The Controller’s Office recommends claiming all funds within five business days of the cash deposit, Automated Clearing House (ACH) payment, or wire transfer. Journal Preparers should submit deposit journals as soon as they become aware of the receipt of funds, such as upon receiving a check in the mail or identifying an electronic funds transfer intended for your department. Your timely claiming of funds and journal submission helps ensure that revenue for your department is posted to the General Ledger correctly and without delay.
In compliance with campus key controls, the Cash and Controls Team tracks all deposits and reviews and approves all cash journals. Here’s how your timely processing of funds for your department helps mitigate risk, detect and resolve errors, and prevent fraud.
- Drop safe and bank deposits. The Controller’s Office confirms that each drop safe and bank deposit has arrived in the bank before approving the corresponding cash journal. By submitting your journal within five business days, the Controller’s Office can quickly identify any missing or late deposits or any discrepancies with deposit calculations.
- ACH and wire payments. The Controller’s Office confirms each ACH and wire payment against our bank account before approving your cash journal. By submitting your journal entry within five business days, the Controller’s Office can quickly identify any issues so there is ample time to have the journal corrected, resubmitted, and approved in the same period the funds were received.
For step-by-step instructions on handling funds for your department, review the following resources on the Controller’s Office website:
- Handling Cash, Checks, & Incoming EFT
- Undistributed ACH/Wire Payments
- Preparing Cash Receipt and Credit Card Journals
If you have questions about claiming funds and preparing cash journals, contact the Cash & Controls Team.