With year-end quickly approaching, do you have a plan in place to ensure that all cash receipts, departmental deposits, and any other payments received during FY21 are properly deposited by June 30 to ensure proper financial reporting? If not, see below for some tips which will help you prepare accordingly:
- As stated within the FY21 Closing Procedures, any cash, checks, or other types of departmental deposits received on or before June 30 must be deposited with University Bursar Cashier Operations by 2:00 PM on Wednesday, June 30 to ensure the deposit is properly recorded for FY21 business.
- When making a deposit, it is very important to enter the following information on your applicable deposit form:
- The date the payment was received, which needs to be recorded in the upper left-hand section of the form (i.e., the “Date Money Was Received” field).
- The fiscal year that the payment relates to, which needs to be recorded in the upper right-hand section of the form (i.e., the “Fiscal Year in Which the Goods/Services were Provided to the Customer” field). For example, if the payment is from a customer who you sold and provided services to during FY21, then you would enter “21” in that field.
- If you receive payments on or before June 30, but fail to meet the aforementioned deposit deadline, UAFR will need to record a deposit-in-transit entry in Banner to account for these situations. However, we are only able to identify these situations by reviewing copies of the applicable departmental deposit forms. This is why it is so important that the aforementioned fields on the applicable deposit form are accurately completed.
Contact
For further details, refer to the applicable subject matter expert listed within the Deposits in Transit section of UAFR’s Who to Ask list.
