Further Cash Application Process Improvements Coming in September

In September, the Controller’s Office will implement further improvements to the cash application process to make identifying and claiming deposits and payments easier for departments. While departments will continue to follow established procedures for identifying and recording sponsored research payments and credit card transactions, here’s a look at what’s changing for claiming all other types of payments and transactions.

A streamlined, single list of only unclaimed deposits and payments updated weekly will replace the current Box repository that contains both claimed and unclaimed cash, ACH, and wire payment files and folders. In addition to new columns to improve filtering and sorting capabilities, it will include a translation of lockbox and deposit location number to department name and a translation of bank account number to general ledger account number. Departments will also have the ability to mark payments they have claimed, or will claim, to avoid duplicate claims.

Simplified PeopleSoft journal line descriptions will make preparing cash journals easier. Journal preparers can copy and paste data directly from the unclaimed payments file. This change will also allow for increased automated matching during the cash application process.

In preparation for these changes, the Controller’s Office implemented a new bank account and lockbox dedicated to department accounts receivable (Dept A/R). Information about the Dept A/R bank account and lockbox is available now.

Department administrators, including cash handlers and journal preparers, should look to next month’s edition of the Controller’s Office Newsletter for more details about these improvements.