, which must then be deleted.

4. Itemize checks (including State Treasurer's checks, or warrants), coins and currency, and charge cards separately on machine tapes and attach the tapes to each group of items. On another tape, total all of the items. Include the tapes with the deposit.

5. Attach supporting documents to the report explaining the source and nature of the funds being deposited.

6. Deliver the deposit to the University Cashier:

a. When only check items are to be deposited:

Deposits without cash may be sent through campus mail to the cashier's office, CB #1400. Print two copies of the online form(s). Retain one for the department’s pending file, and send the other with the deposit.

b. When cash items are to be deposited:

Deposits including cash must be taken to the cashier's office in person or by courier; it is against University policy to send cash through campus mail. Print a copy of the online form and take it with the deposit items. The deposit, preferably in a locked bag or sealed envelope, should be presented to a teller. (Tellers are the only persons authorized to receive and issue receipts for deposits. During rush periods, one workstation may be specially designated for department deposits.)

c. When the deposit is processed, an e-mail receipt indicating the general receipt number, date, CRV number, cash/check/bankcard amounts and total amount will be sent to to the depositor.

7. At month end, compare each deposit receipt with the posting entry shown on the monthly Financial Records System account ledgers.

II. Credit Card Deposits

Credit card deposits must be submitted daily. Prepare and submit credit card deposits as soon as the credit card batch settlement is complete, but no later than 10:00 a.m. of the next business day. To resolve a previous audit finding, the University Cashier is required to report delinquent deposits to Internal Audit.

1. Although there are separate forms for check/cash and credit card transactions in Finance Central, there are only a few differences between them, namely, credit card deposits require the following additional information:

  • The merchant ID as defined by the University Cashier and the batch settlement date

2. After completion of the online form, print one copy of the transmittal and keep it in department files with supporting documentation. The Cashier's Office verifies credit card receipts electronically and will send the department's receipt by e-mail.

3. At month’s end, compare each deposit receipt with the posting entry shown on the monthly Financial Records System account ledgers.

Related Data

  • State and Trust Funds may be transmitted on the same form.
  • Only gifts from University-related foundations may be deposited through the Cashier's Office. All other gifts must be deposited through the Development Office.
  • Funds for deposit to contract and grant accounts must be forwarded directly to the Office of Sponsored Research.
  • All foreign items must be converted into U.S. dollars drawn on a U.S. bank before being deposited.


April 6, 2010
October 5, 2006