We need your help to ensure deposit journals prepared, submitted and approved by Departments are posted in a timely manner.
On average, the Controller’s Office receives approximately 1,250 deposit (source code 320 and 323) journals each month and roughly 40% are received during the week of month-end close. Additionally, we have seen an increasing number of deposit journals submitted to the Controller’s Office after the monthly deadline of the second business day of the month.
The Controller’s Office wants to review and approve deposit journals throughout the month so Departments are able to view the corresponding revenue in a timely manner. To help facilitate timely posting of deposit journals, please prepare and submit deposit journals when you become aware of the receipt of funds, such as receiving a check in the mail or identifying an EFT or wire transfer intended for your Department. Anything you can do to avoid submitting all your deposit journals at month-end close will help us appropriately review and approve all cash journals submitted by the monthly deadline each month.
The Cash and Controls Team reviews and approves deposit journals in order to comply with a campus key control designed to mitigate risk and prevent fraud. Corrections made during the journal review process help avoid most accounting errors, eliminating the work required to identify and resolve issues and supporting faster reconciliation of bank statements. As a result, Departments not only can view revenue more timely, but also avoid additional work required to resolve errors and have fewer unclaimed items to review for missing revenue.