Does your unit receive cash, checks, or other forms of payment from external parties (including students, faculty, or staff)? If so, please review the following guidelines to ensure deposits are made correctly:
- To ensure compliance with fund accounting guidelines, all receipts must be credited to an appropriate fund type, which will vary depending on the nature of the receipt.
- For example, sales of goods and/or services would typically be credited to a self-supporting or service plan fund, while donations would be credited to a gift fund.
- Avoid depositing receipts to inappropriate fund types.
- For example, payments for donations, honoraria, meals, or ticket sales should not be deposited to state, ICR, or administrative allowance funds.
- In addition to selecting the proper fund type, ensure the receipts are credited to the appropriate revenue account code.
- Finally, remember that receipts typically should not be deposited to an expense account code. The only exceptions would be:
- Depositing a refund or rebate received from a vendor to the applicable C-FOAP that was used for the initial purchase; or
- Depositing a reimbursement for an erroneous personal charge by an employee to the applicable C-FOAP that was used for the erroneous purchase.
Contact
If you have questions on this topic, contact the applicable subject matter experts within UAFR’s Who to Ask list.
