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Cash Journal and Deposit Guidelines
When preparing cash deposits, the
journal entry should be approved by
the Department Approver in workflow
before sending the deposit to
Student Financial Services (SFS).
SFS does not send deposits to the
bank until it approves the
corresponding deposit journal in
workflow. SFS is unable to approve
journals in workflow if the
Department Approver has not approved
the journal. SFS approval in
workflow indicates a deposit has
been received and sent to the bank.
Deposits received in SFS by 2:00 pm
will be sent to the bank the same
day. Deposits received after 2:00 pm
will be sent to the bank the
following day. On the last day of
the month deposits should be sent to
SFS by 12:00 pm to ensure the
deposit will be sent to the bank for
the current month.
If a department will not be able to
send their deposit to SFS by 12:00
pm on the last day of the month, the
deposit journal should be dated the
1st day of the following month. This
will ensure the deposit sent to the
bank and the deposit journal is
recorded in the same accounting
period.
Example: If a department will not be
able to submit their deposit to SFS
by 12:00 pm on April 30, the deposit
journal should be created with a May
1 date.
Key steps to remember when
preparing your deposit:
1. Count cash/checks
2. Complete Cash Deposit Summary
Form with two signatures, the person
who prepared the deposit and the
person who verified the deposit
3. Prepare a deposit slip
a. Make a copy of the deposit slip
4. Prepare deposit for transport to
SFS
a. Include original deposit slip in
deposit bag
5. Prepare Journal
a. Header Tab: enter last 8 digits of bag number in Reference field
6. Select Workflow Path 2: Dept -->SFS
-->Accting
7. Verify journal has been approved
by Department Approver
8. Print Journal Coversheet
9. Submit deposit bag to SFS
a. Inside Bag: Cash/checks and original deposit slip
b. Outside Bag: Journal coversheet and copy of deposit slip (additional
documents such as
credit card receipts, Cash Deposit Summary Form, etc should not be
attached)
Scanned documentation required
for deposit journals:
1. Deposit Slip
2. Cash Deposit Summary Form
3. Current 1074 report if the
following transactions are record
a. Reimbursement to an expense – Section 3B, Detailed Transactions,
Revenue/Expense
for account receiving reimbursement
b. Credit to an asset – Section 6, Balance Sheet
c. Debit to a liability – Section 6, Balance Sheet
4. If deposit has an
overage/shortage of $20 or more:
a. Incident and Overage/Shortage Report (Addendum E and F)
Reminder: Security sensitive
information (i.e., bank account
numbers, social security numbers,
credit card numbers) should not be
included in scanned documentation.
Copies of checks received and
receipts for cash transactions
should not be scanned and attached
to deposit journals but should be
securely maintained (i.e., in a
locked drawer or safe) in the
department for six months, after
which they should be shredded.
Currency (i.e., dollar bills and
coins) should never be copied or
attached to deposit journals.
If you have questions about deposit
journals, contact Gretta McClain in
General Accounting at 38729. For
questions about the deposits
themselves, contact Nancy Tran in
Student Financial Services at 35878.
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