With year-end quickly approaching, do you have a plan in place to ensure that all payments received during FY22 (e.g., cash, checks, departmental deposits, etc.) are properly deposited by June 30 to ensure proper financial reporting? If not, see below for some tips which will help you prepare accordingly:
- As stated within the FY22 Closing Procedures, any cash, checks, or departmental deposits received on or before June 30 must be deposited with University Bursar Cashier Operations by 2:00 PM on Wednesday, June 30 to ensure the deposit is properly recorded for FY22 business.
- When making a deposit, it is very important to enter the following information on the deposit form:
- The date the payment was received, which needs to be recorded in the upper left-hand section of the form (i.e., the Date Money Was Received field).
- For example, if the payment was received in the mail on June 28, then you would enter “6/28/22” in that field.
- The fiscal year that the payment relates to, which needs to be recorded in the upper right-hand section of the form (i.e., the Fiscal Year in Which the Goods/Services were Provided to the Customer field).
- For example, if the payment is from a customer who purchased goods or services from you during FY22, then you would enter “22” in that field.
- Finally, if there are any payments received on or before June 30 which are unfortunately not deposited by the aforementioned deadline, then UAFR will need to record a deposit-in-transit entry in Banner to account for these situations.
- However, UAFR is only able to identify these situations by reviewing the dates provided on the departmental deposit forms after the deposits have been made.This is why it is so important that these date fields on the deposit form are accurately completed.
Contact
For further details, refer to the applicable subject matter expert listed within the Deposits in Transit section of UAFR’s Who to Ask list.
