We are following up on the September 12, 2023, implementation of improvements to the Cash Application process with additional guidance on the timing of department cash journal posting.
Departments should review updates to the Unclaimed Payments List every week and prepare and post cash journals within five business days of the file being made available. During month-end close, due to timing issues, departments may not have sufficient time to review the Unclaimed Payments List and prepare and post the cash journal. In this circumstance, it is acceptable for departments to post the journal in the following ledger month.
If departments wish to record cash deposits prior to the information being made available in Box, the correct process is to record a PeopleSoft reversing journal to accrue the revenue. Contact [email protected] for information on how to prepare the revenue journal.
If departments wish to record revenue at the time it is earned, the correct accounting method is to record an invoice in PeopleSoft through the Department Accounts Receivable process.
This additional guidance does not apply to sponsored research payments or credit card transactions; departments should continue to follow established procedures to identify and record these transaction types. If you have questions about cash journal preparation, contact the Controller’s Office Cash Operations Team at [email protected].