Year End Departmental Deposits in Transit

[Business Affairs Office News]

Good morning,

The Business Affairs 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., Thursday June 30th, 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 FY22 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 FY23 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 https://ba.uoregon.edu/content/cash-handling-and-departmental-deposits.

Thank you,

Business Affairs 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>


From: bao-news-bounces at lists.uoregon.edu <bao-news-bounces at lists.uoregon.edu> On Behalf Of Business Affairs Office News
Sent: Wednesday, June 22, 2022 10:37 AM
To: bao-news at lists.uoregon.edu
Subject: Year End Deposit reminder

As you know, we are approaching the end of another fiscal year. Thursday, June 30th is the deadline for Departmental Deposits that need to be recorded in the current year. In order to ensure that all deposits are posted to the current fiscal year, they must be delivered to the Cashier's Department by 3:00 pm. To beat the year-end rush, it is beneficial to have your deposits delivered to Cashiers before that date.

It is important to note that regardless of the date a deposit was created in TWADEPO, it must be delivered to the Cashiers Department and processed by Cashiers no later than June 30th for it to be recorded in the current Fiscal Year.

Thank you,

Mike Syljuberget
Cashiers Manager-Business Affairs Office
University of Oregon
(541) 346-3164

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.uoregon.edu/pipermail/bao-news/attachments/20220627/641bdcb2/attachment.html>