With year-end quickly approaching, do you have a plan in place to ensure that your FY23 deposits are made by the required deadlines? If not, see below for some tips which will help you prepare accordingly:
- As stated within the FY23 Closing Procedures, any incoming payments (such as cash, checks, coins, etc.) which were received on or before June 30 must be deposited with University Bursar Cashier Operations by 2:00 PM on Friday, June 30.
- 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, which will help UAFRs analysis of these potential deposit in transit scenarios:
- 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 28, then you would enter 6/28/23 in that field.
- Finally, as alluded to earlier, if there are any incoming payments received on or before June 30 which 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 dates provided 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 this June 30 deadline, please be sure to deliver these deposits to University Bursar Cashier Operations as soon as possible once they are identified. This will help ensure that these deposits in transit can be identified and recorded to Banner before the fiscal year is officially closed at the end of July.
Contact
For further details, refer to the applicable subject matter expert listed within the Deposits in Transit section of UAFRs Who to Ask list.
