There is no formal policy statement for this topic; however, procedures and other information are provided below.
To process deposits correctly and in a timely manner.
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.
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: firstname.lastname@example.org
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.
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