cash: Year End Department Deposits in Transit

[Campus Cash Handlers]

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., Wednesday 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 FY21 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 FY22 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,



BAO Financial Services Department



Phil Davis, 6-3524, pdavis at uoregon.edu<mailto: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>

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