With year-end quickly approaching, do you have a plan in place to ensure that your FY24 deposits are made by the required deadlines? If not, see below for some tips which will help you prepare accordingly:
- As stated within the FY24 Closing Procedures, any incoming payments (such as cash, checks, coins, etc.) which were received during FY24 must be deposited with University Bursar Cashier Operations by 2:00 PM on Friday, 6/28/24.
- By complying with this deadline, you will help ensure that the deposit is properly credited to both Banner and the bank on a timely basis for year-end reporting. This will also prevent the need for UAFR to record a set of deposit in transit entries to your C-FOAP in Banner.
- While preparing the deposit, it is very important to enter the following information on the applicable Department Deposit Form:
- The date which the payment was physically received. This date needs recorded in the Date Payment(s) Received by Unit field.
- For example, if a check was physically received in the mail on June 27, then you would need to enter 6/27/24 in that field.
- If any payments are received during FY24 but are not deposited by the aforementioned deadline, then UAFR will need to record a set of deposit in transit entries to Banner on your behalf (which would include a 6/30 deposit in transit entry and a 7/1 reversal in the following fiscal year) to properly account for these late deposits.
- UAFR is only able to identify these late deposits by reviewing the Date Payment(s) Received by Unit field on the applicable Department Deposit Form. This is why it is critical for this date field to be accurately completed.
- If you do happen to miss the deposit deadline, please be sure to make those deposits as soon as possible after the deadline. This will help ensure that these deposits in transit can be identified and recorded to Banner as a deposit in transit before the fiscal year is officially closed at the end of July.
Contact
For additional information on this topic, refer to the Cash Handling section of the Business & Finance website. You can also reach out to UAFR via email at uas@uillinois.edu.
