Electronic Check Deposit Procedures and Guidelines

The Cash Receipts Office has been depositing U.S. checks electronically since September. This has resulted in some process changes and the office would like to update departments on new and existing guidelines on the preparation and submission of deposits.

  1. There are different processing requirements for currency categories and each should be put on a separate credit voucher. The office will be revamping the credit voucher within the next couple of months to match the categories below. If you are unsure which category an item falls into, put the deposit on a separate credit voucher and the Cash Receipts Office will determine how to process it.
    There are 7 categories of deposit:
    U.S. cash
    U.S. checks
    Canadian checks in U.S. dollars
    Canadian checks in Canadian currency
    "Note Checks" - foreign currency drawn on a U.S. bank but check has no account or routing number
    Foreign checks in U.S. dollars
    Foreign checks in foreign currency
  2. Handwritten credit vouchers are often difficult to read. The preference is for users to type the data; this will help to insure that your data is correctly recorded in the general ledger. You can download an Excel version of the current credit voucher from Able/Forms.
  3. Populating the "Explanation of Credit" box or recording on separate lines checks that all have the same GL coding is not a requirement of the Cash Receipts Office. If you need to have an explanation in the GL for your own internal purposes, please keep it short. If you have multiple checks with the same GL coding, the preference is that you add them up and put the total on one line. This will save data entry time for the Cash Receipts staff and space in the GL.
  4. Please do not send backup with your deposit (i.e. check stub, invoice, letters, envelope that the check came in); this information is not needed by Cash Receipts. It should be kept in your facility. All that is needed by Cash Receipts with the credit voucher is the tape.
  5. Please do not staple or tape checks or currency. Attach your check(s) to the credit voucher with a paper clip.
  6. Cash Receipts prefers to receive your credit vouchers as soon as you receive the checks/currency. The office often receives an uptick in vouchers on the last day of the month and Cash Receipts cannot guarantee that those end of month deposits will be processed for that same month. If you meet the closing dates below, barring any snow day closures, the office will process your deposit within the same month. If your deposit is received after the guarantee date, the office will try to process it within the same month but cannot guarantee that it will happen.
    1. For regular deposits - the guarantee date is 5:00 p.m. 2 business days before the last business day of the month (i.e., 5 p.m. Wednesday if Friday is the last business day of the month).
    2. For Departmentals or Taxable Sales deposits - the guarantee date is 5:00 p.m. on the last business day of the month.

If you have any questions, please contact the Cash Receipts Office at 6-8332.

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