As year-end approaches, it’s important to have a plan in place to ensure all FY26 deposits are submitted by the required deadlines. Below are a few key reminders to help you prepare:
- Per the FY26 Closing Procedures, all payments received during FY26 (cash, checks, and coins) 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, be sure to enter the actual date which your unit physically received the payment in the Received Date field.
- Example: If a check arrives in the mail on June 26, enter “6/26/26” in that field.
- If payments are received during FY26 but not deposited by the deadline, UAFR will need to record deposit-in-transit entries on your behalf.
- These entries will record a June 30 deposit-in-transit to your C-FOAP and a July 1 reversal in the next fiscal year to properly account for the late deposit.
- UAFR is only able to identify late deposits by reviewing the Received Date field on the deposit form, which is why it is so critical for this date field to be accurately completed.
- 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 the fiscal year.
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 the deposit process, contact UAFR via phone (217-333-4568), email (uas@uillinois.edu), or the Who to Ask list.
