ADMINISTRATIVE PROCEDURE

Making a Deposit at a Bank

Overview:

In some instances, such as out-state University locations, departments may have received approval from the Office of Investments and Banking (OIB) to deposit funds directly to a bank account. In these situations, the OIB will assign a bank and a bank account number to the University department. Only the OIB is allowed to set up bank accounts for transacting University business.

Making a Deposit at a Bank: Departments

  1. Enter the deposit in the financial system on the UM Prepare Deposit page and print out at least one copy of the Deposit Detail Report.  Although the department does not take copies of the Deposit Detail Report to the bank, print at least one copy for your departmental records. For additional information on how to complete the UM Prepare Deposit page, refer to Administrative Policy: Accepting and Depositing University Revenue - Appendix: UM Prepare the Deposit.
  2. Take the cash, coin and checks (those checks that could not be deposited electronically using Desktop Deposit), together with the specialized deposit ticket to the bank. The first set of specialized deposit tickets will be provided by OIB. Subsequently, deposit tickets may be reordered through the OIB.
  3. Obtain a receipt from the bank for the deposit. A copy of the bank receipt and the Deposit Detail Report must be provided to the departmental Approver so that the deposit can be verified.
  4. The Department Approver will change the status from New to Approved in the financial system. This approval should happen the same day the deposit was made to the bank.  
  5. The system 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.

Document Feedback