As the fiscal year-end approaches, this bulletin highlights important reminders to help units successfully close FY24 and start FY25. To ensure proper financial reporting, please ensure that all cash receipts, departmental deposits, and any other payments received during FY24 are properly deposited by June 28.
- Submit deposits to Bursar Cashier Operations by 2 p.m. on Friday, June 28, to ensure all money received in FY24 is accurately recorded in FY24. Please note for Springfield Cash Handling Units: Deposits submitted between Tuesday, June 25, and Friday, June 28, may be recorded as deposits-in-transit due to courier processing times.
- Please contact the University Bursar Cashier’s Office to confirm processing hours during the last week of June.
- When making a deposit, it is very important to enter the following information on your applicable department deposit form:
- The date the funds were physically received must be recorded in the “Date Payment(s) Funds Received by Unit” field. This is critical for deposits submitted at the beginning of the new fiscal year to ensure funds are accurately reported in the fiscal year they were received.
-For example, if a check was physically received in the mail on June 28, then you would enter 6/28/24 in that field.
- The "Earliest Start Date" and "Latest End Date" fields should reflect the date range of the period covered by the payment. This will help ensure that the revenue resulting from the deposit is properly classified for accrual and deferral cutoff reporting.
-If the period covered by the payment is only one day, enter the same date into both the “Earliest Start Date” and “Latest End Date” fields.
-If multiple payments are being deposited on one form, record (1) the payment with the earliest start date and (2) the payment with the latest end date. Enter those two dates into the “Earliest Start Date” and “Latest End Date” fields.
- If you receive payments on or before June 28 but fail to meet the aforementioned deadline, please advise Bursar Cashier Operations. UAFR must record a deposit-in-transit entry in Banner to account for these situations. Therefore, it is very important that the aforementioned fields on the applicable department deposit form are accurately completed.
- Revised Department Deposit Form: Please use the Online Department Deposit Form that was revised in May of 2024. If you have a saved copy on your desktop, please download and save this new version with a Revised 5/2024 date in the lower left corner. The Department Deposit Form contains interactive fields and must be downloaded for offline use with Adobe Reader/Acrobat. Apple device users should install Adobe Reader for Mac OS and then download the form.
In addition to these points, please see the Fiscal-Year-End Closing and Opening Procedures section of the BusFin website for more detailed information on FY24 closing and FY25 opening procedures.
Contact
For questions or more information about submitting departmental deposits to University Bursar Cashier Operations, please contact our office for your location:
Urbana-Champaign: BursarCashiersUIUC@uillinois.edu
Chicago: BursarCashiersUIC@uillinois.edu
Springfield: BursarCashiersUIS@uillinois.edu
