Keyword Search

Timeliness of Deposits

    • Last Updated: 04/21/2017
    • Effective Date:

    Policy Statement

    There is no formal policy statement for this topic; however, procedures and other information are provided below.

    Reason for policy

    To process deposits correctly and in a timely manner.

    Procedures

    Units with a high volume of cash should typically make deposits daily.  Smaller departments may deposit less frequently.  All departments should make deposits at least weekly.  A deposit transmittal must be completely filled out and securely delivered to the Bursar and Treasury Services along with all checks, cash, and adding machine tapes that accompany the deposit.  Make sure all checks that are deposited are filled out correctly on the front and signed by the owner of the check.  Deposits with cash and change should not be transported by campus mail.  

    Along with the deposit transmittal, there should be a record attached of the total items sent with the deposit.  Any method is acceptable as long as an audit trail is maintained (ex.: Adding machine tape with total, copy of the checks, etc.).  The recording of the receipt should be prepared as soon as practicable after the payment is received.  It is not acceptable to wait several days to prepare the receipt.  All checks in the deposit should be endorsed as soon as practicable after checks are received by the department. 

    Ex.: FOR DEPOSIT ONLY

    The University of Georgia

    The name of the depositing unit.

    Forms/Instructions
    Additional contacts
    Marianne Christian, mbchris@uga.edu 706-582-6024
    Responsibilities

    Responsible University Senior Administrator: Vice President for Finance & Administration

    Responsible University Administrator: Associate Vice President and Controller

    Policy Owner: Bursar and Treasury Services

    Policy Contact: amybrown@uga.edu

    Phone Number: 706-542-6825

    Responsibilities: It is the responsibility of each department to review the departmental status report monthly and the receipts received from the deposit for accuracy.  Contact the Bursar and Treasury Services with any questions.

    Record Retention

    Description: Records may include:  Deposit Transmittals, record of the original entry for each payment (ex:adding machine tape).

    Record Copy: Bursar's Office; Departmental level

    Retention: 5 years, BOR 0472-03-001