With year-end quickly approaching, do you have a plan in place to ensure that your FY25 deposits are made by the required deadlines? If not, see below for some tips which will help you prepare accordingly:
- As stated within the FY25 Closing Procedures, all payments received during FY25 (such as cash, checks, and coins) must be deposited with University Bursar Cashier Operations by 2:00 PM on Monday, June 30.
- By complying with this deadline, you will help ensure that the deposit is properly credited to the bank and to Banner for year-end close, which helps avoid additional year-end accounting adjustments to your C-FOAP (such as deposit in transit entries).
- While preparing the Department Deposit Form, be sure to enter the actual date which your unit physically received the payment in the Date Payment(s) Received by Unit field.
- For example, if you receive a check in the mail on June 27, then enter “6/27/25” in the Date Payment(s) Received by Unit field.
- If any payments are received during FY25 but are not deposited by the deadline, then UAFR will need to record deposit in transit entries to Banner on your behalf.
- These adjusting entries would record a June 30 deposit in transit to your C-FOAP and a July 1 reversal in the following fiscal year. This would be required to properly account for the late deposit.
- UAFR is only able to identify these late deposits by reviewing the Date Payment(s) Received by Unit field on the 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, make the deposit as soon as possible after the deadline. This will help ensure that these deposits in transit can be identified and properly recorded to Banner before the end of the fiscal year.
Contact
For additional information on this topic, refer to the Department Deposit Form Instructions as well as the Cash Handling section of the Business & Finance website.
For questions surrounding the financial reporting impacts of the department deposit process, feel free to reach out to UAFR via phone (217-333-4568) or email (uas@uillinois.edu).
