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 physically deposited within one week of receipt. Revenue must be deposited when the total reaches $1000 or greater, or once a week, whichever comes first.
Making a Deposit at a System Campus Cashier's Office
- The department enters the deposit in the financial system and prints out two copies of the Deposit Detail Report.
- The department takes the (strapped) cash, (rolled) coin and (adding machine tape-totaled) checks, together with two copies of the Deposit Detail Report to the system campus Cashier's office. It is important to bring the bar-coded Deposit Detail Reports rather than a screen shot of the UM Prepare Deposit page. The Cashier's office needs the bar code to record and image the information into the financial system.
- The cashier will verify the deposit totals (checks, currency and coin), ring up the deposit in the cashiering system, and validate the Deposit Detail Report. The validation includes a transaction number, deposit totals by type, and a Cashier Office stamp.
- Deposits that include only currency and coin will have the deposit status changed from New to Approved in the financial system by the front-line cashier.
- Deposits that include checks will have the deposit status changed from New to Pending in the financial system by the front-line cashier. Later that day, after the checks are scanned and deposited electronically, the Cashier's office will change the Pending status to Approved.
- The cashier will return one copy of the Deposit Detail Report and image the other, along with other supplemental documentation. The validated Deposit Detail Report serves as the departmental receipt for the deposit. Deposit Detail Reports should be saved until deposits are reconciled to budget reports.
- The Cashier office runs a nightly process that moves all deposits in Approved status to Finalized status. Once in Finalized status, no changes may be made to the deposit. There is a subsequent system process (Journal Generator) that posts deposits in Finalized status to the general ledger.