As noted in a previous weekly tip, units must ensure that all FY26 payment receipts (cash, checks, and coins) are deposited by the required fiscal year-end deadlines. Keep the following key points in mind:
- Per the FY26 Closing Procedures, all FY26 payment receipts must be deposited with University Bursar Cashier Operations by 2:00 PM on Tuesday, June 30.
- Meeting this deadline ensures deposits are properly credited to both the bank and Banner for year-end close, helping you avoid additional accounting adjustments to your C-FOAP (such as deposit-in-transit entries).
- When completing the Department Deposit Form, always enter the actual date your unit physically received the payment in the “Received Date” field.
- Example: If a check arrives in the mail on June 30, enter “6/30/26” in that field.
- If payments are received during FY26 but not deposited by the deadline, UAFR must record a set of deposit-in-transit entries to your C-FOAP in Banner to account for the late deposit.
- These entries include a June 30 deposit-in-transit entry along with a July 1 reversal, which will net to $0 in the new fiscal year once your actual deposit posts.
- UAFR identifies late deposits solely by reviewing the “Received Date” field on the deposit form. Thus, it is critical for this field to be accurately completed on the deposit form.
- If you miss the deadline, submit the deposit as soon as possible so UAFR can identify and record the deposit-in-transit entry before the close of period 14.
Contact
For more information, refer to the Department Deposit Form Instructions as well as the Cash Handling section of the Business & Finance website.
For questions about the financial reporting impacts of this process, contact UAFR at (217) 333-4568, uas@uillinois.edu, or via the Who to Ask list.
