As noted in a previous weekly tip, if payments received during FY26 were not deposited by the required deadline, UAFR must record deposit-in-transit entries to your C-FOAP in Banner to ensure the revenue is reported in the correct fiscal year.
- These entries include a June 30 deposit-in-transit entry along with a July 1 reversing entry. Once the actual deposit is posted, the net impact in FY27 will be $0.
- UAFR identifies late deposits solely by reviewing the Received Date field on the Department Deposit Form. It is therefore critical that this field is completed accurately and consistently.
- If any FY26 payments were received before June 30 but were not deposited by the June 30 deadline, please submit those deposits as soon as possible. This allows UAFR to identify and record any necessary deposit-in-transit entries before the close of period 14.
Contact
For additional information, refer to the Department Deposit Form Instructions as well as the Cash Handling section of the Business & Finance website.
For questions regarding the financial reporting implications of this process, contact UAFR at (217) 333-4568, uas@uillinois.edu, or through the Who to Ask list.
