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 deposited on a timely basis with the necessary documentation 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 Thursday, 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 Date Funds Received by Unit 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 Fiscal Year (YY) the Goods or Services were Provided 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 not deposited by the aforementioned deadline, then UAFR will need to record a deposit-in-transit entry in Banner to account for these late deposits.
- UAFR is only able to identify these late deposits by reviewing the dates provided on the deposit form. This is why it is critical for these date fields to be 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.
