Accepting and Depositing Revenue

How do I print the Deposit Detail Report?

After completing all required information on the UM Prepare Deposit page and saving the information, the status of the deposit will be New. You may print the Deposit Detail Report by clicking on the box on the upper right-hand portion of the UM Prepare Deposit page. After doing so, several screens should appear, revealing the progress of the report. After a minute or so, the report will appear on your screen, and you may save it to a file of your choosing. If you do not see such screens and nothing appears to be happening, you may have "pop-up blockers" turned on. You will need to turn these off to receive the Deposit Detail Report.

How do I make a deposit if I am not located on a university campus? 

If your department has been set up with Wells Fargo Desktop Deposit®, you would make your check deposit electronically to the bank. For exception items and cash, you may make a deposit directly to a bank if the Office of Investments and Banking (OIB) has previously approved the use of a bank for your department. Once approved, OIB will provide a bank, bank account, and specialized deposit tickets to you. You need to prepare a deposit in the financial system before electronically depositing your checks or taking your cash deposit to the bank. Refer to Administrative Policy: Accepting and Depositing University Revenue, Procedure - Making a Deposit at a Bank.

How do I handle a reimbursement of funds to the University? For example, an unused employee advance for travel? 

Employee reimbursements of funds qualify as a "special" type of revenue source, which is handled similarly to any deposit. You will need to begin by entering the deposit in the financial system. For employee reimbursements, however, the reference information and the ChartField values of the UM Prepare Deposit page must be filled out specifically.

Reference Information
Reference Code: EA
Reference Value: Cash Advance ID

Chartfield Values for EA
Fund 1000; DeptID 10007; Program 21661; Account 110100. All other ChartFields should remain blank.

How long will it take to see a deposit post to the general ledger? 

Deposits in US denominated currency made to a system campus Cashier's office, Twin Cities Depository, or directly at a bank, will typically be credited to a departmental revenue account the next day. Electronic check deposits should be approved in the financial system by the Department approver the same day the electronic deposit was made to the bank. If that happens, the credit to the departmental revenue account will typically be the next day. The system runs a nightly process that moves all deposits in Approved status to Finalized status. There is a subsequent system process (Journal Generator) that posts deposits in Finalized status to the general ledger.

Deposits of foreign-currency denominated checks at a Cashier's office or twin cities Depository (to OIB) may take from four days to eight weeks to post to a revenue account. The status remains in New or Pending until the funds clear the University's bank.  The OIB will then make an adjustment to the original deposit for the exchange rate and change the status of the deposit to Approved. The system runs a nightly process that moves all deposits in Approved status to Finalized status. There is a subsequent system process (Journal Generator) that posts deposits in Finalized status to the general ledger.

In the case of EFT or lockbox deposits, the department will see the revenue on the general ledger when the bill is created in the financial system by the Billing Specialist. The department will have an open Accounts Receivable item, however, until the funds are actually received. The department should monitor their open AR items to ensure the funds were received.

How can I verify that the deposits have been credited correctly? 

You can check the transactions posted to the Chartfield string indicated on the Deposit Detail Report by viewing the General Ledger Activity Report. This report lists the beginning and ending ledger balances by Chartfield combination and account. It also lists the detailed activity that is posted for the accounting periods that are specified. This report can be found in the general ledger module of the financial system. Navigate to: General Ledger > General Reports > Ledger Activity.

For EFT and Lock-box deposits, you will want to monitor your outstanding AR items. EFTs and lockbox deposits require that a bill be created in the system. Recall, when a bill is created, a revenue account is automatically credited and an accounts receivable account is debited. Therefore, to monitor whether cash has been received and correctly applied, you will want to monitor your outstanding AR items. The Aging Detail by ChartField Report lists all open AR items by item number, dollar amount, date, customer, and age category. This report can be found in the accounts receivable module of the financial system. Navigate to: Accounts Receivable > Receivable Analysis > Aging.

Do I need a budget line to receive revenue?

No, you may credit a ChartField String for a deposit, regardless of whether it was budgeted.

What happens if the University finds a bank account that was not authorized by the Treasurer and uses the University of Minnesota name and/or Tax ID number?

The Office of Investments and Banking (OIB) polls financial institutions on an annual basis to determine whether there are unauthorized bank accounts which may be using the University of Minnesota name and Tax ID number. If such a bank account is found, the OIB will first determine if the funds belong to the University. If the funds do belong to the University, the account is closed and the funds are moved back into an authorized University bank account. If the funds do not belong to the University, the unit which opened the bank account will be instructed to close the account and provide OIB documentation which shows that the account is closed. A new account will need to be opened with a non-University of Minnesota name and Tax ID number.

Is it alright to collect money on behalf of the University?

University departments may collect funds on behalf of the University in support of teaching, research or community outreach activities. All funds must be deposited in authorized University bank accounts.

Student organizations must be classified as a University Campus Life Program (CLP) to collect any funds on behalf of the University. All funds collected must be deposited in authorized University bank accounts. Registered Student Organizations (RSO) are prohibited from collecting funds on behalf of the University. Refer to the Handbook on Registration and Classification of Student Groups.

What are the locations of the Twin Cities Depository Drop boxes?

To use a depository drop box, you must have a UCard. You must swipe your UCard in order to unlock the depository door. Refer to Administrative Policy: Accepting and Depositing University Revenue, Procedure:- Making a Deposit at a Depository Drop Box for additional information.

Depository Drop box locations are as follows:

• East Bank: Phillips-Wangensteen Bldg., 516 Delaware St. SE., Minneapolis, MN 55455 (box is located next to room 2-596
• West Bank: Walter W. Heller Hall, 271-19th Ave. South, Minneapolis, MN 55455 (box is located next to room 55)
• St. Paul: Coffey Hall, 1420 Eckles Ave., St. Paul, MN 55108 (box is located near room 107)