Preparing Cash Receipts for Deposit

Purpose

This document describes the procedures for preparing cash receipts for deposit to a Research Foundation (RF) of SUNY bank account.

Overview

Cash receipts are received daily by operating locations and by the Finance office at central office on behalf of operating locations.

Before cash receipts are submitted for deposit, they must be reviewed by the receiving location, the award number to apply the cash receipt to must be identified, and receipt totals must be obtained. The cash receipts must then be submitted to the Finance Office at central office or to the appropriate operating location office for deposit in to an RF bank account.

Roles and Responsibilities

Finance Office

The Finance Office at central office is responsible for reviewing and depositing cash receipts received by central office on behalf of the operating location and cash receipts submitted by the operating location.

Operating Locations

All operating locations are responsible for reviewing all cash receipts they receive at their location to ensure they are acceptable for deposit.

In addition, operating locations that do not deposit their own cash receipts are also responsible for completing and submitting the Transmittal for Deposit form (PDF or XLS) and all cash receipts to the Finance Office for deposit.

For operating locations that deposit their own cash receipts, this procedure or a similar procedure must be in place.

Required Form

Transmittal for Deposit form must be completed. This form is available in PDF or XLS (spreadsheet) format. For information on how to complete this form, refer to the "Transmittal for Deposit Instructions."

Process for Preparing Cash Receipts for Deposit

The following table describes the steps that should be taken after cash receipts are received at an operating location:

Step

Action

1

Review all cash receipts to ensure the following:

  • check date is valid (e.g., not stale dated or post dated).
  • are made payable to the Research Foundation of SUNY, or be properly endorsed, if made payable to other than the RF
  • include the signature of the issuer
  • have dollar amounts numerically noted and spelled-out in the appropriate areas on the check
  • are physically undamaged to allow it through the bank deposit process
  • include the proper RF award number to which the cash receipt will be applied in the RF business system.

     

    Important! Any visual problem with a check should be reviewed and resolved with the appropriate operating location personnel before continuing with the process.

2

Complete the Transmittal for Deposit form (PDF or XLS).

3

Ensure the form is completed correctly. Verify the information on the receipts to the information on the Transmittal for Deposit form.

4

Verify receipt totals by running two adding machine tapes to obtain the total of the receipts. Both tapes should match.

5

Verify the total on the Transmittal for Deposit form equals the total receipts.

5

Make copies of the receipts, supporting documentation, and the completed Transmittal for Deposit form for operating location records.

6

Submit the deposit to the Finance Office at central office, or to the appropriate operating location office for deposit. The following must be included:

  • receipts to be deposited,
  • completed and approved Transmittal for Deposit form.

Record Retention

Refer to the document "Record Retention for Account Expenditure Records" for information on retention of documentation for cash receipts.

Change History

 

 

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