Preparing Deposits in Peoplesoft
Preparing Deposits in PeopleSoft
Departments will continue to prepare their deposits in PeopleSoft with a few small changes. Your Cash/Coin must be deposited separately from your checks. You can no longer include checks, currency, and coin all together on one deposit.
See the instructions below:
CASH/COIN DEPOSITS:
Prepare a separate deposit of your Currency and Coin. These deposits will be put into a Gold plastic depository bag effective July 1, 2013. You cash deposit will need to be dropped in a Depository on campus, OR if your department has an established armored courier run through Bursar/OIB [at your expense], it would be given to the courier when they pick up from your dept. The armored courier will be taking these deposits directly to US Bank to be processed.
For this reason, when you prepare your Cash/Coin deposits (effective July 1st) you will select the following;
Bank: USBBK US Bancorp (US Bank)
Vault: 9311 Cash & General Funding Account
Cash deposits made at the Bursar Office prior to its closing, would continue to be done the old way.
CHECK DEPOSITS (for check deposits submitted electronically to bank via Desktop Deposit):
Prepare a separate deposit for these checks that were deposited via Desktop Deposit. You will select the following;
Bank: WFBBK Wells Fargo Bank, NA
Vault: 0033 WFB-Check & General Funding Account
Nothing is sent- a Departmental Approver must approve the deposit in PeopleSoft and the dept. stores the checks for 3 weeks and then confidentially shreds them.
EXCEPTION ITEMS: (Off campus depts. see below..)
For exception items, the dept. must determine if they have already been given credit for the item…
Ø If it is a manual item being requested by the Office of Investments & Banking due to Poor Image Quality, then NO Deposit is needed because the dept. already received credit when the original deposit was processed.
Ø If the exception item is a foreign item, a damaged item, or an item that could not be deposited electronically, then the dept. must do a separate deposit for the item as follows;
Effective July 1, 2013 use:
Bank: VAULT Vault Bank OIB
Vault: V_IB Cash on Hand - OIB
**If you have exception items prior to July 1st, you would use Vault, V_EB and send them to the Bursar Office until the Bursars is closed at the end of June.
The department would need to print out a copy of the Deposit Detail Report from PeopleSoft and send that, along with the check, in a CLEAR plastic deposit bag. These deposits will need to be dropped in a Depository on campus, OR if your department has an established armored courier run through Bursar/OIB [at your expense], it would be given to the courier when they pick up from your dept. These deposits will then be brought to the Office of Investments and Banking for processing.
Other Items
Departments that currently have a scheduled armored courier run will have that run continued after July 1, 2013 as normal.
Departments that may be interested in setting up an armored courier run [at their own expense] can contact the Bursar Office 625-7535 (prior to July 1, 2013) or the Office of Investments and Banking (OIB) at 624-5558 (after July 1, 2013.)
EXCEPTION ITEMS – FROM OFF CAMPUS DEPARTMENTS:
Off campus departments will need to deposit their exception items manually at their branch bank.
You should already have pre-printed deposit tickets for your departments to use for bank deposits to your branch bank. Write up the manual checks that need depositing, endorse the checks, and then take them to the bank for deposit. Keep the bank receipt you receive as your evidence of deposit for your Department Approver.
Bank: Select the bank where you made your deposit
Vault: Select the vault corresponding to the bank where you made your deposit
You will need to print out a copy of the Deposit Detail Report from PeopleSoft and provide that to your Department Approver for deposit documents. You will also need to provide them with a copy of your bank receipt showing the deposit received by the bank. The Approver will then approve the deposit in PeopleSoft.