Payments Transition to New Bank Accounts in June 2024
Beginning in June, four distinct bank accounts will replace the current main depository account for cash deposits and payments by check and electronic fund transfer. These new accounts are being created to streamline cash operations at UCSF by segmenting payment transactions according to key business function. Doing so will help improve the identification, management, and oversight of unapplied payments.
| Business Area | Department Accounts Receivable | Contracts and Grants Accounting | Auxiliary and Administrative Services | Student Accounting |
|---|---|---|---|---|
| Account Purpose | For services provided by specific departments, such as medical services, laboratory tests, and other professional services | Non-patient payments related to sponsored projects such as grants, contracts, etc.; includes petty cash funds for payments to Human Research subjects and related expenditures | For services rendered by central administrative units to students, faculty, staff, and visitors such as housing, dining, transportation, events, parking, police, and childcare; includes change funds used by cash handling stations | For tuition and tuition-related fees |
The three bank accounts for Contracts and Grants Accounting, Auxiliary and Administrative Services, and Student Accounting will be managed by their respective administrative units. Campus departments will transition from the main depository account to the new “Department Accounts Receivable” bank account for depositing all receivables. Each bank account will also have a unique lockbox for sending paper check payments.
This month, the Cash Operations Team is reaching out to department financial administrators involved in invoicing and cash handling with updated bank account information specific to their business area(s). Outreach will include templates to help departments communicate remittance changes when sending out invoices.
Look for more details in the June edition of the Controller’s Office Newsletter. If you have any immediate questions, contact [email protected].