ADMINISTRATIVE PROCEDURE

Preparing the Deposit

Overview

University departments are responsible for the safe-keeping of University funds until such time as they are deposited. Funds should be kept locked and secured at all times.

University policy requires that all checks, currency and coin be deposited within one week of receipt. Revenue must be deposited when the total reaches $1,000 or greater, OR once a week, whichever comes first.

The department is responsible for tabulating checks and counting currency and coin.

Note: Deposits made directly to a bank need not be tabulated, strapped or rolled.

The method for preparing the deposit is different depending on the method used for making the deposit, however some elements are the same regardless of the method of deposit.

Preparing Checks for Deposit

**All checks received by the university are processed via Check 21 technology. The checks are scanned and virtually encoded and deposited to the bank electronically.

Preparing the Deposit - Check graphic

The following steps should be taken to aid the processing of check deposits:

  1. Remove the entire check stub, including any little pieces of the stub. It is very important that staples and any other debris be removed from the check because they can cause damage and down time to check scanning equipment.
  2. Please keep the bottom and sides of the checks free from rips, tears, creasing, or folding. Be careful if bundling the checks so that they do not get torn or creased by the rubber band(s).

Preparing the Deposit - Check graphic

  1. Make sure that the checks in the deposit have been signed on the front. The bank may return the check if it hasn't been signed by the maker.
  2. Whenever possible, checks should be made payable to the "University of Minnesota". If a check is payable to an individual, that individual must endorse the back of the check before the check can be deposited.
  3. University financial policy requires all check instruments (e.g. checks, money orders, travelers checks, etc.) "be restrictively endorsed immediately upon receipt." Departments can use an endorsement stamp or they can clearly write the Department name and Fund/Dept ID# on the back of each check. The Fund and Dept ID numbers indicated may be used in charging any returned checks back to the department.

Note: Checks denominated in a foreign currency need to be treated as a separate deposit and are processed by the Office of Investments and Banking. Do not include foreign checks in a deposit of US checks.

Check Endorsement Stamp Information

NOTE: ENDORSEMENT STAMPS MUST BE ORDERED THROUGH THE OFFICE OF INVESTMENTS AND BANKING. To order stamps, please fill out the Bank Supplies Order Form (PDF) and then fax it to the Office of Investments and Banking at 612-626-7271

A suggested endorsement example is:

(Your Department Name)
(Fund # - Dept ID#)
Pay to the order of
Wells Fargo Bank, N.A.
Minneapolis, MN 55479

For Deposit Only
Regents of the University of Minnesota
Acct. # 0000XXXXXX

Per Federal Reserve Bank regulations, the endorsement must be no more than 1.5 inches from the edge of the check in order to leave room for any necessary machine endorsements. Endorsement stamps should be no more than 1.5 inches by 3 inches.

Depositing Locations

  1. Twin Cities Campus Department Deposits
  2. Other System Campus Department Deposits
  3. Off Campus Departments Depositing Directly to a Bank

I. TWIN CITIES CAMPUS DEPARTMENT DEPOSITS

Preparing the Deposit - Twin Cities Campus Departments
  1. Create a separate deposit for the checks to be deposited electronically via Desktop Deposit to Wells Fargo Bank
  2. Create a separate deposit for the currency & coin to be deposited to US Bancorp via the Depository on campus or via Courier (using the GOLD plastic deposit bag)
  3. Create a separate deposit for any manual/exception items that cannot be deposited electronically and will be processed by OIB via the Depository on campus or via Courier (using the CLEAR plastic deposit bag)
  4. Create a separate deposit of foreign checks to be processed by the Office of Investments and Banking via the Depository on campus or via Courier (using the CLEAR plastic deposit bag)
Creating Check Deposits Electronically (Desktop Deposit)

In fiscal year 2013-14 the Office of Investments and Banking rolled out the Wells Fargo Desktop Deposit® process to university departments.

Departments are now responsible for depositing their own checks electronically to the bank using the Desktop Deposit system. If your area is not set up with a check scanner for Desktop Deposit, check with your RRC Manager to determine how Desktop Depositing is working in your department/cluster. If your RRC Manager determines that your individual department needs a check scanner, they should contact the Office of Investments and Banking and request access via the Desktop Deposit Access Request Form.

Once a department is set up to electronically scan and deposit their checks, they will do the following:

  1. Restrictively endorse all checks they will be depositing.
  2. Add up the checks to be deposited in order to obtain a grand total of the check deposit.
  3. Create a Departmental Deposit in the Enterprise Financial System (EFS) for the grand total of the check deposit.
  4. Scan and review checks and deposit them electronically via Desktop Deposit to Wells Fargo.
  5. Notify the Deposit Approver in their department/cluster to approve the deposit in EFS.
  6. Store scanned checks for appropriate length of time.
  7. Confidentially shred scanned checks at appropriate time.
Restrictively Endorse Checks

All checks received must be restrictively endorsed. Even though the checks will be deposited electronically, the scanner images both sides of the check, thus capturing the department endorsement. This information becomes part of the image of the check and is used by the OIB in processing any returned checks.

Add Up Checks to Be Deposited
  1. When depositing more than one check, it is extremely helpful to create an adding machine tape of the checks only, obtaining a grand total of your check deposit.
  2. This grand total is the figure to record as the CHECK total on the UM Prepare Deposit Page.
  3. The adding machine tape must list each check individually. Please do not multiply checks.
  4. Departments will use this adding machine tape to help locate any balancing problems encountered in using the Desktop Deposit system.
Create the Departmental Deposit in EFS
  1. The deposit must be created in EFS PRIOR to scanning the checks in Desktop Deposit. This is necessary because the Deposit ID# issued to the deposit by the EFS system, is used when creating the check deposit in the Wells Fargo Desktop Deposit system.
  2. When preparing the deposit in EFS for checks that will be deposited electronically using the Wells Fargo Desktop Deposit process, the preparer must be sure to select the following;
    1. WFBBK - "Wells Fargo Bank, NA" as the bank code
    2. 0033 - "WFB Check Deposit" as the bank account
  3. The Preparer should print out at least 1 copy of the Deposit Detail Report in EFS for their records
Scan and Deposit Checks Using Desktop Deposit
  1. Turn on the computer that has the check scanner attached to it.
  2. Open Wells Fargo Commercial Electronic Office (CEO) online:
    1. www.wellsfargo.com click on the "Commercial" tab (Note: a bookmark can be created to this link for future use.)
  3. Sign in to Wells Fargo CEO (with your User ID & Password). Note: the first time you do this, you will use a temporary password supplied to you by the Office of Investments and Banking (OIB). You will be asked to set your own password and answer some security questions for your initial setup. Your password does expire every 90 days and you will be notified by Wells Fargo when you need to change your password. If you have problems signing in, contact the OIB at 612-624-5558 for a password reset.
  4. Select the Desktop Deposit system under the "My Services" area (on left side of the screen.)
  5. Click on Create Deposit (left side of screen)
  6. The "Deposit Account" box should be filled in with the university's bank account information. Leave it as is.
  7. Under "Location" - if this is prefilled with your location, then that is the only location you have access to and it should be left as is. If it says 'Select Location' in the box, that means you have access to multiple locations and will need to use the drop down menu to select the location for the checks you are depositing
  8. Enter your "Control Total." This is the Grand total of your batch of checks (listed on your adding machine tape if you have multiple checks).
  9. Under "Deposit Name," enter the Deposit ID# issued by the EFS financial system - this is located on your copy of the Deposit Detail Report (generally a 6 digit number).
  10. In the "Bag Number" area, (this is just an information area) you can enter a brief description of what you are depositing (i.e. state fair registrations, or receipt date xxx, etc.)
  11. Leave the "Multiple Batches" area marked as is (NO)
  12. Click the red "Scan Checks" button. The Scanner will make a little noise as it starts (warms up) when you start imaging your first batch of checks. The green light will flash when it is ready and starts scanning the checks.
  13. After scanning all the checks, the system will ask you if you want to "End Scan". If you are done scanning all the checks that belong to your deposit, Click on the red "End Scan" button, If not, you can continue to add checks to the deposit until you click the "End Scan" button. The system will then ask you if you want to "Review Now" or "Review Later." Click on the red "Review Now" button. This will bring up the images of your scanned checks one at a time. NOTE: Typically your will do all the steps of depositing at one time, however, if you were interrupted, you do have the option of selecting "Review Later" and it will save the images out on your Pending Deposits screen (dashboard). However if you do not go back in to that batch and review the items, no deposit will be made.

    When you are reviewing the images, verify each of the following:

    • Date – make sure the date is filled in. If they left the date off, enter a date on the check and rescan that item
    • Signature – make sure the check is signed
    • Payee – if the Payee is an individual, make sure they have endorsed the check on the back; otherwise it can't be deposited until endorsed.
    • Amount – The bank goes by the written out amount on the check, not by the numbers. Make sure the scanner picked up the written amount in the amount box. If not, type the correct amount in the amount box on the screen.
    • If all is correct, or after correcting the amount, hit the enter key or click on the Next Item button to advance to the image of the next check. NOTE: If this is the last (or only) check in the batch, the button will say "Save Item" instead of "Next Item".
  14. If an image is incorrect, you may have to "Rescan". If you need to pull an item out of a batch, you may have to "Delete item". When you are done with your batch, you must make sure that the batch balances – both the Running Total and the Control Total must be the same. NOTE: The system will NOT let you deposit a batch that does not balance. After verifying that your batch balances, you will have to indicate to "Deposit Now" or "Deposit Later."
    • To "Deposit Now", click the button and you will be brought to a second screen that gives you the ability to verify the deposit one more time before sending it. If it is all correct, you would click "Complete Deposit". IMPORTANT: Once you click "Complete Deposit" the deposit has been made to the bank and you cannot make any changes to it.
    • If you choose "Deposit Later", the system will put your deposit out on your Pending Deposits screen. When you are ready to deposit the batch, you will have to go to your Pending Deposits screen and click on the radio button for that batch and then click on the red "Submit Deposit" button. You will then be brought to a second screen that gives you the ability to verify the deposit one more time before sending it. If it is all correct, you would click "Complete Deposit". IMPORTANT: Once you click "Complete Deposit" the deposit has been made to the bank and you cannot make any changes to it.
  15. Once deposited, all your batches should be listed on your Deposit Ticket Log. Open your Deposit Ticket Log (in Excel) or enter on a hard copy Log
    • Enter the Information on your Deposits as you create them – if multiple deposits are done in a day, obtain a Grand Total of deposits for the day (this will be matched against the Wells Fargo bank report).
    • Make sure a copy of your Deposit Log is saved after entering your current day info (if your department chooses to save an electronic copy, otherwise you might print a copy of the WF deposit report and keep it with your hard copy log for audit purposes.)

It is up to the department to scan the deposit and any accompanying attachments in to Image Now for storage.

Creating Cash Deposits Using Depository on Campus or via Courier Pick-up

Departments must do a separate deposit in the financial system for their Cash deposits since they will be deposited to a different Bank and Bank Account than their check deposits. Cash deposits will be processed by US Bank.
Departments will do the following when making a cash deposit:

  • Prepare your currency for deposit
  • Prepare your coin for deposit
  • Create a Departmental Deposit in EFS for the Grand total of the Cash deposit

Cash deposits are to be put in the GOLD tamper-proof plastic depository bags. These deposits can be dropped in a Depository on campus or made via Courier Pick-up. See Making a Deposit at a Depository Drop Box.or Making a Deposit Using Courier Pick-up The courier picks up these deposits and takes them to US Bank for processing.

Prepare the Currency for Deposit

Remember, Traveler's Checks and Money Orders are considered CHECKS and not Currency/Cash. They should not be included in the currency total. Currency is only dollar bills.

Since the cash deposit is being processed by US Bank, you need to do the following:

  • Your currency does NOT need to be strapped.
  • Put like denominations together in your group of currency.
  • Count your currency to obtain a currency total for your deposit. This is the total you will record as your CURRENCY total on the UM Prepare Deposit page in the financial system.

*PLEASE COUNT AND VERIFY YOUR CURRENCY TOTAL TWICE.

Prepare the Coin for Deposit

Since the cash deposit is being processed by US Bank, you need to do the following:

  • You do NOT need to roll your coin.
  • Put your loose coin in the depository bag UNLESS you have large volumes of coin, in which case you can roll it.
  • Do not tape your coin to paper or anything else
  • Count your coin to obtain a coin total for your deposit. This is the total you will record as your COIN total on the UM Prepare Deposit page in the financial system.
Create a Departmental Deposit in EFS for the Grand total of the Cash Deposit

The Departmental Deposit must be created in EFS for your cash deposit. The preparer must be sure to select/enter the following;

  • USBBK – "US Bancorp” as the bank code
  • 9311 – "USB -Cash Deposits and Funding” as the bank account
  • The currency total should be entered on the deposit
  • The coin total should be entered on the deposit

Continue filling out the remainder of the department deposit (comments and chart string information)

When finished, the preparer should print out 2 copies of the Deposit Detail Report in EFS;

  • ONE copy must be put in the Gold tamper-proof depository bag along with the cash/coin
  • One copy is kept for the department's records

NOTE: Cash deposits are NOT approved by the department. They will be approved once US Bank processes the deposit. An automated file is received by the University with the approved entries from US Bank. This is verified against the cash deposits created in EFS. If the amount the bank indicates as received matches the department deposit in EFS, the deposit status is automatically changed to Approved. If the amount the bank indicates as received does not match the department deposit in EFS, an adjusting entry will automatically be made using the first account string on the deposit and then the deposit will automatically be Approved. However the department will not be notified of any adjusting entry. It is the department's responsibility to monitor their account strings to verify the amount that was deposited.

Creating Manual/Exception Item Deposits (for processing by the Office of Investments and Banking)

Checks that cannot be processed electronically using the Desktop Deposit system must be deposited separately in EFS for processing by the Office of Investments and Banking.

Departments will do the following when making these manual/exception deposits:

  • Create a Departmental Deposit in EFS for the Grand total of your manual/exception deposit.

The Department Deposit preparer must be sure to select/enter the following:

  • Vault – Vault Bank as the bank code
  • V_IB – Cash on hand - OIB

When finished, the Preparer should print out 2 copies of the Deposit Detail Report in EFS;

  • ONE copy must be put in the CLEAR tamper-proof depository bag along with the deposit
  • One copy is kept for the department's records

NOTE: These deposits are NOT Approved by the department. They will be approved by OIB once the deposit has been processed.

Creating Foreign Check Deposits (for processing by the Office of Investments and Banking)

Foreign checks cannot be deposited using the Desktop Deposit system, they must be deposited separately in EFS for processing by the Office of Investments and Banking.

Departments will do the following when making these foreign check deposits:

  • Create a departmental deposit in EFS for the Grand total of your foreign check deposit—if the foreign check is in a foreign currency, create the deposit as if it is in USD.

The department deposit preparer must be sure to select/enter the following:

  • Vault – Vault Bank as the bank code
  • V_IB – Cash on hand - OIB

When finished, the preparer should print out 2 copies of the Deposit Detail Report in EFS;

  • ONE copy must be put in the CLEAR tamper-proof depository bag along with the foreign check deposit
  • One copy is kept for the department's records

NOTE: These deposits are NOT Approved by the department. The foreign check will be deposited by OIB and once the check has cleared and been converted to US dollars, OIB will change the original department deposit to the correct US dollar amount and Approve the deposit in EFS.

II. OTHER SYSTEM CAMPUS DEPARTMENT DEPOSITS

Preparing Your Deposit – System Campus Departments

Other system campus departments will be depositing to their campus Cashiers/Business Office (with the exception of some regional outreach centers and CFANS departments who are using Desktop Deposit).
If you have questions on preparing your deposit, contact your campus Cashiers/Business Office.

Prepare your Checks for Deposit

If you are depositing more than one check, you need to do an adding machine tape of your checks. Attach the adding machine tape to the batch of checks you are depositing. The total on your adding machine tape of checks is what you will record as your CHECK total on the UM Prepare Deposit Page.

The checks must be in the same order as they appear on the adding machine tape. The Cashiers/Business Office staff may look back at your adding machine tape if there is a discrepancy, therefore it must match the order of the checks.

Prepare your Currency for Deposit

Remember, travelers' checks and money orders are considered CHECKS. They should not be included in your currency total. Currency is only dollar BILLS.

  1. Separate your currency being deposited by denomination.
  2. FACE all currency the same direction. (This means that the pictures of the presidents should all be face up, with their head at the top)
  3. If you have enough bills, your currency should be strapped by denomination. When strapping currency, each strap must contain the same denomination - No mixing bills.
  4. Currency should be strapped if you have enough of a denomination to fill a strap.  Strapping currency can be done as follows:

Preparing the Deposit - Check graphic

*PLEASE VERIFY YOUR CURRENCY STRAPS TWICE.

Currency straps are available through University Stores at: www.ustores.umn.edu If a department needs a very small amount of currency straps, you can check with your Cashiers/Business Office and they may be able to provide them.

Your Department Name must be stamped or hand-written on the currency straps. For additional accountability, the department should include the initials of the person verifying the currency and the date.

If you are unable to strap in the above denominations, please leave currency loose. Do not use paper clips or rubber bands to separate bills. Bundle all loose bills together with a separate rubber band-Do not put loose bills between strapped bills.

To obtain a grand total of currency, add your loose currency total to your strapped amounts. PLEASE VERIFY THIS TOTAL TWICE! This is the figure you will record as your CURRENCY total on the UM Prepare Deposit page in the financial system.

Prepare your Coin for Deposit

Separate your coin by denomination. If there is enough, it must be rolled as follows:

DOLLAR COINS $25.00 ROLLS
HALVES $10.00 ROLLS
QUARTERS $10.00 ROLLS
DIMES $5.00 ROLLS
NICKELS $2.00 ROLLS
PENNIES $0.50 ROLLS

**PLEASE VERIFY YOUR COIN TOTAL TWICE BEFORE ROLLING.

Coin Rolls are available through University Stores at: www.ustores.umn.edu. If a department needs a very small amount of coin rolls, please contact your Cashiers/Business Office as they may be able to provide them.

Your Department Name must be stamped or hand- written on each coin roll. For additional accountability, the department should include the initials of the person verifying the coin and the date.

Do not tape coin to paper, cloth bags, or anything else. To avoid loss, loose coin should be placed in a sealed envelope.

Create a Departmental Deposit in EFS for the Grand total of your Deposit

The Departmental Deposit must be created in EFS before you bring your deposit to your System Campus Cashiers/Business Office. The preparer must be sure to select/enter the following;

  • VAULT – "Vault Bank Bursars Office" as the bank code
  • Select the bank account for the system campus you are depositing to (i.e. V_DL for Duluth, V_CR for Crookston, V_MO for Morris)
  • The check total should be entered on the deposit
  • The currency total should be entered on the deposit
  • The coin total should be entered on the deposit
  • Continue filling out the remainder of the department deposit (comments and chart string information)

When finished, the Preparer should print out 2 copies of the Deposit Detail Report in EFS. Bring both copies with your deposit to your system campus Cashiers/Business Office when you make the deposit. The copies will be stamped by the cashier and disbursed as follows;

  • ONE copy will be kept by the system campus Cashiers/Business Office for their records..
  • One copy will be returned to the department for the department's records

The Cashier/Business Office will Approve the deposit in EFS.

III. OFF CAMPUS DEPARTMENTS DEPOSITING DIRECTLY TO A BANK

Off campus departments that have been set up by the Office of Investments and Banking to deposit directly to a branch bank must use their assigned deposit tickets when making a deposit. See Making a Deposit at a Bank.

Preparing your Deposit – Off Campus Departments Depositing Directly to a Bank
Prepare your Checks for Deposit

Off-Campus departments set up with Desktop Depositing of their checks will deposit their checks electronically to Wells Fargo Bank. See instructions listed under Twin Cities Campus department deposits for using Desktop Depositing of Checks.NOTE: You will do a separate department deposit in EFS for your electronic check deposit.

Off campus departments not set up with Desktop Deposit should contact the Office of Investments and Banking so that they can be set up to use the Wells Fargo Desktop Deposit® system. They must fill out the Desktop Deposit Access Request Form and send it to the OIB.

If you do not have Desktop Deposit set up, you would list your checks individually on your pre-printed deposit ticket under the areas listed as "CHECKS” (note that you can list additional checks on the reverse side of the deposit ticket if you do not have enough lines on the front). List the check number and the dollar amount of the check. Double-check that the written out amount of the check matches the amount you are listing it for on the deposit ticket. NOTE: Make sure all checks are restrictively endorsed on the back with your department endorsement stamp.

Add up all of your checks. Add up the listing of checks on your deposit ticket. These two totals must match.

Prepare your Currency for Deposit

Add up your currency being deposited. You do NOT need to strap/wrap currency being deposited. Double-check your currency total. Enter the total on the CURRENCY line on the deposit ticket.

Prepare your Coin for Deposit

Add up your coin being deposited. You do NOT need to strap/wrap your coin being deposited. Double-check your coin total. Enter the total on the COIN line on the deposit ticket.

Run an adding machine tape of your total deposit (adding your currency, coin, and each check listed) to obtain a grand total of your deposit. Double-check your grand total. List this grand total on the bottom of your deposit ticket and also in the boxes on the bottom side of your deposit ticket.

Create a Departmental Deposit in EFS for the Grand Total of your Deposit

The departmental deposit must be created in EFS. The preparer must be sure to select/enter the following;

  • Bank Code – Select the code for the bank you made the deposit at (WFBBK for Wells Fargo or BRMBK for Bremer, or USBBK for US Bank)
  • Select the appropriate bank account for the bank you made your deposit at.
  • The check total should be entered on the deposit
  • The currency total should be entered on the deposit
  • The coin total should be entered on the deposit
  • Continue filling out the remainder of the department deposit (comments and chart string information)

When finished, the preparer should print out at least one copy of the Deposit Detail Report in EFS.

Take your deposit to your local branch bank for deposit. Obtain a bank receipt of the deposit from the bank teller. This receipt is required by your department approver.

Once the deposit has been made, provide a copy of the Deposit Detail Report from EFS, and a copy of the bank receipt to your department approver. They are responsible for Approving the deposit in EFS.

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