Departmental Deposit in Transit Reminder

[Business Affairs Office News]

Good morning,

The Business Affairs Office (BAO) Financial Services Department would like to remind University of Oregon (UO) personnel of the use of account code A0951 Cash-Department Deposit In Transit. For payments you have received but cannot deposit before the Cashiers' Office year-end deadline of 3:00 p.m., Friday June 28th, please use the following procedures to record a deposit in transit.
Record the deposit in transit by JV with a June transaction date:

Debit                      Department Index               A0951 Cash-Department Deposit In Transit

Credit                     Department Index               Revenue, Unearned Revenue, Accounts Receivable, etc.

To make the physical deposit with UO Cashiers using Banner form TWADEPO the next month:

Debit                      CASH, CHEK, or CARD depending on how the payment was received
Credit                     Department Index               A0951 Cash-Department Deposit In Transit

If deposits are made with the Cashiers' Office in July that were received by your department in June, and the above procedures were not utilized, accrue the deposit with the following JV's.

To correct the FY19 activity, record the deposit in transit by JV with a June transaction date:

Debit                      Department Index               A0951 Cash-Department Deposit In Transit

Credit                     Department Index               Revenue, Unearned Revenue, Accounts Receivable, etc.

To correct the FY20 activity, reverse the entry with a July transaction date:

Debit                      Department Index               Revenue, Unearned Revenue, Accounts Receivable, etc.
Credit                     Department Index               A0951 Cash-Department Deposit In Transit


Please note that this account code and procedure should only be used to record payments that you have received but are unable to deposit with UO Cashiers by month end. Established cash handling procedures must be followed as indicated at http://ba.uoregon.edu/staff/cash-handling-and-departmental-deposits.

Thank you,

BAO Financial Services Department

Phil Davis, 6-3524, pdavis at uoregon.edu
Jill Ritz, 6-1256, jritz at uoregon.edu<mailto:jritz at uoregon.edu>
Robbin Howard, 6-1115, rchoward at uoregon.edu<mailto:rchoward at uoregon.edu>


-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists-prod.uoregon.edu/pipermail/bao-news/attachments/20190627/c9d2e64b/attachment.html>