ADMINISTRATIVE PROCEDURE

Making a Deposit Using Courier Pick-up

Overview

Departments may have deposits picked up by a courier. The department must use the appropriate deposit bag;

  • Use the CLEAR plastic tamper-proof deposit bag for manual/exception check deposits
    • The courier takes the Clear deposit bags to the Office of Investments and Banking for processing
  • Use the GOLD plastic tamper-proof CASH ONLY deposit bag for CASH deposits
    • The courier will take the Gold deposit bags to US Bank for processing

To use a courier, prior arrangements must be made through the Office of Investments and Banking (OIB). Specifically, the OIB will provide the department with the clear and gold tamper proof deposit bags. The OIB will make arrangements with the courier for all pick-ups. There is a departmental charge for each courier pick-up.

Making a Deposit using Courier Pick-up

  • Departments 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. Be sure to select the correct Vault and bank account based on where the deposit will be processed (i.e. USBBK, 9311 or Vault, V_IB). 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.
  • Enclose currency and coin (loose in the bag-it does NOT have to be strapped or rolled) in the GOLD tamper-proof CASH ONLY deposit bag along with one copy of the Deposit Detail Report.
  • Fill out the information on the front of the Gold deposit bag.
  • The bank will process the deposit and it will be automatically Approved or adjusted and Approved in the financial system as needed.
  • Enclose the Manual/Exception checks in the CLEAR tamper-proof deposit bag along with one copy of the Deposit detail Report.
  • The Office of Investments and Banking will process the deposit and will change the status of the deposit from New to Approved in the financial system. 

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.

 
 

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